Are you a newbie to the world of online sports? Are you someone who has yet to make their first-ever bet online or have made a few wagers already but still feel like they need to be shown the way around? Regardless, as a newbie, one of the first and actually one of the most important things that you need to understand is what odds are and how it works. No matter what your sports may be- be it football or any other sport–there will always be odds.
Odds tell you all about probability and chance that surround a player or a team. They are, however, not definite indicators of who would win the game and who would not.
One of the first things you should know about odds is that they differ from one bookmaker to another. The odds and the lines can vary from bookie to bookie, which is why it is always a good thing for you to shop around and look for the best odds and lines that would give you the most profit. One such app is 888sport. This betting app is known for its competitive odds and lines and its promos and special offers both for new and old customers. To know more, check out the full 888sport review by Betenemy.
Odds can be categorized into three different types: the Moneyline odds, the decimal odds, and the fractional odds. Here is a more in-depth look at each type of betting odds that you must be familiar with.
Moneyline odds are also called as American odds. This is because it is only commonly used for games played in the United States, such as baseball, basketball, etc. In Moneyline odds, there are two main categories for players or teams: the favorites and the underdogs.
The favorites are labeled with a minus or negative sign before their odds number, like -200. On the other hand, underdogs have a plus or positive sign preceding their actual odds number. To understand how this works, all you need to know is that the absolute value of these odds show how much profit you can expect to make on the bet for every $100 we wagered. For example, if you wagered $100 for a favorite team with an odds of -200 and you won the bet, you are to get your $100 wagered back plugs a profit of $200.
This type of odds is also called the UK odds, and it is presented in a fractional format and is most commonly used for games played in the United Kingdom. This type of odds tells you the profit you earn for a winning bet per unit of bet that you make. As an example, consider the odds of 5/1. This means that should you win this bet, and you are going to get $5 for every $that you have wagered.
Also called European odds, the decimal format of presenting odds is also used in other countries, such as Australia, Canada, and New Zealand. It is, however, more commonly used in EU countries and on games played in it.
In decimal odds, counting your profit is easy. Should you win a bet, you will have to multiply the decimal rate given in the odds to the amount you have wagered. For example, the odds of 3.0 mean that you get $3 for every $1 you wagered, should you have the winning bet.