Types of Sports Betting Odds
“Never tell me the odds” may be a famous saying; but its bad advice for anyone hoping to make money gambling. Odds tell you the likelihood of something happening (always a good thing when betting) and the potential payout on a wager.
There are really two types of odds. The first is the likelihood of winning. Typically gamblers will mention odds in this way with the same meaning as the word “chance”. For example, you may hear: “The odds are against you hitting Blackjack” or “Are you sure you want to play 20 numbers in Keno? The odds of winning are astronomical”.
The second meaning refers to odds offered on a bet. In this case, odds mean payout. Odds of 10 to 1 mean you’ll win $10 for every winning $1 bet. These given odds are usually shown as fractions, decimals, or an amount of currency (moneyline). Odds types of odds shown differ according to the game, venue, or even geographic location. For example, Europeans will use fractional odds at the dog park while Aussies may quote decimal odds at a rugby match. Americans prefer moneyline odds (or even a point spread). So let’s look at the different types of payout odds in detail.
- As the name suggests, fractional odds are shown in fractions. Place a bet on the local cricket match and you might see odds of 5/1 which means a five to one payout. Make a winning bet and your bet is multiplied by five. Bet on the favorite to win and the odds might be 1/5 or one to five. Therefore, a winning $500 bet gives you $100 in winnings. Since fractional odds see much use in the United Kingdom, they are sometimes referred to as British or UK odds.
- Decimals odds, as I’m sure you’ve guessed, are odds given in decimal form. However decimal odds include your wager in the payout. This means something that’s quoted as 5/1 odds in England, would have decimal odds of 6 instead of 5 since we’re adding a one. Bet $100 dollars (which must be given before the bet is finished) and if you win you get $600. You didn’t make $600 because you parted with $100 beforehand. Since decimal odds are favored in Europe, the term European odds are often used.
- Finally we have moneyline odds, which are preferred by Americans. Because of this, the term American odds are used. Like the name suggests, moneyline odds use negative and positive currency amounts to show the odds. For example, if a boxing match has -$225 on a favored boxer, you must bet $225 to win $100. An underdog with a positive moneyline of +300, pays $300 for every winning $100 wager.
Good luck! Hope the odds are with you!
