Betting odds are a key part of sports betting and it is important to understand them in order to make informed bets. Odds show you the likelihood of something happening and determine how much you will win on your bet. For users of Lotus365 – India’s ultimate online betting platform, knowing different kinds of odds can improve your betting strategies and increase your chances of winning. This blog is a complete guide on understanding betting odds which include various formats as well as ways to interpret them.
Types of Betting Odds
Fractional Odds
Format: Fractional odds are typically used in the United Kingdom and Ireland. These are given in the form of fractions such as 5/1 (five to one) or 2/5 (two to five).
Interpretation: The first number indicates what would be gained if successful while the second number states wagered amount. If you placed a ₹100 stake at 5/1, for example, you would receive ₹500 profit plus your original ₹100 stake making a total of ₹600.
Example: With an odd set at 7/2, placing a ₹200 will give me a return with profit amounting to ₹700 (200 x 7/2) plus initial stake worth ₹200 making it equal to fifth inch.
Decimal Odds
Format: Decimal odds are common in Europe, Canada, and Australia among others. They can be seen as decimal numbers such as 3.00 or 1.50.
Interpretation: Decimal odds are about the entire payout or payout including stake initially placed; thus multiply this figure by your wager so that you obtain potential winnings if any. For instance, if you placed ₹100 at 3.00 then I expect my interest back from this figure multiplied by three hundred rubles only but what do I get?
Example: Putting ₹1000 where there’s an odd in decimal of 1.75 would win ₹ 1750 (1000 x 1.75) which includes the stake of ₹1000.
Moneyline Odds
Format: Moneyline odds, also known as American odds, are primarily used in the United States. They can be positive or negative, such as +200 or -150.
Interpretation: Positive money line indicates how much I will gain if I bet ₹100 while negative indicates the amount one has to bet so as to get $100 profit. For instance, +200 means that a ₹100 bet will give you a profit of ₹200, totaling ₹300. Conversely, -150 means you have to risk ₹150 for winning ₹100 only and the total amount is not more than two hundred and fifty rubles at all.
Example: Suppose an odd is +250 then putting a ₹100 would give me back my money while earning additional rupees 250 making it to be three halves inch plus a whole one; another example is when the odd is -200 where placing it on a particular number with value of twice hundred roubles will result in profit worth running hundred roubles whereby this sum together with initial stake makes up three metres.
Converting Odds
Fractional to Decimal
Formula: Decimal = (Fractional Odds) + 1
Example: To convert 5/1 into decimal odds add 1: (5/1) + 1 = 6.00.
Decimal to Fractional:
Formula: Fractional=(Decimal Odds-1)
Example: To express 2.50 as fraction minus one from it hence 2.50-1= 1.50 expressed mathematically written as three over two.
Moneyline to Decimal
Positive Moneyline
Decimal= (Moneyline/100)+1
Negative Moneyline
Decimal= (100/Absolute Value of Moneyline)+1
Example: Thus, to get +300 into decimal format, (300 / 100) + 1 = 4.00. Similarly, -150 translates to (100 / 150) + 1 = 1.67.
Decimal to Moneyline:
Formula: If Decimal Odds >2.00:Moneyline= (Decimal Odds-1)x100
Example: To find out how much I would win going by the decimal odds of 3.00, I will have to subtract one from that and multiply the result by a hundred so as to get positive two hundred rubles in total.
Formula: If Decimal Odds <2.00:Moneyline= -100/(Decimal Odds-1)
Example: Subtract one from 1.50 and divide this negative number from minus a hundred at all; thus it is (-100)/(1.50-1)=-200 in such a case.
Using Odds to Assess Probability
Implied Probability:
Calculation: In order to calculate the implied probability of an event, one needs to use odds. For a fractional odd, the following equation is used; Probability (%) = (Denominator / (Numerator + Denominator)) x 100.
Example: For 5/1 odds, this becomes equal to (1 / (5 + 1)) x 100 = 16.67%.
Decimal Odds:
Formula: Probability (%) = (1 / Decimal Odds) x 100
Example: For 3.00 odds, this becomes equal to (1 / 3.00) x 100 = 33.33%.
Moneyline Odds:
Positive Moneyline: Probability (%) = 100 / (Moneyline + 100)
Example: Implied probability for +200 odds is calculated as follows: it is worth noting that in such cases, it will be equal to; thus one gets; thus for instance;
Negative Moneyline: Probability (%) = Moneyline / (Moneyline + 100)
Example: The implied probability of -150 odds equals this time around.
Conclusion
You must understand betting odds in order to make informed decisions and improve your betting strategy. By mastering fractional, decimal and money line odds you can better evaluate potential winnings and outcomes probabilities. Visit Lotus365 Sports Betting today for a complete and friendly experience in betting.
