Understanding betting odds is essential for any gambler out there. You really need to know what betting odds are and about their working. Placing a bet without having a comprehension of the betting odds is never recommended. If you are a newbie gambler, you can start by understanding the basics of the betting odds. There are different types of betting odds that you need to know about. In this article, we will look at all of these.
Betting odds: what does it mean?
Betting odds is not just the odds that help you win the game, it is much more than that. It is a mathematical calculation that needs careful calculation and consideration. Simply put, betting odds can be defined as the ratio between the bettor and the bookmaker. This is determined by the ratio between the money that each party stakes in a particular bet. It is a type of gambling, and, in fact, one of the most popular ones. You can use the betting odds way to figure out who has more odds of winning, and who has less odds of winning. Who has more odds of losing, who has less odds of losing, and more. However, these are not the only odds that you will determine. Also, only determining these will not help you to make the perfect bet. Along with that, you also need to know the odds of each of these happening in the game.
So, it can be said that you take risks by betting odds, in fact, all kinds of bets, and gambling are kind of accepting and daring the odds and possibilities. Therefore, you need to have a more than brilliant knowledge of mathematics.
Maybe, you will be able to understand it more clearly, when explained with an example. Let us look into that:
How do betting odds work?
Imagine that you are watching a horse race. There are only two outcomes for the race. Either ‘Horse A’ will win the race, or ‘Horse B’ will win it. Now:
Horse A has +150 odds
Horse B has -200 odds
Let us decode what this means:
Positive Odds on a party means that the particular party has less chance of winning. Therefore, here in this case, Horse B has +150 odds, which means that it has only less chance of winning the horse race. Now, 150 is the amount that you will win in the game if you bet 100 on the match. So, let us say you bet 100 and say that Horse B will win the race, which is not really likely to happen. And, say, Horse B did win the race. In that case, you will win a total of 150 in the race. On top of that, you will also get the 100 that you bet on.
So, what about Negative Odds? When negative odds are associated with a party in the bet, it means that the particular party is a favorite one. Meaning, that this party is likely to win the race, and most people think that. In our case, most people expect that Horse A will win the race. Here, -200 is a number used to indicate the total amount that you need to put in the bet so that you win 100. Now, let us think of Horse A winning the race. What does it mean? It means that you get 100 out of the bet, because your Horse made it, and also, you will get back the original 200 that you placed on the bet.
Placing a negative bet can help you make more money if you win it. However, there is an increased chance of not winning as well. You can never predict that you will win the game just because you placed negative odds. However, positive odds may not help you get as much as you get from the negative ones. However, it is considered safe, as you will be taking less risk in it.
Different types of betting odds
Let us look at the different types of betting odds:
- American Odds
American odds are the most popular thing in the US. It is where you can place positive bets and negative bets on the games and matches.
- Decimal Odds
Decimal odds are not that famous in America. What it does is help you determine the total amount you will get in return for a bet worth 1 unit. This kind of betting odds is more in practice in European nations. Also, in Australian regions.
- Fractional Odds
Fractional odds as its name suggests are represented as a fraction. There will be two figures in the fraction. The second one is the bet that you have to place and the first one is the amount that you will receive for the bet (second figure) that you placed.
Read More: What is an If Bet? Complete Guide to If Bets in Sports Betting
