The online sports betting industry runs on the ability of odds makers to create some of the best and most respectable odds for future games. However, in order for punters to benefit from these odds, they must first understand how they work. That is why, in this article, we would like to help any new fans out by explaining the sports betting odds that they will come across at online bookmakers.
Fractional/British
In the United Kingdom and in the Republic of Ireland, fractional odds are the most popular. They are typically written with a slash or hyphen, like so: 6-2 or 6/2. In fractional odds, a listing like 6/2 would mean that for every 2 Pounds a bettor wagers, they could win 6 Pounds, if the bet ends up paying out. But, how can you know if you stand a chance?
Well, it is quite simple; fractional odds are given to both sides. The lower one indicates that the team is the favorite, whereas the higher one indicates that they are the underdog. While that may seem strange, it makes sense when you stop to consider that betting on the underdog would net the bettor more cash on a win, since the odds of them winning are much lower.
Decimal/European
At most European bookies, the odds makers create decimal odds. At this point, we would like to point out that online sportsbooks might feature one or all of the different odd types. For example, some of the best betting odds at Novibet are fractional. It really depends on where you are accessing the bookmaker from. But, what exactly are decimal odds?
Well, as the name suggests, these types of odds use decimal numbers. The odds here represent how much money a bettor can hope to win by wagering 1 Euro. For example, if the odds maker has set the odds of a team’s victory at 2.5, that means for each 1 Euro wagered, a participant could win 2.5 Euros. So, if they were to wager 10 Euros, they’d win 25 Euros in return.
Once again, the lower decimal number represents the favorite, whereas the higher represents the underdog. So, in a hypothetical scenario where Team A is playing a game of football against Team B, and the listing shows Team A’s odds at 5.1, whereas Team B’s are at 3.4, we can assume that Team B is much more likely to win the game.
Moneyline/American
Finally, we get to the American odds, more commonly called moneyline. Though they may seem complicated at first, once you get used to them, you will quickly get the hang of it. Moneyline odds start at a base of +/- 100. The negative number represents the favorite, and the positive represents the underdog. But, what do those numbers mean.
The negative number represents how much money one would have to wager to win $100. So, a -250 means that a customer must bet at least $250 in order to win an extra $100, for a total of $350. The positive number shows how much money one could win if they wagered $100 on the underdog. The risk is greater, but so is the reward. Still, most people prefer sticking to the favorite.
