Betting Odds Explained: How to Understand Betting Odds

Understanding sports betting odds can be confusing once you decide to get started. Whether you are a seasoned sports fan or just getting into betting, grasping the basics of betting odds and the difference between favourites and underdogs, decimal odds, and fractional odds, can be a learning curve. 

With betting odds simply providing an outlook on the sportsbook's prediction on the chances of each team winning a bet, it is considered a helpful tool to understand the level of chance you are taking the wagering. 

Through navigating this article, you will quickly learn the basics and get to know the easiest way to get started with online betting without losing your grip on the "big picture" placing a winning bet.

Different Types of Sports Betting Markets 

The type of bet you choose will determine the odds of that bet being a win or a loss. In essence, some bets may provide you with a greater chance at "beating" the odds predicted by the sportsbook, while others may be more prone to be an accurate prediction of the future outcome. 

3 Popular Types of Sports Betting Markets Available from Sports 

Prop Bets – Prop bets are generally used by bettors looking to make individual bets on players rather than the outcome of a sports match. Prop bets include "First Blood - eSports" and "Player to Score First Touchdown - American Football".

Parlay Bets – Involves combining two bets into one wager. Although there is more risk involved with this type of bet, the potential payout is greater. 

Over-Under Bets – One of the most popular bet types found in most sports includes Over-Under bets. This is a wager that is generally focused on predicting whether a specific statistic for a game will go "over" or "under" the predicted number.

Types of Odds Formats: How To Understand Betting Odds Formats

Although the same types of bets are generally available throughout all spots, odds formats are different in terms of where the sportsbook is based, as different countries use different odds formats including decimal (European), fractional (British), and Moneyline (American odds).

American Odds – Moneyline Betting Odds 

American odds are also known as moneyline odds and are generally used by most US-based online sportsbooks and some off-shore casinos. Moneyline odds can appear in both positive or negative numbers to represent the underdog (+) and favourite (-) in a betting matchup. Due to the favourite team being predicted to be more likely to win, you will need to wager more to win less and vice versa. 

Positive (Underdogs) odds – When you see a "+" next to a number, eg. +200, it indicates the potential amount you stand to win by betting $100. 

For example, a $100 wager will be necessary for a $200 potential win 

Negative (Favourites) odds – When you see a "-" next to a number, eg -150, it indicates that a  $150  wager will be required to win $100, yielding a total return of $250 if the bet is won (bet amount $150  + win amount $100 = $250)

European Betting Odds – Decimal Odds

European odds are considered the easier decimal odds format that most bettors can comprehend easily. When using European odds, it's important to remember that odds reflect the implied probability of an outcome and not the guaranteed amount. Lower odds indicate a higher probability of the outcome occurring, while higher odds may provide a lower probability. Be sure to have a vast understanding of implied probability to assess the likelihood of a bet being successful. 

Decimal odds – This odds format is expressed as decimal numbers and they represent the potential return from a successful bet, including the initial stake.

For example, if the decimal odds for a team or player is set at 2.50, a successful €10 bet on that team will predict a €25 return, (€10 x 2.50)

British Betting Odds - Fractional Odds

British odds are represented as fractions and are a way of providing a prediction of the potential profit from a bet compared to the original stake. Fractional odds also provide information about the likelihood of a specific outcome. The larger the fraction, the less likely the predicted outcome will be an actual occurrence. Fractional odds are particularly found in UK horse race betting and stand as one of the most widely available odds formats on reputable gambling platforms. 

Fractional odds – If the stipulated odds format shows 3/1, it simply means that for every £1 wagered on a bet, the potential profit is predicted at £3. 

For example, if £1 is wagered, and the bet is won the potential return is 3 and the total return + the stake would be set at £4. 

Fractional odds are generally used in football betting – Find <u>betting odds explained for Football</u> here.

Variety of Betting Odds Available at Housebets

Although odds formats are set by online sportsbooks themselves, the majority of reputable sportsbooks such as Housebets include options for players to choose which odds formats they want to view odds in. For example, although fractional and decimal odds are generally considered the most popular format, Housebets also offer American, Hong Kong, Indonesian, and Malaysian odds formats.&nbsp;

All sports available for betting in the online sportsbook are available to view in your preferred odds format for easy wagering. With many Canadian and UK <u>crypto sports betting</u> enthusiasts accessing Housebets, decimal odds have been considered the chosen odds format for most members.

Other Betting Odds Formats:&nbsp; Explain Betting Odds for Other Regions

Through accessing reputable online sportsbooks such as Housebets, it is possible that you may encounter a wider variety of odds than what is discussed here. Housebets also includes odds formats used by bettors from Hong Kong, Malaysia, Indonesia, and other countries. This ensures widespread comprehension from bettors choosing <u>Housebets</u> as their chosen cryptocurrency or fiat currency sportsbook.&nbsp;

Fractional, Decimal, and American odds formats are however considered to be stapled odds formats that are easy to understand and the most experienced sports bettors and easily comprehensible by beginners.

How Does the Type of Betting Odds Influence Payouts?

Generally speaking, when comparing the influence of odds formats on payouts, there are some instances where it is necessary to make use of an odds calculator to ensure the odds are what you expect them to be. While decimal odds may be easier for many bettors to understand and calculator through the use of a betting odds calculator, fractional odds and monoline odds offer different perspectives on the same wager.&nbsp;

As an example of this - Moneyline odds provide a clear indication of underdogs and favourites; this is done through the positive and negative numbers, while fractional odds put more emphasis on the ratio between potential profits to be won and the stake.&nbsp;

The type of odd format used in sports betting does influence potential payouts. Through the use of a betting odds calculator, it is possible to determine the potential win amount. Whether using decimal, fractional, or money line odds formats, a clear and thorough understanding of each type is essential for making information and responsible wagers.

The Odds Calculator: How to Calculate

An odds calculator is an essential tool for online sports bettors allowing them to calculate the implied probability and potential probability of a single wager. A simplified odds calculator takes the odds offered by sportsbooks, ‘in this case Housebets’ and translates them into probabilities. This assists you in assessing the value and potential outcomes of the wager.&nbsp;

Steps to Using an Odds Calculator&nbsp;

Step 1 – input the odds provided by the bookmaker for the particular event you are interested in wagering on.

Step 2 – The calculator will generate the implied probability of each outcome.

Step 3 – carefully consider the information laid out by the calculator to consider whether the probability findings are worth your bet.

Practice Responsible Betting

Responsible gambling is one of the most important factors to consider before placing your first bet. Understanding odds formats and types of bets is only the start of the excitement around sports betting and will demand due diligence in sticking to your bankroll and not placing bets that are outside of your reach. Carefully consider the probability factor as a means to distinguish between high and low risk before making large wagers. Furthermore, it is recommended to make use of responsible gambling tools from Housebets to curb your max deposit and loss amounts.