Sports betting is one of the most popular ways for players to bet in the modern world. It’s especially popular in online sportsbooks. This has provided players with the ability to place wagers on a number of different events and on a number of different markets. However, with this ability, there are also many different ways for the odds to be expressed. This can be confusing to players, especially as US sportsbooks tend to use a different approach frommany other regions.
So, to remove any confusion, we are going to go over the different types of odds that you might find and how to understand them. This will remove any barriers when it comes to finding the best sites to play at.
Fractional Odds
Fractional odds are the most common way for odds to be expressed across the world. As the name suggests, they are expressed as a fraction. It means that you might see the odds shown like this – 7/2 – or this – 9/1.
With fractional odds, the number on the right of the fraction relates to what the player wagers, and the number on the left of the fraction relates to the payout. This may seem complicated, so an example is the best way to explain it.
So, if the odds on a team winning are set at 3/1, it means that for every one unit wagered, three will be returned if the bet wins. In this example, a wager of $10 would mean that players get winnings of $30. However, this is not the total return that is paid back. The stake is also returned. So, a $10 wager on a 3/1 bet would return $40 to the player – $30 as winnings and $10 as the stake returned.
The stake being returned is also an important aspect. This is why betting on fractional odds with smaller returns than the outlay can be worthwhile sometimes. So, odds of 4/7 with a $70 wager would return $110. This would be $40 winnings and $70 as the stake returned.
Decimal Odds
Decimal odds are exactly as the name suggests. They are expressed as a decimal number. These are actually a little bit simpler to understand than fractional odds. This is because they factor in the stake being returned when you work out your return.
So, if there are decimal odds of 3.50 on a game, it means that whatever wager you place is multiplied by 3.5 for your return. A stake of $10 would return $35 using decimal odds. This would be $25 as winnings, and the $10 stake returned. This does make them much easier to understand as players don’t have to add their stake onto their winnings themselves to work out their total return.
As the stake being returned is part of the calculation, decimal odds will never be lower than 1.00. The stake is the 1.00, and then any winnings will be added on top of that to create the odds. So, in the previous example, the odds of 3.50 would be made up as 1.00 as the stake and 2.50 as the winnings.
Decimal odds aren’t as common as fractional odds. However, there are some sites that allow for players to choose decimal odds or fractional odds. So, if you choose a site that offers this opportunity, you’ll be able to choose the one that’s best for your needs.
Moneyline Odds
Money line odds are the most complicated of the three different types of odds. They’re mainly used in US sportsbooks, so aren’t generally offered to other countries. They are normally offered on individual games or outright bets. So, if you wanted to place a wager on a team that will win a single game or on a team that will win a whole tournament, the odds would be expressed in this manner.
Moneyline odds are normally shown in this way:
Team A: +350
Team B: -420
In this example, Team B would be the favorites, and Team A would be the underdogs. The way that the odds work all centers oneither betting $100 or winning $100. A bet on Team A would mean that you need to wager $100 in order to win $350. The total return for this bet would be $450. So, the $350 is purely winnings in this situation, and the $100 is the stake being returned.
A bet on Team B works slightly differently from the bet on Team A. In this one, you would need to wager $420 in order to win $100. So, a wager of $420 would return $520. This is made up of winnings of $100 and the stake of $420 being returned.
Obviously, this is a lot more complicated than how the other odds work and can be slightly difficult to understand. However, once you see how it works, it is essentially just another way to express the other forms of odds.
Which Is the Best?
When it comes to deciding the best type, it all depends on you. The odds that youfirst got used to will probably be the best. They are the most familiar, and as such, youwill feel most comfortable using them. However, decimal odds are the simplest to get your head around in terms of just making it easy to calculate winnings and returns.
Despite this, fractional odds are the most common form that you will see. This means that unless you are US-based, these will be the form of odds that you will be most used to. However, don’t worry about which one is the best to use. Just stick to the one that you are most comfortable with and can workaround. If you don’t know any of them, then our guide will have got you right up to speed.
