Understanding Sports Betting Odds
If you’re new to the world of sports betting, you may find understanding the different types of odds a little tricky. Depending on where you are in the world, there can be a mix of odds offered by sportsbooks.
If you’re at all unsure, it’s enough to throw you off.
In this guide, we take a look at American odds and how they work with the likes of college football lines. We also look at fractional odds, decimal odds and how you can convert these different formats.
First, let’s start with the basics and take a look at what sports betting odds are.
What are sports betting odds?
Sports betting odds are simply the deal offered by gambling companies on different sports. Such sports could range from American football to soccer or tennis and badminton.
Odds work as multipliers, so if the odds are 10/1 and you bet $1, you will walk away with $10 plus your original stake.
In its simplest form, a betting company may offer odds on Team A to beat Team B. Depending on where you are in the world, those odds may be presented in different ways, which we’ll discuss in detail below.
The more certain the outcome, the weaker the odds will be. For example, if you back Arsenal FC to beat Forest Green Rovers in the FA Cup, chances are you’ll be offered very poor odds.
However, the more speculative the bet, the greater the odds. So if, in reverse, you back Forest Green Rovers to beat Arsenal, you may get much higher odds.
Examples of different sports betting odds
Let’s take a look at some examples of different sports betting odds and explain how they work.
American odds
American odds are arguably the most confusing of all the different types of sports betting odds and are commonly seen in the likes of the NBA. However, once you understand how they work, it’s straightforward.
With American odds, all bets are centered around $100. So if you’re backing the favorite, you may see odds like -110. This means that in order to win $100, you need to bet $110. If your odds were -300, you would need to bet $300 to win $100.
On the other side, American odds that feature a plus sign (+) show the potential profit from a $100 bet. So if you back a +300 bet, you’ll win $300 plus your original bet if you place a $100 stake.
An evens offer can be listed as either -100 or +100.
If you’re ever unsure, just remember that odds that feature a plus sign usually relate to the underdog and a greater payout if the bet comes in. Odds with a minus sign relate to the favorite.
Fractional odds
Another common type of odds offered in sports betting is fractional. With this, odds are displayed as fractions, like 2-1 or 22-1. The way it works is quite simple: you multiply your stake by the fraction. So, if you bet $10 with 22-1 odds, you could walk away with $220 plus your original bet.
Fractional odds can work in different ways, however. Sometimes, they’re presented in formats like 7-2. To work out what your profit could be, you need to do a quick sum. Simply multiply your stake by the numerator (which is the seven) and then divide it by the denominator, which is the two. So if you bet $10, you get 70, which you then divide by two to give you $35.
In cases where the favorite is predicted to win, you may see odds like 1/10. This just means you need to bet $10 to win $1. Obviously, these types of odds aren’t the best, but can work as part of a larger bet, like an accumulator.
Decimal odds
The final type of sports betting odds that is commonly used is decimal odds. This form is all based around the amount you’d win off a $1 bet. It’s a method that makes it quite a lot easier to convert from other formats.
Here’s how it works – with decimal odds, if you’re offered a bet of a score between 1 and 2, it means it’s a favorite. A score of 2 represents an even bet, and anything over is an underdog.
If you get odds of 1.75, for example, and you bet $10, the return would be $17.50. It’s a simple way to calculate your bets and returns.
