For example, if odds are 3/1 for the Cowboys this Sunday, then it is three times more likely that they will lose than win. Odds of 3-1 indicate that if you bet $100, you will win $400, the original amount of your bet plus the profit. Odds of 1-3 will win you $33 on a $100 bet, or $133. Betting Odds Explained - How do betting odds work? Understanding betting odds to beat them. It’s hard to be a serious sports investor if you are still in the dark when it comes to understanding betting odds.To lay your bets with any prayer of a profit, it is critical to know the main types of betting odds, how to understand them and above all, how to play them correctly. Moneyline odds are shown in two ways - the favourite as a negative number, the underdog as a positive. If the figure quoted is positive, the odds show how much you'd win on a $100 wager. Positive numbers are the same as Odds Against. If the figure quoted is negative, the odds show how much you'd need to wager in order to win $100. Negative Decimal Odds Explained. A widely used type of odds worldwide is decimal odds. If you are familiar with a variety of sportsbooks, you will have encountered decimal odds. So, here is an in-depth explanation of what decimal odds mean. Boiled down, decimal odds illustrate what a bettor would receive in profits for a one-dollar wager. As an example, with odds of 4/1, for every £1 you bet, you will win £4. There is a 20% chance of this happening, calculated by 1 / (4 + 1) = 0.20. Next steps. That’s it! Hopefully, that is betting odds explained. You should now have the knowledge to read betting odds, understand how likely it is to happen, and how much you stand to win. If you want to go from decimal odds to fractional odds is similarly simple. You just minus one from the decimal odds, turn that number into a fraction and reduce it down to it’s simplest form. Let’s take decimal odds of 4.5, this is the equation: 4.5 – 1 = 3.5 35/10 -> 7/2 Betting odds of 4/1 would equate to 5.0 in decimal terms, 5/1 would be 6.0, and so forth. See the chart below for a breakdown of betting odds in both fractional and decimal format, showing forecasted returns to £5 level stakes for the key prices in a market. Carrying on in this scenario lets look at the 11/4 odds on the draw. 4 divided by 15 (11 + 4) = .026 multiplied by 100 = 26.6% chance of a draw. For Real Madrid at 4/1 it would be 1 divided 5 (1 + 4) = 0.25 multiplied by 100 = 25%. So there are the probability outcomes for the match. American odds. You’re most likely to come across American odds when you’re betting at American sports betting sites. This odds expression indicates a bettor’s return relative to a base figure of 100 units. American odds start with either a positive or negative sign (e.g. -200 or +200). Something like 11/4 = 3.75. Basically means that for every $4 you bet, you'll make 11 profit. Theres prob an easier way, but to convert, I just change the fraction to a decimal and add 1.
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