One of
the most important thing when you foray into the world of online betting is to
get acquainted with the different types of odds and the way in which they
operate. Here is the list of popular formats being popular to represent the
odds globally in online sports betting:
American/
Moneyline Odds
As the
name suggests, American Odds are very
popular with sportsbooks in the United States. American sports betting odds
work differently for favorites and underdogs.
For underdogs:
The American odds for betting
on an underdog work by showing how much you would win if you risk $100. If the
odds offered on a particular event result are +260, it means that in order to
'win' $260 you would need to bet $100. So if your team is an underdog in their
upcoming game, and the sportsbook is offering odds of +260, it means that if
you bet $100 on them to win the game you would get the following back when they
win - Your original bet of $100 plus $260 winnings for a total collect of $360.
For
favorites:
These type of odds for betting on a favorite work by showing how much money you would
have to risk in order to win $100. If the odds offered on a particular event
result are -110, it means that in order to 'win' $100 you would need to bet
$110. For example, your NFL team is the favorite and are paying -120 to win
their game this weekend. If you placed a $120 bet on them and they win, you
would receive $100 winnings, plus get your original $120 back for a total of a
$220 payout.
If you see the letters PK alongside the
odds offered on a game, it means that there is no favorite and you should
"Pick" the winner of the game without any points spread.
British/
UK/ Traditional/ Fractional Odds
Also
being known as British Odds, UK Odds or Traditional Odds, Fractional Odds are
popular in the United Kingdom and are also often used in horse racing.
Fractional odds quote the net
total that will be paid out to the bettor, should they win, relative to their
stake. For example odds of 5/1 imply that the bettor stands to make £100 on a
bet of £20. If the odds are 1/5 the better will make £4 from a £20 stake. The
bettor will also always receive their stake back, so a successful bet of £20 at
5/1 will actually pay out £120 - which is £100 plus the return of the original
£20 bet.
Decimal Odds
Decimal Odds are most popular in Europe, Australia and Canada, and are the easiest to understand. They are sometimes known as European Odds in the UK.
Decimal odds are different from
fractional odds in that the bettor must first part with their stake in order to
make a bet. The figure quoted is the exact amount that will be paid out if the
bet is a winner. Decimal odds are essentially equivalent to the decimal value
of the fractional odds, plus one.
For example, if the decimal
odds are 2.00 and you bet $100, the winner will receive $200 in total if the
bet wins. (2.00 x $100).
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