10/11 betting odds explained

At the most basic level, betting provides you with the ability to predict the outcome of a certain event. If your prediction is correct, you will win money. For any given event, there are a certain number of outcomes. Take rolling a dice for instance. If someone rolls a dice, there are six possible outcomes.

Using Betting Odds to Calculate Probability Whenever you see two numbers separated by a trailing slash, i. From this, you can calculate how likely a given event is to happen with a calculation. Using Betting Odds to Calculate Winnings Betting odds allow you to calculate how much money you will win if you make a bet. Quite simply, for every value of B that you bet, you will win A, plus the return of your stake. What About Decimals? Decimals are far more common on exchanges, such as Betfair, but all leading betting sites do give you the option to view betting odds in this format.

They are an alternative to seeing betting odds in the fraction format, and in our opinion, are easier to work out. Betting Example To make all this information slightly easier to understand, here is a quick example of a bet on a football match. If you were backing Arsenal to beat Liverpool you might see the odds of that outcome at 4. You can also use our bet calculator to help you calculate winnings.

Traditionally, fractional odds have been used in the UK, especially at racecourses and on the high street. If we toss a coin there are two potential outcomes; heads or tails let's discount the minute possibility of the coin landing on its side! Of course, a bookmaker would build in their margin to any bet, but we'll discuss that in a future Masterclass. This means you would double your money if your bet wins. When it comes to setting odds for sports events it's much more difficult as there are so many other factors to consider.

Finding discrepancies between the bookies' odds and your evaluation of the implied probability of an outcome is where you the punter can find value and beat the bookies more of this in future Masterclasses too. In probability terms that means they would be expected to win the league once every 5, times it was played assuming the same conditions at the start of each season.

Or to put it another way, had the Premier League begun when the Egyptians were scrawling hieroglyphics on the walls of the Pyramids then the Foxes would just about have been due to win the title. Implied Probability So now we understand that betting odds express a probability or chance of an outcome occurring. With this knowledge, we can start to think about finding value in our bets by calculating the implied probability of an outcome.

This can be done quite simply. So, if your odds are say 2. If not, then you're best not placing a bet. Odds Comparison Understanding odds is just the beginning, getting to grips with a large number of bookmakers' odds on offer is another task in itself.

Thankfully we have websites such as OddsHunter. OddsHunter is football odds comparison service aimed and finding the best possible prices.

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February 19, Sports Betting Odds Explained In May of , the supreme court struck down a federal law that bars gambling on football, basketball, baseball, and other sports in US states. This rule change gave states the go-ahead to legalize betting on sports.

One research firm estimated 32 states would probably offer sports betting within five years. With the growing trend of Sports Betting becoming more excusable, interest on how to bet on sports has emerged. However, on first glance, most people don't fully understand how betting odds work and find the process difficult to understand. The following is a quick walkthrough of betting odds explained for those who have always been interested in learning.

Understanding how odds work should be the first thing you learn if you plan on having success in the often cold world of sports betting. Probability Probability itself has a rather simple definition; "the extent to which something is probable; the likelihood of something happening or being the case".

There are three main types of bets, which are moneyline, decimal odds, and fractional odds. Moneyline odds are the plus and minus bets that we talked about earlier, so we're going to focus on decimal and fractional odds in this section. Decimal odds are most commonly in Europe, Australia, and Canada. They are the easiest to understand and are relatively straightforward.

They are usually just one number that goes to two decimal spaces. Spread Betting Guide from Lines. For example, you might see that the Browns have decimal odds of 1. Fractional odds are most common in the United Kingdom and is the betting type that can be a little difficult to understand. To calculate the potential amount you could win, you have to make sure you add in your original wager. This fraction means that you can win three stakes for every one stake.

This means you'll get six stakes for every four stakes wagered. These fractions are also called odds against and are similar to the plus number in a Moneyline bet. Once you know what it equals out to, you'll be able to calculate using the method above. Calculating Implied Probability Implied probability can be a little difficult to understand and it takes some math to figure things out. We're going to look at all three betting types and try to break everything down. Implied probability is when the odds are converted into a percentage.

It's important to know how to calculate these to increase your wins and cut down on losses. Prop Betting Explained for the beginners. Player A has decimal odds of 4. Player B has decimal odds of 2. The equation you would use to see if Player A would win is listed below. When calculating the implied probability of fractional odds, you'll use the calculation below. The final betting type is moneyline and there are two different ways to figure it out.

The more you wager, the more you win. Take a look below to get a little more information. Decimal odds are the most popular types of odds and are relatively easy to understand. The good thing is that it's super simple to calculate the payout for decimal odds.

The equation is below. As you can see, the calculations are super simple. There's also a super easy equation you can use to convert decimal odds to implied probability. This equation is listed next. Let's use the same betting amount and odds that we used in the above example. If they win, though, you'll get your winnings regardless of anything else that happens in the game. You can also convert plus and minus odds into decimal odds.

You'd plug your numbers in and the equation should look like the one below. Basically, the number on the left is how much you'll win and the number on the right is how much you place on the bet. It's easy to understand but has the chance of starting to get confusing when you start getting into bets with much bigger amounts. These are called odds-on and turn everything around. It might take a little practice, but you'll eventually get it.

The good thing about online sportsbooks is that most will show you what the possible win might be. This means you won't have to do the math because the computer will do it for you. Comparing Sports Betting Odds If you're looking for somewhere that allows you to compare multiple odds at once, then an online sportsbook is the way to go!

Not only do you not have to do most of the math, but you'll be able to add all of your favorite teams to your watch list. They should have all of the common betting types and you might even get access to special features that can make your experience even better! Different companies will have different options, so make sure you check them all out! Take a look below to see if your question is answered. Which sports have fixed odds? Most sports have fixed odds, including baseball, football , hockey, and horse racing.

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