Understanding Sports Betting Odds
If you’ve never visited an online sportsbook of any kind before, you’re likely to be pretty baffled by the array of different odds on offer. For new players, they quite simply look like a chaotic mix of numbers and fractions, which provide no clue as to the amount that could be won. This page will let you know how to understand these odds, so you can begin gambling at the various Bitcoin sportsbooks…
The first thing to say about the odds at different sportsbooks is that they can come in a number of different forms. The most commonly seen odds though are American, fractional and decimal. These are all explained in more detail below.
Quite predictably, American odds are most commonly found in the USA. They essentially work by showing the favorite and the underdog, and if you want to bet on the favourite, the odds will denote how much you need to bet in order to win $100. So, if your selection had odds of -120 (all favorites have negative odds), you’d need to bet $120 in order to win $100. If the bet is correct, you’ll receive your winnings, as well as your stake back.
If you want to bet on the underdog, you’ll notice that the price is preceded by a plus sign. Unlike the favorites, the odds for the underdogs show how much you win if you bet exactly $100. Take this as an example: your team has odds of +210. This means that you’ll stand to win $210 (plus your stake) when you bet $100 on them.
It should be mentioned that occasionally there is no favorite or underdog. When this happens, you’ll see “PK” next to the selection. This means that you simply have to pick the winner, without worrying about the points spread.
Fractional odds are most commonly seen at UK Bitcoin sportsbooks and, as the name suggests, are displayed as a fraction. The odds show the exact amount that a gambler will make relative to their stake, and are easy to understand once you’ve got to grips with them.
It’s perhaps best to look at an example in order to explain them. So, let’s say you’re betting on a soccer game, and the odds of your team winning are 3/1. This means that for every $1 you bet, you’ll receive $3 back if the selection is correct. What’s more, you also receive your stake back as well. So, if you bet $10 in total and the 3/1 selection was a winner, you’d take home $40 in total (your win plus your initial stake).
Also known as European odds, these odds are widespread not just in Europe, but also in Asia, Australia and Canada. Many believe that they are the easiest odds to understand, as they don’t require the gambler to factor in their stake, and they simply require one easy piece of arithmetic.
Once again, the best way to describe them is using an example. Imagine you are betting on a horse with decimal odds of 2.50. In order to work out how much you’d win, including your stake, you’d simply multiply your bet by the figure. So, a $10 bet would lead to a total return of $25 if your selection is a winner.
What Do Odds Mean?
This is perhaps the most important question of all, and it is relatively simple to answer. The higher the odds being quoted, the more money you’ll win should your selection be the correct one. Don’t think that you should always go for the highest odds though, as higher odds also mean that the selection is less likely to be a winner.
So, if you see a horse advertised at +10000 (100/1; 151.00), you’ll get a massive payday if it wins. Sportsbooks aren’t stupid though, and they know that the chances of this horse winning are incredibly low, meaning that you’re more than likely going to lose your bet.
So, you need to balance the chances of your selection being successful with the odds being offered. If you’re able to do this, you’ll have cracked the secret to being a successful Bitcoin sportsbook player!