Working Of Betting Odds In Sports Wagering
Comparing odds is quite easy if you know the formula or tactics. American odds, UK odds, and Decimal odds, their working and comparison are listed in the article.
A gambler needs to know the odds, calculate odds, and display the betting lines in online sportsbooks. The betting lines are shown according to the games and locality. This article summarizes the working of betting odds and the way to calculate and compare them.
How to Read Wagering Odds
Mainly, there are three ways of displaying odds:
As the name suggests, this betting odd is popular in the United States of America, known as Moneyline odds. This betting odd typically shows you the amount needed to bet for winning an amount of $100. This type works differently for favorites and the underdogs teams. It is usually shown in positives (+) and negatives (-). The positive sign beneath a team denotes the amount of money that must be risked to win $100.
UK Odds/ Fractional Odds
UK odds, British odds, or Traditional odds are the terms used to describe these odds. This type of betting odds is generally used in horse racing. After deducting the bettor’s stake, these odds show the net amount the bettor will get if they win. For example, If you bet $100 on a fractional bet with odds of 3/1, you will collect $300 plus your original stake amount if you win.
European Odds/Decimal Odds
These are the most basic and straightforward betting odds. In Europe, Australia, and Canada, this format is trendy. Maximum online sportsbooks display the decimal format of betting odds. For example, if you bet $100 on odds of 2.0 decimal, you will win $200. Your original bet will be computed based on your total winnings, and you will be reimbursed for it. In this case, your net profit will be $100 on a $100 stake, implying that if you win, you will receive $200.
Recently, most online sportsbooks allowed you to choose your suitable betting odds format. It is pretty challenging to convert the Moneyline odds to the other two formats since it uses positive and negative signs. To convert positive American odds to decimal odds, reduce(divide) the American odd by 100 and add 1. If you wish to convert the negative American odd to the decimal format, simply divide 100 by the American odd and add 1.
In a nutshell, the three formats of betting odds are used according to sports, events, and regions. It becomes quite easy if you get the formula of converting the odds from one format to another. Calculating the odds prior to betting to your convenient format is advisable. These days all online gambling platforms like UFABET use all three forms of betting odds. Hence, you will see the odds to your convenient choice.