Understand how odds work for winning potential

Getting to Know Odds Comparisons

If you want to be a serious sports bettor with the best outcome possible every time you bet, you must have an understanding of odds comparisons. Online sportsbooks offer all sorts of bets with different odds associated with each of the bets and although this can appear to be complex, it really is quite simple.

There are three types of odds used around the world. These include decimal odds, fractional odds and American odds. You may find decimal or fractional odds to be the most used, but having an understanding of all of them is important in case you find yourself faced with any of the other options.

Three Main Types of Odds

Every bet has a chance of winning. The chance of winning is determined by probability. It is usually referred to in percentage and all possible probabilities are divided into 100 per cent. The odds are a reflection of the probability of the outcome. The odds are formed along with prices to then reflect that chance of winning and what the payout will be.

Decimal odds are the most commonly used and may even be referred to as European odds. When odds or chances are converted into decimal odds they are divided by 100 and interpreted as a percentage. An example of decimal odds is to say that something has a 20% chance, it must be divided from 100 making it decimal odds of five. Each bet of $1 will pay out five times if a win occurs.

When fractional odds are used they are interpreted by saying there is a specific chance of winning and a specific chance of losing. Again, these chances are divided from a total of 100. Using the 20% chance of winning example makes the fractional odds presented as 4/1. This means there is four chances out of 100 that you will lose with one chance of winning which is much like saying there is an 80% chance of losing and a 20% chance of winning.

American odds are less commonly used at online sportsbooks, but if they do appear at any time it is important to understand them. They can be referred to as lines or even money lines odds and are represented by a plus and minus sign. The plus sign indicates what could be won and the minus sign indicates what must be bet.

Certain Odds Comparison Terminology Explained

There may be some terminology that you are unfamiliar with, and it is beneficial to get to know the common terms as they may help you understand the odds better. Once you understand how odds work you can make use of football betting tips or other tips related to the sport of your choosing, and place solid wagers.

Fixed odds betting is staking a specific amount of money that is fixed against the online sportsbooks, and predicting what the outcome will be.

Laying odds is when the online sportsbook takes your bet and agrees that a payout will be paid in the event of your prediction winning.

Even money and odds against are terms that refer to the payout being double your stake and more than double your stake in the event of you winning the bet.

Short odds and long odds are terms used to describe good chances of winning with a low pay out and poor chances of winning with a high payout.

Now that you have a better grasp of odds, your online betting activities should take a turn for the better.