This is a paid guest post.
Are you someone who is new to sports betting? Perhaps you have stumbled upon an article talking about sports betting, and you ended up being interested in it yourself. Or maybe you are someone who had started in sports betting not too long ago, and still getting a better grip at things? Regardless, one of the first things you should understand and know about in sports betting is odds. While odds are in no way 100% accurate, they are still an essential factor that you need to consider in sports betting. Your knowledge of odds and how you use them to your advantage can make or break a good bet in sports.
One of the first things you should know about odds is that they can differ from one bookmaker to another. However, the levels of the probability that each bookie convey in their odds often are similar to each other. You can see how the best bookmakers present odds when you visit a good review site like Silentbet.
There are at least three different kinds of odds, and they are used both in traditional in-person sports betting and online sports betting: decimal odds, Moneyline odds, and fractional odds. Each of these types of odds presents the same things–the probability of a team or a player to win a game, and other factors. However, they only differ in the manner they present this probability. In turn, players have to understand how to interpret these odds and how to use their system to their favor.
This type of odds is also called American odds, simply because it is used mostly for sports played in the United States. This type of odds categorizes the opposing teams or players into two: one is called the underdog, and one is the favorites.
The favorites are shown with a negative/minus sign preceding their odds number: for example, a favorite’s baseball team may have an odds of -200. On the other hand, underdogs are distinguished by having a plus/positive sign before their odds.
In money line odds, the number indicated in the odds indicates the amount in dollars that they would win for every $100 bet they make, regardless of the sign preceding the odds. For example, if an underdog team with an odds of +300 wins and you wagered $200 on them, then your total payout would be $800.
Also called fractional odds, this type of odds are presented as a fraction. UK odds presents how much profit you can make for a winning bet per unit of bet that you make. For example, and odds of 5/1 means that you are to win five units per unit that you bet. In this situation, you will end up having a total payout of $6, as you won $5 and gained back your original $1 wagered.
Decimal odds are also called as European odds, as they are most commonly used in sports plagued on European countries. This type of odds is also used in counties such as Australia, Canada, and New Zealand.
The decimal odds are pretty straightforward. Should you win your bet, the amount you wagered would be simply multiplied by the odds, and the result will be given to you in your payout. For example, if you bet $1 on a team with an odds of 3.00 and you won the bet, you would end up with a total payout of $4–that is $3 in winnings and the $1 that you have wagered.