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Types of Sports Betting Odds Explained

December 19, 2017
sports wagering odds

Every sports fan has once tried to use their knowledge of their favorite sport for some personal gain, namely by betting on the matches. Most of the time, having significant insight about the inner structure, workings and ranks of individual players and teams should be enough to help you make the winning bet. Nonetheless, with all the convenience of accessing the NetBet sport section, you will need to still need to put in some effort and learn how to read the odds.

Before we move on the types of odds and the ways to read each of them to your benefit, it is essential that bettors understand what odds, in fact, are. These odds are numerical representations of the likelihood of a certain outcome, and the payout you will receive based on it. If they have a higher value, then there is less likelihood but a bigger payout should it turn out to be the real result. Odds of lower value denote greater likelihood for the particular outcome, and hence smaller payouts.

Types of Sports Betting Odds

Now that you understand the basic principles of sports betting odds, you need to get acquainted with the different types of odds. Most of the time, bettors are already familiar with one type, but would like to place bets on an online sportsbook that expresses the odds in a different format. Despite the availability of odds converters nowadays, it is still important that you learn how to read each of the three most common formats of expressing sports betting odds.

  • Moneyline/American Odds

The moneyline type of odds are also known as American odds due to the fact they are most widely used in American betting practices. They are expressed by two numbers, one preceded by the sign “-“ and the other preceded by a “+”. In a match, the odds for the favorite are expressed with the negative number (-110, for example) and denote how much you would need to risk in order to win $100. The underdog’s odds are expressed with the positive number (+150), and denote how much you would win if you risk $100.

  • Decimal Odds

These odds have become rather universal nowadays, predominating among bettors in mainland Europe, Australia and Canada. They are expressed in decimals, as the name suggests, and the numerical value of the odds practically denotes your total payout per unit staked. For example, if a player bets on an outcome whose odds are 1.5, then the player would win $1.5 for every $1 staked.

  • Fractional/British Odds

Fractional odds are mostly used in Britain, even though decimals are slowly taking over. This third type of odds is expressed in the form of a fraction (3/1 or 6/1, per say). These are read “three to one” and “six to one”, where the first odd means you will win 3 units per one unit staked, and the latter means you’ll win 6 units. Whenever the first number is bigger, like in this case, the odds are against, like the positive moneyline odds.

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