To be successful in sports betting, it is essential to know, or at least have some notion, of the terms that are handled in this world. At first, it may seem somewhat difficult, but after reading a little about the functions of such terms, everything becomes clearer. In addition, understanding them will help you tremendously as you advance in the world of sports betting on platforms such as Betcris.
The first term to consider is odds. This is as simple as the odds of a certain result being given. Before getting into the matter, it is important to clarify a basic operation of the odds. This is that the probability is opposite proportionally to the probability of victory.
In other words, the more likely a team is to win, the lower the amount of the win. On the contrary, if the odds of winning for the team are lower the amount that can be obtained if it is a winner is much more.
The importance of odds is essential when you want to be a pro of sports betting because understanding the differences between them, what they mean and the predictions you get for them can lead to both success and failure.
Different areas use different odds formats, based more on habit than anything else. However, understanding them will make it easier for bettors to translate the betting lines.
European Decimal Odds
This format of odds is the most common in European bookmakers and is the most used by bookmakers in Latin America. It is represented by an integer and a decimal. In order for you to calculate the odds with the European system, you will have to divide one by the probability of victory.
So, when you enter an online bookmaker and see that they have European odds and want to know what the odds would be for your bets, use these formulas:
Probability = 1 / odds
To calculate the win (W), you will have to use the following formula: W = amount wagered * (odds – 1).
For example, in a game between Everton and Fulham, we have the following odds: 2.10, 3.25, and 3.60. The first number is Everton’s odds of winning, 2.10. If you bet $1 on the team to win, you would make the next trade W = $1 * (2.10 – 1) for a profit of $1.10.
The second number is the teams’ tie at 3.25. That is, if you bet $1 on the tie, you would apply the same operation W = $1 * (3.25 – 1) for a profit of $2.25.
The third number is Fulham’s odds of winning, 3.60. So, if you bet $1, with the same trade W = $1 * (3.60 – 1) for a profit of $2.60.
English or Fractional Odd
As the name implies, this format of odds is original and is mostly used by English bookmakers. These are expressed in fractions, where the numerator tells you the units of profit and the denominator the units wagered. The formula to know the profit here is: W = amount wagered * odds.
Suppose the same two teams, a game between Everton and Fulham with the following odds: 11/10, 9/4, and 13/5. Everton’s victory is at 11/10. This means that if you bet $1 on the team to win, the profit would be W = $1 * (11/10) = $1.10.
A tie of the game has odds at 9/4. If you bet $1 on the draw, the win would be W = $1 * (9/4) = $2.25.
In the third, Fulham’s win is at odds of 13/5. So, betting $1 on it would represent a profit of W = $1 * (13/5) = $2.60.
American Odds
These odds are the most common in the sports betting market in the US. In addition, they are commonly made for sporting events that have their fans in that country, such as American football (NFL), NBA, or baseball.
The odds are represented with positive or negative numbers. Positive odds (representing the underdog) point to profits on a 100-unit bet, and negative odds (representing the favorite) indicate how much you should bet to make a profit on 100 units. In the case of American odds, the formulas for calculating profits are:
For negative odds: W = amount wagered * 100 / odds.
For positive odds: W = amount wagered * odds /100.
Bringing back Everton and Fulham will offer an example of American odds. Only in this case, the odds are as follows: -110, +225, +260.
Everton is at -110. If you bet $1 on them, the win would be W = $1 * (110/100) = $1.10.
The odds for a tie are +225. If you bet $1 for a draw, the win would be W = $1 * (225/100) = $2.25.
The odds of Fulham winning as an underdog are +260. If you bet $1 on them, the winnings could be W = $1 * (260/100) = $2.60.
It’s important to note that the favorite and underdog do not always have to be negative and positive. However, the favorite will always have a lower number.
Final Tips
Apart from the three classifications above, we can also sort the odds into four different categories, including very low odds (1.01-1.14), low odds (1.15-1.49), medium odds (1.50-1.99), and high odds (+2). Depending on the odds or odds that you have at our disposal, you can determine if the bet is worth the risk or not.
This means that with very low odds, the profit you could obtain if you get the result right is not worth the risk because the winnings are very small. This is why expert players focus their bets on both medium and high odds. In these cases, it is worth taking the risk because the winnings would compensate very well.
