If you want to start sports betting, whether for profit or to have a new hobby, one of the first things you should learn about is the odds.
You’ve undoubtedly heard or read about the word “odds,” but you may not know what it means. Here’s everything you need to know about the different odds and how they work to understand tomorrow’s match prediction better.
In cricket betting, how many different forms of odds are there?
There are three types of odds that are commonly used in both conventional and online sports betting. Decimal odds, money line odds, and fractional odds are the three types. They all reflect the chance of winning in some way but in different ways.
European or decimal odds
- European odds are also known as decimal odds. However, in other countries and territories, such as Australia, Canada, and New Zealand, this format of odds are commonly used.
- The concept of decimal odds is very basic. It shows how much your base bet will be increased if you win the wager. Take, for example, a team with odds of 2.50. If you bet $1 on it and it wins, you’ll get back your money plus the base sum multiplied by 2.50, for a total of $3.50.
Moneyline or American Odds
- Only in the United States are Moneyline odds used. There are two key groups to be aware of regarding these types of odds: favorites and underdogs. The negative or minus sign preceding a team’s or player’s odds number indicates that they favorites. For instance, -200. On the other hand, the underdog is identified by a positive or plus sign (+) preceding the odds number.
- Regardless of the category, the complete value of the odds number specifies the amount of money a player will earn from a $100 bet. If a favorite team has odds of -200, for example, you must wager $100 to receive a cumulative payout of $300 if your bet wins.
UK chances or fractional odds
- This type of odds is described in the form of a fraction, as the name implies. A slash symbol is normally used to separate the two numbers. However, the hyphen symbol is also used.
- Fractional odds indicate how much profit you will make per unit of bet on a winning bet. As a result, a 6/1 odds means that you will receive six units for every 1 unit wagered if you win this bet.
- Consider the following scenario as an example. If you win a $1 bet with an odds of 6/1, you will earn a payout of $78. What happened to cause that? It’s simple: you get back the $1 you wagered, plus six times the amount you wagered, bringing your total payout to $7. If you bet $10, you’ll get a total payout of $70.
Knowing all of the different types of odds and how they work is a must if you want to get serious about online sports betting. Knowing them, however, does not guarantee victory.