Sports Betting Odds Explained

Understanding odds might not be as easy as some people make it out to be. However, when defined correctly, you will find it’s a lot easier to pick up on. The best UK betting sites will provide various options when it comes to how the odds are displayed.

These include fractional, money line, and finally decimal. With these 3 methods, you will be able to see what the odds and payouts are. Most sites allow you to change between the 3, meaning you can get used to a certain method, but some betting sites only offer one or 2 of the 3 options. This means knowing all 3 is the best options as you will never be stuck, no matter what betting site you enter. 

What Are Odds?

Odds are there to determine how likely something will happen. There are many ways to explain this, but to ensure you understand, we will use a dice as an example. This will give you a fairly good idea how odds are calculated and how it all works. 

A standard dice has 6 sides, which represents a number each. If we take those numbers and put 1, 2 and 3 with team A and the last 3 numbers with team B, we would have 2 teams with 3 sides each. This gives us a 50% change that either team's numbers will come up. However, history tells us that team A’s number 1 and 3 have been coming up a lot more often than any other numbers, which would already tilt the odds in the favour of team A as it is the safe bet. Team B has a special way to roll the dice and land on number 5, which once again increases their odds. 

Many other factors could ensure either team A or team B wins the next roll, which is where odds come in. The odds might be higher for one team to win, but it's never a guarantee that they will win. What if team B’s player who can do the spcial roll has been injured, or team A makes a mistake? Understanding sports betting odds will help you gain a better understanding of this, and it is ideal to learn more on this as you progress with your knowledge off odds and how the relate to sportsbetting.

Different Types of Odds

Moneyline 

A money line bet is the easiest to understand as online betting sites will give you all the information you need to know. We will refer to our teams A and B again to make this easy to understand. Before the match begins, you will see team A +120 and team B -130. The team with the minus points will ways be the stronger team or the favourites. This means team A is the underdog and is expected to lose the match.

The real difference with this type of bet some in with wagering and the winnings. Since team B is the favorites with a -130, a bettor needs to wager £130.00 to win an additional £100.00. Since team A is the underdog with a +120, you only need to wager £100.00 to win £120.00. The math can also be broken down to smaller numbers, for example, instead of betting £100.00, you can wager just £10.00 and stand to win £12.00 the numbers are simply there to guide you.  

Fractions

Fractions are also easy to understand once you know how the betting works. Sites will display these fractions in one of 2 ways, 5-1 or 5/1. The 5 will be the number to indicate how much you can win for each 1. Apply values are quite easy. Bet £10 to win £50 and so on. The last number will aways indicate the amount that needs to be wagered to win the amount shown first. 

Decimal 

Decimal numbers are the easiest ones to understand. These simply need to be multiplied by the wager amount, which displayed your winning potential. Taking odds of 4.00 and odds £10.00, you will need to multiply 4.00 x £10.00 = £40.00 and then add your bet of £10.00, giving you a total of £50.00.

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