Online Sports Betting - How do Sports Betting Odds Work?

Posted by Soka Bet on September 24th, 2020

If you are a beginner, the first thing you should do is learn how sports betting odds work. It is truly important as it enables you to understand the likeliness of happening of an event and the potential of winning. It may seem confusing but this guide will help you get through.

In online sports betting, the odds depict the ratio between the amounts staked by parties into a bet or wager. For example – the odds of 2 to 1 mean the bookmaker stakes two times the amount staked by the bettor. 

What are the Odds?

In the terms of online sports betting, odds serve two purposes. First, they help in calculating the pay-outs of winning wagers. You will be offered odds every time you place a bet with a bookmaker and this will impact your winnings. The higher the odds, the more you stand a chance to win with your stake. Second, odds also show the chances of happening of any particular outcome. The lower the odds, the more likely an outcome. You expect to win less when betting on an outcome that's likely rather than when betting on an unlikely outcome.  

Odd Formats

The three different formats of odds are as follows:

  • American/Moneyline odds: It is the most commonly used format and can be displayed as either positive or a negative number. A positive number shows how much a wager of let’s said 0 would win and a negative number shows how much is needed to stake to win 0. 

If there are odds of +150, you know that the bet could return 0 in winnings along with the initial stake of 0. If the odds are -150, you need to stake 0 to return 0 in winnings, along with the initial stake of 0. A wager where you can win an amount equal to your stake is expressed as +100. 

  • Decimal odds: Decimal odds are the most straight forward and are simply expressed as a single positive number, up to two decimal places. The number shows how much the final payout will be.

For example – If a bet is winning at 1.5, it will return a total of .50 for every staked. A winning bet at 2.25 will give a total of .25 for every one dollar staked. An 0020 Even money bet is expressed as 2.00. 

  • Fractional odds: Fractional odds is the traditional format that is slowly taken over by decimal odds. This can be tricky for calculating potential profits and payouts.

For example – 3/1 which is said as “three to one” means three units can be won for every one unit staked. 1/1 means you can win one unit for every unit staked and is even money. 

Things get complicated when fractions like 6/4, 5/2, and 11/10 occur. With 6/4, six units can be won for every 4 units which are equal to 1.5 units per unit staked.

You will encounter each of these formats at some point and so you need to be familiar with each one of them. They work in the same way, just have a different way of expressing the actual odds for any wager. 

Online sports betting odds show you the probability of happening of an event and enable you to work out on the amount of money you will win if the bet wins. 

Soka Bet

About the Author

Soka Bet
Joined: September 24th, 2020
Articles Posted: 1

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