How to Read Betting Odds

February 3, 2023 World iGaming & Gambling

This article is a fantastic and comprehensive overview of how odds operate, what likelihood they carry, and how you stand to benefit from this new information for those of you wishing to learn how to understand betting odds.

Although there are several calculators that may do the math for you, understanding how odds operate is crucial to being an expert sports bettor.

What are Betting Odds For?
Betting odds achieves three essential things. They provide you a sense of how many sportsbooks believe a favorite would win, which team or individual is more likely to win, and how much you could win by betting on either scenario.

In essence, odds are provided to assist you in making an informed selection, but remember that that these odds represent simply the sportsbook’s judgment based on sophisticated algorithms that evaluate probability in the background.

While there are implied probabilities in bets, sportsbooks also add what is known as a “business cut,” which is a fee you pay on each wager and is intended to help sportsbooks turn a profit. Be sure to account for this sum when estimating your possible profit.

What Kinds of Betting Odds Formats Exist?
The three primary forms for displaying odds are American, Decimal, and Fractional. You might find all three formats appealing equally, or you might have a favorite one. But today we will be talking about American and Decimal Odds and how it works.

A Summary: American Odds
The three-digit numbers that make up American odds are preceded by a plus (+) or a negative (-), depending on whether you are betting on the favorite or the underdog, and they also tell you how much you need to wager to win $100.

What Do + and – Mean in American Odds?
Who is the underdog is shown by the (+) sign. You are effectively betting on the underdog in the game if you choose Golden State (+102) to defeat the Milwaukee Bucks (-121).

The Milwaukee Bucks, on the other hand, have odds of (-121). This increases their chances of winning. To recover $100, you must risk $121, which is higher.
Basically, this is how American odds work.

A Summary: Decimal Odds
Decimal odds appear as follows:
Lakers of Los Angeles +1.33
Arizona Suns +3.50
These odds call for considerably simpler computations, but if you are well-versed in mathematics, you will see that the information is still precisely the same despite the variations in presentation. Decimal odds inform you that, for every $1 wagered on the Lakers, you stand to win +$0.33, making your wager a total of $1.33. The Phoenix Suns game follows the same pattern.