Different Types of Sports Betting Odds: Decimal Odds
Your math teacher may gasp to discover their decimal lessons are being used to help you bet. Turns out, they were right when they said: “You’ll need to learn math in the real world!” Who would have guessed that it would be the “Real world of gambling”?
As you can guess from the descriptive name, decimal odds are gambling odds given in decimal form. Since decimal odds are favored in Europe, the term European odds are sometimes used.
Just like with moneyline and fractional odds, decimal odds tell you the payout and the likelihood of a winning bet - all in one small line. Let’s look at this in detail so we can see how it is done.
Most bets you make will either be a favored or “sure thing” bet, an even money bet, or an underdog bet. Favored bets will not pay out as much since the bet is expected to win. To compensate for this, bookmakers insist on a wager that’s larger than the expected winnings. This makes sense, and most people can see the logic. After all, if Italy is expected to win the Soccer match, betting $100 to win $50 isn’t unreasonable. Such a bet is shown as 1.5. You might be wondering about the math so let’s show you the trick to decimal odds.
Decimal odds always add one to the value given. This is because you must part with your bet before the bet is completed. In the above example, a winning bet pays $150. However since you parted with your $100 wager beforehand, you’ve only made $50 profit. This “additional one” rule applies to even money and underdog bets as well. Even money bets have decimal odds of 2 (It’s the same as 2.0). Give the bookmaker $100 and when you win he (or she) gives you $200 back. $100 is your winnings and the other $100 is your profit.
Assuming you want to bet on the underdog, the decimal odds will be 2 or greater. Bet against Italy and you may get decimal odds of 6. Make a winning $100 bet and you’ll receive $600 back. This is $500 in profit and your original $100 wager back.
As you can see, the decimal odds amount tells you if the bet is a favorite to win, fairly even, or a long shot. All while giving you the payout. Just remember to always subtract one and multiply the bet by the decimal left behind to get the payout.
Your math teacher would be so proud. Good luck in your bets.
