When you bet on a game or other event, you need to take into consideration the odds. Understanding betting odds for sports games requires a grasp of the main types of odds. Moreover, knowing how to read and interpret odds will greatly enhance your probability for success.
Betting odds come in three main types and all represent the same thing—the amount you’ll win— and therefore have no effect on payouts.
Different Types of Betting Odds and How They Work
Fractional odds are the most popular option when placing bets in the U.K. They may be written either with a slash or a hyphen.
This is represented by a ratio of the value of profit received on the initial bet. Meaning, the bettors will get a stake aside from the profit. Thus, resulting to a higher payout.
In continental Europe, Australia, New Zealand, and Canada, decimal odds are more common than fractional odds. They’re easier to understand because the true odds are shown instead of the payout ratio.
Money line odds are a popular way for bettors in the United States to gamble. They are calculated using the traditional “American” system, in which the favorite is accompanied by a minus sign and the underdog, by a plus sign.