Sports betting can be a wild ride, but before you saddle up, it’s important to understand how to read the odds. Sure, you could throw a dart at a board and hope for the best, but we’re guessing you’re not here for blind luck. In this article, we’ll break down the types of odds and how to calculate potential payouts.
Different Types of Odds
There are three types of odds, American, Decimal, and Fractional. Each type has its pros and cons, but let’s look at the basics of each type.
American odds
Also known as moneyline odds, American odds are the most common type of odds used in the United States. They are typically displayed as a positive or negative number and indicate how much money you would need to bet. Negative odds indicate the amount you would have to bet to win $100, while positive odds indicate how much you would win if you bet $100.
How to Read American Odds
American odds may seem confusing at first, but once you understand how they work, they’re relatively easy to read. Negative odds are indicated by a minus sign before the number, while positive odds are indicated by a plus sign. For example, if you see odds of -150, it means you would have to bet $150 to win $100. On the other hand, if you see odds of +150, it means you would win $150 if you bet $100.
Decimal odds are commonly used in Europe and Australia. They are represented as a number, which is your total payout, including your initial bet. For example, if you bet $100 on a team with odds of 1.5, your total payout would be $150 ($100 bet + $50 winnings).
How to Read Decimal Odds
Decimal odds are relatively simple to understand. The odds represent the total payout, including your initial bet. For example, if you see odds of 2.5, it means your total payout would be $250 if you bet $100 ($100 bet + $150 winnings).
Fractional odds are commonly used in the UK and Ireland. They are displayed as a fraction, with the number on the left being your potential winnings, and the number on the right being your stake. For example, if you bet $10 on a team with odds of 5/1, your total payout would be $60 ($50 winnings + $10 stake).
How to Read Fractional Odds
The number on the left represents your potential winnings, while the number on the right represents your stake. For example, if you see odds of 5/1, it means you would win $5 for every $1 you bet. So, if you bet $100, your total payout would be $600 ($500 winnings + $100 stake).
How to Calculate Potential Payouts
Calculating potential payouts is crucial in sports betting. The amount you win depends on the odds and the amount you bet. To calculate your potential payout, multiply the odds by the amount you bet, then add the original bet amount. For example, if you bet $100 on a team with odds of +150, your potential payout would be calculated as $100 bet x 1.5 odds + $100 bet = $250
Are you ready to find some good odds?
Now that you know how to read sports odds, you can get out there and start winning money! BUT Before placing your first wager, take a look at our in-depth guide on sports betting and how you can leverage expert predictions through our unique AI system
