With sports betting, you can take your love for sports to the next level. However, to make better betting decisions, it is important to understand how to read and interpret sports betting odds.
Irrespective of whether you are a seasoned bettor or a newbie to online betting, mastering the art of reading the odds is the base of your sports betting strategy.
What are Sports Betting Odds?
Sports betting odds are numerical representations of the chances of a specific result in a sporting event. The sports odds are set by bookmakers based on multiple factors, including historical data, player performance, and public betting behavior. Odds serve the following two purposes:
- They indicate the chances of a particular event happening.
- They determine how much money a bettor can win if he places a bet on that event.
Get the best betting odds on a trusted online betting app.
Types of Betting Odds
The following are the three different types of sports betting odds:
- Fractional Odds
As the name suggests, fractional odds are presented as fractions, such as 3/2, 10/3, or 5/1. They are most often used in the UK and Ireland.
Reading Fractional Odds
The first number in the fraction denotes the amount you can win if you place a bet on the amount represented by the second number. For example, with 6/1 odds, you will win Rs. 600 for every Rs. 100 you bet, plus the original stake. If you bet Rs. 100 at 6/1 odds and win, you will receive Rs. 600 plus your Rs. 100 stake back, totaling Rs. 700.
Fractional Odds Interpretation
- 6/1: For every rupee you bet, you win Rs. 6.
- 1/6: For every Rs. 6 you bet, you get Re. 1.
- Decimal Odds
Decimal odds are widely used in Europe, Australia, Canada, and India. These odds are represented as decimal numbers, such as 1.75, 3.50, or 2.12.
Reading Decimal Odds
The decimal number represents the total money you will receive for every Re.1 wagered, including the initial stake. For example, if the odds are 3.50 and you bet Rs. 100, you will receive Rs. 350 if you win (Rs. 250 in profit plus Rs. 100 stake).
Decimal Odds Interpretation
- 2.00: For an even money bet, for every Rs. 100 you bet, you win Rs. 100, plus your stake.
- 1.50: A favourite, for every Rs. 100 you bet, you get Rs. 50, plus your stake.
- 3.00: An underdog, for every Rs. 100 you bet, you get Rs. 200, plus the stake.
- Moneyline Odds
Moneyline bets are most used in the USA and are represented with either a positive or a negative number, such as +200 or -100.
Reading Moneyline Odds
The positive moneyline indicates how much profit you will make on a Rs. 100 bet. For example, if the odds are +200, you will make Rs. 200 in profit plus the original Rs. 100 stake, totalling the amount to Rs. 300.
The negative moneyline indicates how much you need to bet to make a profit of Rs. 100. For example, if the odds are -150, you would need to bet Rs. 150 to make a profit of Rs. 100. The total amount would be Rs. 150 + Rs. 100 = Rs. 200.
Moneyline Odds Interpretation
- +200: If you bet Rs. 100, you win Rs. 200.
- -150: You need to bet Rs. 150 to win Rs. 100.
Final Thoughts
Sports betting odds are the most crucial aspect of betting on sports, determining the probability of an outcome and your winning amount. You will excel in online sports betting once you know how to read and interpret odds.