Betting Odds - Types and Calculations
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If you are planning to place a bet on a sports game between two teams, the very first thing you want to know is how much you'd win if correctly predicted the outcome. Odds are the first thing the bookmaker will tell you. They are numbers that tell you the amount you could win if you win the wager. However, although they all translate to an identical amount, you'll not see a similar number at different sportspooks since each one adopts a certain method of specifying the odds. This article describes the different kinds of betting odds and how to calculate the expected gains in each case.
There are three kinds of odds specification: Fractional odds, also known as UK odds and Decimal odds also known as European odds. Because they accurately portray the scenario, Decimal forms are considered the standard specification method. Odds specifications are used to determine the bet amount as well as the winnings. To achieve this it is necessary to know three terms: stakes, winnings, and payouts. Stakes are the amount wagered while winnings refer to the amount won in a bet, and pay-outs are the sum of money paid when a bet is won. Pay-outs represent the sum of stakes and winnings. Although check here might seem to be insignificant, they are actually the at the heart of calculations based on odds.
Additionally, it is essential to know three more terminologies about the strength of teams involved in a game; They are Odds-on, Evens, and Odds-against. Evens refer to situations where the two teams are equally strong and there is no winner or loser; you bet $1 to get $1, even if there are there are no commissions involved. Odds-on is the probability of winning for the favorite , and the winnings in this case are lower than stakes. Odds-against refers the odds for the underdog. In this instance, winnings are usually greater than stakes. In the most frequent scenario of sports betting on a match between two competitive contestants (evens odds) The odds that are assigned to each will be 1.90 in Decimal odds 9/10 in fractions and -111 in American odds, all of which mean the same thing "bet one dollar to make 90 cents". These odds, even if there was no commission or bets with friends, would have been 2.0, 1, and 100 for each of the three kinds. They refer to "bet one dime to win one dollar".
Decimal Odds (European)
These are simply factors that indicate how-many-times-the-stake will the pay-out be. If odds are 2.50, it means that the pay-out will be double as large as the stake. For each dollar wagered, the payout will be $2.50.
Pay-out = Stake * Decimal Odds
Win = stake * (Decimal Odds-1)
Fractional Odds (UK).
The fractions in this example represent that a stake that is equal to the denominator will yield a prize equal to the numerator. For instance, odds of 10/11 mean that 10 units will be taken home when you stake 11 units. That is, for each $11 wagered, the winning will be worth $10.
Winning = Stake * Fraction Odds
Pay-out = stake * (Fraction Odds Plus 1)
American Odds (US).
mobile games are denoted by numbers that are always greater than 100 or equal to 100. They are preceded by a '+' or '-' sign. These signs are not mathematical symbols; they are simply symbols that indicate whether your winnings are more than or less than the stakes. The positive sign is used to indicate the underdog when the winnings are more than stakes or an odds-against bet; while the negative sign indicates the odds-on or favorites betting. Both odds have different definitions and thus use calculations that are unrelated.
Negative odds tell you the amount you have to bet in order to win $100. For instance, odds of -110 mean that, in order to win $100, the bet must be at least $110.
Winning = 100/negative American Odds
Pay-out = Stake (100/negative American Odds + 1)
Positive odds represent how much winnings are likely to be when $100 are gambled. For instance, odds of +110 mean that $110 will be won, when $100 are bet.
Winning = Stake + positive American Odds/100
Pay-out = Stake (positive American Odds/100 + 1)
These odds are notable for their characteristics.
Decimal odds always more than 1.0 because '1' is the stake.
American odds are always higher than or equal to 100 (remember that + and - are symbolic, not mathematical numbers).
Fractional and American odds indicate winnings and decimal odds are a sign of the payouts.
Even odds, with regard to a fair bet, are when you win exactly the same amount of money as the stake. Evens are represented as 2.0 in decimal, 1/1 for fractional odds, and 100 in US odds (-100 and +100 are identical).
The decimal odds for odds-on are those where the winnings are greater than stakes. This is usually the case when a favorite team is able to win a large amount of games. They can be identified in fraction odds because their numerator (winnings) is lower than the denominator. They are also identified in US odds, by the negative odds.
If there is an odds-against scenario that sees winnings exceeding stakes, then the decimal odds will be greater than 2.0. The numerator in fraction odds will be greater than the denominator. These are the US odds.
There are three kinds of odds specification: Fractional odds, also known as UK odds and Decimal odds also known as European odds. Because they accurately portray the scenario, Decimal forms are considered the standard specification method. Odds specifications are used to determine the bet amount as well as the winnings. To achieve this it is necessary to know three terms: stakes, winnings, and payouts. Stakes are the amount wagered while winnings refer to the amount won in a bet, and pay-outs are the sum of money paid when a bet is won. Pay-outs represent the sum of stakes and winnings. Although check here might seem to be insignificant, they are actually the at the heart of calculations based on odds.
Additionally, it is essential to know three more terminologies about the strength of teams involved in a game; They are Odds-on, Evens, and Odds-against. Evens refer to situations where the two teams are equally strong and there is no winner or loser; you bet $1 to get $1, even if there are there are no commissions involved. Odds-on is the probability of winning for the favorite , and the winnings in this case are lower than stakes. Odds-against refers the odds for the underdog. In this instance, winnings are usually greater than stakes. In the most frequent scenario of sports betting on a match between two competitive contestants (evens odds) The odds that are assigned to each will be 1.90 in Decimal odds 9/10 in fractions and -111 in American odds, all of which mean the same thing "bet one dollar to make 90 cents". These odds, even if there was no commission or bets with friends, would have been 2.0, 1, and 100 for each of the three kinds. They refer to "bet one dime to win one dollar".
Decimal Odds (European)
These are simply factors that indicate how-many-times-the-stake will the pay-out be. If odds are 2.50, it means that the pay-out will be double as large as the stake. For each dollar wagered, the payout will be $2.50.
Pay-out = Stake * Decimal Odds
Win = stake * (Decimal Odds-1)
Fractional Odds (UK).
The fractions in this example represent that a stake that is equal to the denominator will yield a prize equal to the numerator. For instance, odds of 10/11 mean that 10 units will be taken home when you stake 11 units. That is, for each $11 wagered, the winning will be worth $10.
Winning = Stake * Fraction Odds
Pay-out = stake * (Fraction Odds Plus 1)
American Odds (US).
mobile games are denoted by numbers that are always greater than 100 or equal to 100. They are preceded by a '+' or '-' sign. These signs are not mathematical symbols; they are simply symbols that indicate whether your winnings are more than or less than the stakes. The positive sign is used to indicate the underdog when the winnings are more than stakes or an odds-against bet; while the negative sign indicates the odds-on or favorites betting. Both odds have different definitions and thus use calculations that are unrelated.
Negative odds tell you the amount you have to bet in order to win $100. For instance, odds of -110 mean that, in order to win $100, the bet must be at least $110.
Winning = 100/negative American Odds
Pay-out = Stake (100/negative American Odds + 1)
Positive odds represent how much winnings are likely to be when $100 are gambled. For instance, odds of +110 mean that $110 will be won, when $100 are bet.
Winning = Stake + positive American Odds/100
Pay-out = Stake (positive American Odds/100 + 1)
These odds are notable for their characteristics.
Decimal odds always more than 1.0 because '1' is the stake.
American odds are always higher than or equal to 100 (remember that + and - are symbolic, not mathematical numbers).
Fractional and American odds indicate winnings and decimal odds are a sign of the payouts.
Even odds, with regard to a fair bet, are when you win exactly the same amount of money as the stake. Evens are represented as 2.0 in decimal, 1/1 for fractional odds, and 100 in US odds (-100 and +100 are identical).
The decimal odds for odds-on are those where the winnings are greater than stakes. This is usually the case when a favorite team is able to win a large amount of games. They can be identified in fraction odds because their numerator (winnings) is lower than the denominator. They are also identified in US odds, by the negative odds.
If there is an odds-against scenario that sees winnings exceeding stakes, then the decimal odds will be greater than 2.0. The numerator in fraction odds will be greater than the denominator. These are the US odds.
