The favorites and underdogs can be spotted instantaneously by looking at the numbers. For decimal odds, the number represents the total payout, rather than the profit. In other words, your stake is already included in the decimal number no need to add back your stake , which makes its total payout calculation easier. The total potential return on a stake can be calculated as:. For instance, one of the renowned betting websites priced the candidates to win the U.
Presidential Election. Donald Trump: 4. The higher the total payout i. In both cases, you get your initial wager back, in addition to the amount won. The difference between the odds for the favorite and the underdog widens as the probability of winning for the favorite increases.
In this matchup, there is a big difference between the two odds, indicating a much higher probability of Duke winning the game and advancing to the next round of the NCAA Tournament. If you are planning to enter the betting or the gambling world, it is important to be able to understand and interpret all types of odds well. Trading Psychology. Business Essentials.
Wealth Management. Your Money. Personal Finance. Your Practice. Popular Courses. Key Takeaways The three main types of betting odds are fractional British odds, decimal European odds, and American moneyline odds. Whichever format odds are written in, they all have an equivalent in another format. Not only will this help you understand your potential return, but it also makes it easier to compare betting odds across sportsbooks.
As the US sports betting industry continues to grow, so does the selection betting options, or betting markets, at each site. Odds will vary between these markets, and even between the same markets at different sports betting sites. Not quite sure what every US sports betting market means? These are the most popular:. A straight bet is a single bet on the outcome of a game or sporting event that is determined by a money line or point spread.
A futures wager is a bet placed on the outcome of an event in the future. A parlay wager is a single bet that is linked with two or more wagers. In order to win a parlay bet, a bettor must win every wager in the parlay. If a bettor loses one wager in the parlay then they will lose the entire parlay bet. Parlay bets tend to have much higher odds than other bet types. Teaser bets are usually available for basketball and football events. A teaser allows bettors to combine their bets on two different games and adjust the point spreads for the two games.
However, the better will see a lower return in the event that their teams win. A round robin is essentially a series of parlay bets. For instance, a round robin made up of three teams will consist of three two-team parlay bets. While gambling odds can vary between US sports betting sites, you should now be equipped with the knowledge and know how to start betting and find the best odds on the US sports betting market.
Not sure where to bet? How to Read Betting Odds.
For example, the odds against a random day of the week being a weekend are Odds and probability can be expressed in prose via the prepositions to and in: "odds of so many to so many on or against [some event]" refers to odds — the ratio of numbers of equally likely outcomes in favor and against or vice versa ; "chances of so many [outcomes], in so many [outcomes]" refers to probability — the number of equally like outcomes in favour relative to the number for and against combined.
For example, "odds of a weekend are 2 to 5", while "chances of a weekend are 2 in 7". In casual use, the words odds and chances or chance are often used interchangeably to vaguely indicate some measure of odds or probability, though the intended meaning can be deduced by noting whether the preposition between the two numbers is to or in. Odds can be expressed as a ratio of two numbers, in which case it is not unique — scaling both terms by the same factor does not change the proportions: odds and odds are the same even odds.
Odds can also be expressed as a number, by dividing the terms in the ratio — in this case it is unique different fractions can represent the same rational number. Odds as a ratio, odds as a number, and probability also a number are related by simple formulas, and similarly odds in favor and odds against, and probability of success and probability of failure have simple relations.
Analogously, given odds as a ratio, the probability of success or failure can be computed by dividing, and the probability of success and probability of failure sum to unity one , as they are the only possible outcomes. In case of a finite number of equally likely outcomes, this can be interpreted as the number of outcomes where the event occurs divided by the total number of events:. This is a minor difference if the probability is small close to zero, or "long odds" , but is a major difference if the probability is large close to one.
These transforms have certain special geometric properties: the conversions between odds for and odds against resp. They are thus specified by three points sharply 3-transitive. Swapping odds for and odds against swaps 0 and infinity, fixing 1, while swapping probability of success with probability of failure swaps 0 and 1, fixing. Converting odds to probability fixes 0, sends infinity to 1, and sends 1 to.
In probability theory and statistics, odds and similar ratios may be more natural or more convenient than probabilities. In some cases the log-odds are used, which is the logit of the probability. Most simply, odds are frequently multiplied or divided, and log converts multiplication to addition and division to subtractions.
This is particularly important in the logistic model , in which the log-odds of the target variable are a linear combination of the observed variables. Similar ratios are used elsewhere in statistics; of central importance is the likelihood ratio in likelihoodist statistics , which is used in Bayesian statistics as the Bayes factor. Odds are particularly useful in problems of sequential decision making, as for instance in problems of how to stop online on a last specific event which is solved by the odds algorithm.
The odds are a ratio of probabilities; an odds ratio is a ratio of odds, that is, a ratio of ratios of probabilities. Odds-ratios are often used in analysis of clinical trials. Answer: The odds in favour of a blue marble are One can equivalently say, that the odds are against.
There are 2 out of 15 chances in favour of blue, 13 out of 15 against blue. That value may be regarded as the relative probability the event will happen, expressed as a fraction if it is less than 1 , or a multiple if it is equal to or greater than one of the likelihood that the event will not happen. In the first example at top, saying the odds of a Sunday are "one to six" or, less commonly, "one-sixth" means the probability of picking a Sunday randomly is one-sixth the probability of not picking a Sunday.
While the mathematical probability of an event has a value in the range from zero to one, "the odds" in favor of that same event lie between zero and infinity. It is 6 times as likely that a random day is not a Sunday. The use of odds in gambling facilitates betting on events where the relative probabilities of outcomes varied.
For example, on a coin toss or a match race between two evenly matched horses, it is reasonable for two people to wager level stakes. However, in more variable situations, such as a multi-runner horse race or a football match between two unequally matched sides, betting "at odds" provides a perspective on the relative likelihoods of the possible outcomes. In the modern era, most fixed odds betting takes place between a betting organisation, such as a bookmaker , and an individual, rather than between individuals.
Different traditions have grown up in how to express odds to customers, older eras came with betting odds between people, today which is illegal in most countries, it was referred as "odding", an underground slang word with origins based in the Bronx. Favoured by bookmakers in the United Kingdom and Ireland , and also common in horse racing , fractional odds quote the net total that will be paid out to the bettor, should he or she win, relative to the stake.
However, not all fractional odds are traditionally read using the lowest common denominator. Fractional odds are also known as British odds, UK odds,  or, in that country, traditional odds. Odds with a denominator of 1 are often presented in listings as the numerator only. A variation of fractional odds is known as Hong Kong odds. Fractional and Hong Kong odds are actually exchangeable. The only difference is that the UK odds are presented as a fractional notation e.
Both exhibit the net return. The European odds also represent the potential winnings net returns , but in addition they factor in the stake e. Favoured in continental Europe , Australia , New Zealand , Canada , and Singapore , decimal odds quote the ratio of the payout amount, including the original stake, to the stake itself.
Therefore, the decimal odds of an outcome are equivalent to the decimal value of the fractional odds plus one. This is considered to be ideal for parlay betting, because the odds to be paid out are simply the product of the odds for each outcome wagered on. When looking at decimal odds in betting terms, the underdog has the higher of the two decimals, while the favorite has the lower of the two. Decimal odds are favoured by betting exchanges because they are the easiest to work with for trading, as they reflect the inverse of the probability of an outcome.
Decimal odds are also known as European odds , digital odds or continental odds. Moneyline odds are favoured by American bookmakers. The figure quoted is either positive or negative. Moneyline odds are often referred to as American odds. A "moneyline" wager refers to odds on the straight-up outcome of a game with no consideration to a point spread. In most cases, the favorite will have negative moneyline odds less payoff for a safer bet and the underdog will have positive moneyline odds more payoff for a risky bet.
However, if the teams are evenly matched, both teams can have a negative line at the same time e. In gambling, the odds on display do not represent the true chances as imagined by the bookmaker that the event will or will not occur, but are the amount that the bookmaker will pay out on a winning bet, together with the required stake. In formulating the odds to display the bookmaker will have included a profit margin which effectively means that the payout to a successful bettor is less than that represented by the true chance of the event occurring.
This profit is known as the 'over-round' on the 'book' the 'book' refers to the old-fashioned ledger in which wagers were recorded, and is the derivation of the term 'bookmaker' and relates to the sum of the 'odds' in the following way:. The true odds against winning for each of the three horses are , and respectively. This represents the odds against each, which are , and , in order. This value of 30 represents the amount of profit for the bookmaker if he gets bets in good proportions on each of the horses.
A futures wager is a bet placed on the outcome of an event in the future. A parlay wager is a single bet that is linked with two or more wagers. In order to win a parlay bet, a bettor must win every wager in the parlay. If a bettor loses one wager in the parlay then they will lose the entire parlay bet.
Parlay bets tend to have much higher odds than other bet types. Teaser bets are usually available for basketball and football events. A teaser allows bettors to combine their bets on two different games and adjust the point spreads for the two games. However, the better will see a lower return in the event that their teams win. A round robin is essentially a series of parlay bets. For instance, a round robin made up of three teams will consist of three two-team parlay bets.
While gambling odds can vary between US sports betting sites, you should now be equipped with the knowledge and know how to start betting and find the best odds on the US sports betting market. Not sure where to bet? How to Read Betting Odds. Odds Converter.
Implied Probability. What are betting odds? The people behind this page Compare. Jake Patel. Jake is a gambling content specialist for Compare. He is responsible for producing news content for Compare.
Just like the metric system, dates, and miles per hour mph , Americans do things differently when it comes to betting odds. Take a look at this standard slate of betting odds from for an MLB game. Betting Odds are written in terms of as an industry standard. The easiest way to think of the plus and minus signs is as follows. Thankfully, you can view your potential winnings on each bet before placing it at an online sportsbook.
That said, it is beneficial to understand the betting odds. Green Bay Packers vs. A tie is a push, meaning you don't win or lose. Definition of bet: A total bet focuses on how many points are scored, regardless of who wins the game. After a total point score has been set, bettors can wager on whether the actual score of the game will be over or under the set point score. Fractional odds are used more commonly in parts of Europe, as well as in horseracing. To calculate fractional odds, you have to do some mental division or enter your desired amount and see what the sportsbook shows as your payout!
Here are some odds for a fictitious horse race and how you go about reading them. A lot of sportsbooks offer a fractional view if you prefer it to the American odds. Decimals odds are used more commonly in parts of Europe. When using decimal odds, the underdog has the higher of the two numbers, while the favorite has the lower of the two.
To calculate decimal odds, you can use the following equation. In conclusion, American odds are almost always displayed at any United States sportsbook, while fractional and decimal odds are almost always displayed at any sportsbook outside of the United States. Check out our Guides Page to see where sports betting stands in your state! The odds are essential when selecting a sportsbook because they affect your money.
If you choose a sportsbook with poor odds, you will end up wasting money every time you place a bet. Understanding betting odds allows you to decipher between good and bad odds. Look at the odds below offered on five games from the NFL Season. Odds from five different sportsbooks are shown. You'll notice each sportsbook offers different odds for each game. If you were betting on these games, you would be able to find the best odds for your desired bets.
Using this strategy of line shopping will allow you to save money while betting on games. Odds Comparison. Odds can be used to calculate the implied probability of a team winning or losing a game. You can use a simple math equation to understand what the sportsbook thinks the probability of each team winning is.
In a professional sports matchup a point spread is given to each team for sports betting purposes. For those not good at math, you can also do the reverse. If you want to know how much you need to bet in order to win a certain amount, multiply what you want to win by 1. As you can see, understanding the in sports betting is pretty basic once you realize what it represents. You can also apply this knowledge to other odds as well, such as the money line. This kind of bet is different because you are betting who will win the game straight-up, which causes the odds to be different for each game instead of for everything.
For example, the Golden State money line above is listed at odds. This may seem unfair at first but it is logical. The Warriors are by far the best team in the league and have a much better chance of winning the game. Therefore, sportsbooks even this out by placing the odds at a high price for bettors to win a little. Some bettors may see value in this, but you should never blindly bet an underdog - or any side for that matter just talk to the thousands that bet on Conor McGregor last August. I hope this article helped explain what means and how to better understand sports betting odds.
If you have any unanswered questions about reading odds or sports betting in general, feel free to send me a message. Thanks for stopping by and good luck! Your email address will not be published. Skip to content. Here is an example of a betting board with NBA lines: As you can see, is shown next to each spread and totals bet.
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