For any punter, understanding odds in sports betting is an important step in the journey to successful wagering. Right from determining the amount to wager to figuring out bets which offer the greatest value, having an understanding of how odds work gives you an upper hand. You may be wondering where you can learn all this. There are several places where this information can be obtained.
At mightytips.hu you will find useful tips on how to beat the odds in sports betting, get answers on what are the best odds in sports betting among other useful tips that you need as a punter. Frequent mightytips.hu and all the information that you need towards perfecting your betting endeavors can be obtained for free. It is not many places you can get such information for free, mightytips.hu has spent a considerable amount of resources to compile these reports but they avail them to betting enthusiasts for free.
They have gone their way to ensure that bettors have an understanding of odd in sports betting as well as availing important tips that can make the fun-time activity enjoyable. Also when it comes to payment options, an important aspect in betting, you will get information on the bookmakers accepting Paysafecard Hungary among other payment methods.
Types of betting odds
Now that we know where useful tips on sports betting line odds can be obtained, let’s embark on understanding odds in sports betting. There are normally three types of betting odds, they include:
- Fractional odds
- Decimal odds
- Moneyline odds
For those who may be wondering what these different betting odds are, they are just ways of presenting the same thing. Actually, there is no difference in terms of payout, they represent a chance of an outcome occurring, converted into either fraction or a decimal.
For the fractional odds, they represent the ratio of the profit that a punter can win from a stake; a good example can be ½. A decimal odd represents the amount that one wins for every one dollar that is wagered, for instance, 1.2. American odds which are also referred to as the Moneyline odd, depending on the positive or negative sign, indicates the amount needed to be wagered to win a particular amount of money.
How does fractional odd work?
As part of understanding odds in sports betting, let’s explore how fractional odds work. Fractional odds, also known by other names such as British, UK, or traditional odds are popular among British and Irish bookmakers. They are presented with a slash or hyphen such as 6/1 or six-to-one.
By the virtual of being used by the global largest betting sites, the odds are the most preferred in the betting space. A fractional odd listed as 6/1 basically means that a wager would win $ 6 against every one dollar that is wagered.
This means that the ratio of the profit won to the initial bet, translates to receiving a one-dollar stake on top of the six dollars profit. Therefore if a punter’s stake is $ 10 at 6/1, the total amount obtained as a payout would be $ 70 out of the $ 60 profit plus the $ 10 stake.
For the purposes of determining the total payout amount, a formula can be applied where the Total Payout is equal to the stake x(fraction)+stake where the fraction is the numerator/denominator.
To better understand how to beat the odds in sports betting, we can have a practical example where a bookmaker offered the following fractional odds in a football match. The following selection shows three popular teams that had the lowest odds of winning:
- Warriors: 10/11
- Rockets: 9.4
- Bullies: 7/1
From the selection, one can quickly determine that warriors are the favorite while the odds for Rockets and Bullies winning are longer. That is, a punter wins only $ 10 against $ 11 wagered on Warriors to the winners. At the same time, a punter wins $ 9 against each $ 4 put at stake for Rockets to win, something which is less possible. For Bullies, a bettor wins $7 against each one-dollar bet.
How do decimal odds work?
Although knowledge of how decimal odds work may not tell you what are the best odds in sports betting, understanding the process can be a good starting point in the journey to profitable gambling.
Decimal odds for starters are also referred to as European or continental odds. You will find them popular with betting sites in Europe, New Zealand, Australia, and Canada. One thing about the decimal odds is that you can pick lots of information by just seeing the figures and it’s a bit easier to understand and even work with them. By just looking at the figures you can spot the favorite and underdog.
For decimal odds, numbers represent what a punter wins for every one dollar that is wagered. The number given normally stands for the total payout instead of the profit earned. Your stake will already be included in the number meaning there is no need of adding back the stake, something that makes it calculate the total payout.
Understanding the sports betting line odds and even how to beat the odds in sports betting requires comprehensive reading. This is information that can be easily obtained at mightytips.hu among other platforms. Make sure you read through such information with an aim of understanding it.
Sometimes it can be complex but when you make it a habit to get such information, you will not only know how to beat the odds in sports betting but will become an expert in online sports betting. You will be using the knowledge in your betting endeavors and also take pride in educating others on how to make a fortune in betting.