Surely, players who are new to sports betting will have more or less difficulty in the process of learning and calculating betting odds before deciding to place a bet. Understanding sports betting odds plays a role in deciding whether you win or lose the bet. It is complicated, but in fact, calculating betting odds is quite simple. Let’s learn more about this issue with UDBET.
What are Sports Betting Odds?
Sports betting odds are specific numbers given by the bookmaker for you to bet on. To get these numbers, the bookmaker must build data related to the match, such as the weather and the athletes. Betting odds and rules at different bookmakers will be different.
Betting odds also tell you how much money you will win if you win the bet. A simple example is the coin toss game. A coin has two sides, so your chance of winning is 50%. If you bet on heads, then you have a 50% chance of winning. If we convert these odds into a coefficient, we will have a coefficient of 2/1 for a specific result. A specific example for you to understand is, if you bet $1 on heads and you win, then you will receive $2, plus your initial bet ($1), for a total of $3.
Many people think that calculating betting odds is complicated, but they are quite simple. Once you understand how betting odds work in sports, you will be in control of the situation when playing online gambling or online sports betting.
There are many types of betting odds, but the 3 most common types are: American, fractional, and decimal. These are 6 types of betting odds that almost every bookmaker has.
Popular Sports Betting Options
American Betting Odds
American betting odds are simple and easy to understand; you do not need to be good at math or a gambler to grasp this type of odds.
American betting odds are represented by a plus (+) or minus (-) sign. The plus sign usually indicates the winning team, and the minus sign indicates the losing team.
For example, Bookmakers offer betting odds for 2 teams, Chelsea and AC Milan. For example, the bookmaker offers odds of AC Milan (win) with a bet of +200, and the odds for Chelsea (lose) are -100.
For example, if you bet $100 on AC Milan and you win, the amount you will receive will be $200. Of which, $100 is your initial bet and $100 is your winnings.
If you bet $100 on Chelsea. And you win, the amount you will receive will be $300. Of which, $100 is your initial bet and $200 is your winnings.
The larger the amount you bet, the larger the winnings will be.
Fractional Betting Odds
These are the most commonly used betting odds in the past. Nowadays, the British still use and love this type of betting odds the most. In other countries, most players prefer Hong Kong and Malay odds.
A simple example of this type of betting odds is football, still taking the example of the two teams, Chelsea and AC Milan. If you see the odds of 2/1, it means you have 1 in 2 chances of winning, or if calculated as a percentage, that number is equivalent to 50%. Of course, this also means that you have to take a 50% risk of losing the bet.
If you are the winner, you will receive $2 for every $1 you bet. If you bet $100, you will receive $200. Similar to the American odds, the higher the amount you bet, the higher the winnings you receive.
Decimal odds
Decimal odds are very popular in Europe and Asia, including Vietnam. This type of betting odds is very popular in bookmakers. As the name suggests, decimal odds use a number with a decimal point to format the betting odds.
Continuing with the 2/1 odds above for Chelsea and AC Milan, if calculated as a decimal, it would be 2.0. Where does this number come from, you may be wondering? The calculation is simple. You take the percentage chance of winning (in this case, 50%), and see how much it makes up of 100. 100 divided by 50 = 2.
The question is how much you will win if you win the bet. To get the final figure, you multiply the amount you bet by the odds and then subtract the original bet.
For example, if you bet $500 at odds of 2.0, the amount you will receive will be $1000 (including $500 of the initial bet)
Hong Kong Betting Odds
As its name suggests, Hong Kong betting odds are a decimal number given by Hong Kong bookmakers to calculate the win/loss ratio and then place bets. With simple calculation, Hong Kong Odds is chosen by many players.
Malay Betting Odds
Malay betting odds are also one of the betting odds that many players love, it is shown in decimal numbers, but there are 2 types:
Negative Malay Betting Odds and,
Positive Malay Betting Odds.
For example, the bookmaker gives odds of Chelsea -0.99 and AC Milan 0.92.
If you bet 100 USD on Chelsea and you win, you will receive 100 USD profit + 100 USD principal = 200 USD
And if you bet 1 million on AC Milan and win, you will receive 100 USD profit x 0.92 = 92 USD.
