How Betting Odds Work: Fractions vs decimals
Before you start checking out Las Vegas sports odds or betting on sports on the web, the most important thing to know is how odds work and how to read sports lines. Using an online sportsbook means that you can bet on sporting events taking place anywhere in the world, which is fantastic, but a big disadvantage is that odds on some sites may be presented in a format that you are not familiar with.
But, no matter what type of odds are shown, they all indicate the same thing: You can use our betting odds calculator to see how the different types of odds represent this chance, but many seasoned gamblers end up being able to convert between various types of odds in their head!
As the name suggests, American Odds are mostly popular with sportsbooks here in the United States. American sports betting odds work differently for favorites and underdogs, and are sometimes known as Moneyline Odds. You may notice that this is similar to 'odds-on' bets in UK markets.
If you see the letters PK alongside the odds offered on a game, it means that there is no favorite and you should "pick" the winner of the game without the need to worry about any point spread. Fractional Odds are popular in the United Kingdom but are also often used in horse racing. Fractional odds can also be referred to as British Odds, UK Odds, or Traditional Odds, and quote the net total that will be paid out to the bettor — should they win — relative to their stake.
Almost all online sportsbooks will offer the option of displaying their odds in the decimal format, which is sometimes known as European Odds in the UK.
With decimal odds, the figure quoted is the exact amount that will be paid out if the bet is a winner. Decimal odds are essentially equivalent to the decimal value of the fractional odds, plus one. Armed with the above knowledge, you should now have a pretty good idea of how to read sports lines. Think of it as a quick reference guide to sports betting for dummies! You can see below how to do this manually:. Offering odds that are much better for players than Vegas odds and those listed elsewhere will certainly attract more gamblers, but it can be absolutely disastrous for gambling venues if things go wrong, i.
An odds converter or odds calculator is essential if you are betting on more than one sport at once and, as we already know, almost all internet sportsbooks in let you do just that. Perms, parlays, or accumulators allow sports gamblers to mix and match several games and results onto one betting slip. But before you place the bet, using an odds payout calculator is essential to make sure you get the right price.
The first step to take when making a bet is to look at the money line and decide if it is worth taking out a bet. The money line is used not only for individual games, but also for betting on a player to win the tournament outright. This is commonly referred to as Outright Winner betting: The handicap or HCAP market is another popular market. This is because rather than predicting the outright winner, you are instead betting on how a certain player performs.
A handicap market simply means that one of the players is given an advantage at the beginning — usually by adding a certain amount of games to their overall score.
The money line is even on this bet, what has changes is the handicap. The pay-out is even, because the spread has balanced out the competition between the two players.
As you can see, despite losing the match in straight sets, a bet on Pospisil would have actually been the winner in this case. Here both players are set with a moneyline, which is the payout received should a team win outright. Tennis is a sport that can see a huge disparity in the moneyline payouts, especially in the first few rounds when the top seeds play the unseeded players in the tournament.
This is a great opportunity to place a bet down on an underdog for the upset. Sometimes the risk is too great to bet the favorite because a ton of money would have to be wagered just to make any profit. Moneylines get closer as the rounds progress, all the way down to the championship final. But even then, the opportunity for varying payouts can be great. The in-play odds for tennis can cover a couple of different aspects. The direction of the match is the most important variable here, because odds can change as the match moves forward.
For example, if Player A wins the first set, there odds to win the match will improve over Player B. Reformed odds for the match winner can be formed and bet after the first set, and even after each set played out until the final set if necessary. There are many factors that can come into play here. It's not just about the different set winners either. Within each set there are a number of games that can be played, with bets placed on the game winners for each also available on some tennis matches.