Many people assert that people pursue sports betting out of fun motives but deep down, all know that it is profit and money only that prompts them to pursue sports betting. What about if you get to know the profit margin from a certain bet in advance only? Sounds great, right? All this is possible now by making your way to sports betting odds. As a bettor, you must learn and understand the sports betting odds.
Not only this, but the sports betting odds will also help you decide about the bets, like which bets you should place and which you should forego. Let us pay some heed to- How to read sports odds to make betting profitable for you.
Sports betting odds
Before diving directly into the odds calculation and other things, let us first learn about the sports betting odds. Ever wondered what these are and what purpose they serve in sports betting? The answer is right here.
The sports betting odds give you a glimpse into the payout of a certain bet in case you win it. Besides this, it also shows you the implied probability of a certain bet. These reflect the likelihood of a particular happening, whether the particular thing will take place or not.
Without any doubt, you can earn a significant amount of profits by looking at the sports betting odds every time you place a bet. Let us know about the distinct odds formats to help you understand better.
The sportsbooks and online betting sites helping bettors carry with their betting tend to use the three popular odds formats: American, Decimal, and Fractional odds. If you want to hone your skills and improve your overall performance in betting, then do learn about these formats before you place your bet.
American odds or Moneyline odds
The Moneyline odds are most popular in the US and are often used by the sportsbooks belonging to the US only. Upon seeing the Moneyline odds, you’ll see the plus and minus signs associated with the money line odds.
A positive sign indicates the amount you’ll win if you win the bet. Contrary to it, the negative number along with the money line odds indicates the amount you should stake to win the bet. Moneyline odds are often expressed in the below-mentioned format.
- Patriots -130
- Giants +110
Due to the positive and negative signs, bettors often find this confusing and difficult to understand.
The next popular odds format widely used by online betting sites is decimal odds. These are often expressed in decimals up to two decimal places. Out of all the formats, bettors find this to be an easy one to understand and apply when placing bets. Let us better estimate decimal odds by seeing the example mentioned below.
- Sharks 2.30
- Kings 1.70
The old format of sports betting odds used across the sportsbooks is fractional odds. Initially, using this format may sound tricky and complicated to you, but it is not as tricky as it seems. One should use this format only for calculating the potential payouts and profits.
Likewise other odds, fractional odds also reflect the money you can make by placing a particular bet. By adding your original stake, you’ll get the total potential payout of a certain bet. Here’s an instance to make things more clear. Here, the odds will be displayed in fractions.
- Tottenham 4/11
- Southampton 11/2
Dealing with the fractional odds will require great math skills on the bettors. But no worries, as with time, you’ll eventually learn to use these to your advantage.
Calculating payouts from odds
Knowing each sport’s odds format is not common to every esports bettor as they struggle with one or the other format. If you are stuck with some format, you can use the odds converter to convert the odds in the desired format and know your payout.
The majority of the sites out there ask you to choose the desired odds formats before you begin with placing your bets. The concept of sports betting odds might seem intimidating and confusing to the bettors initially, but if they are ready to devote their time to it, it can turn out to be easy to understand. Consequently, you must be equipped- How to read sports odds and feel confident enough to make wise decisions.