The Ultimate Guide to Understanding Sports Betting Odds and Bet Types
What are Sports Betting Odds?
Sports betting odds essentially express the likelihood of a particular outcome in a sporting event. They are typically represented as a ratio, a fraction, or a decimal. The most common types of odds are American odds, decimal odds, and fractional odds.
American odds are also known as MoneyLine odds and are represented by a positive or negative number. The negative number indicates the favorite, and the positive number indicates the underdog. For example, if a team has -150 odds, it means you would need to bet $150 to win $100. Conversely, if a team has +150 odds, it means you would win $150 if you bet $100.
Decimal odds are represented as a decimal and indicate the total payout, including the initial stake. For example, if the odds are 1.5, it means that for every dollar you bet, you will receive a total of $1.50 if your bet is successful. Fractional odds are represented as a fraction and indicate the potential profit in relation to the initial stake. For example, if the odds are 5/1, it means that for every $1 you bet, you will receive a profit of $5 if your bet is successful.
How to read sports betting odds
To read sports betting odds, it’s important to understand how to interpret the odds and calculate the potential payout. Let’s take the example of American odds. As mentioned earlier, negative odds indicate the favorite and positive odds indicate the underdog. The size of the number indicates the strength of the favorite or the underdog.
To calculate the potential payout, you simply multiply the stake by the odds. For example, if you bet $100 on a team with -150 odds, the potential payout would be $166.67 (100 x 1.67). If you bet $100 on a team with +150 odds, the potential payout would be $250 (100 x 2.5).
To calculate the potential payout for decimal odds, you multiply the stake by the odds. For example, if you bet $100 on a team with 1.80 odds, the potential payout would be $180 (100 x 1.80).
For fractional odds, you need to divide the numerator by the denominator and then multiply the result by the stake. For example, if you bet $100 on a team with 5/2 odds, the potential payout would be $350 ((5/2) x 100).
Different Types of Bets
There are different types of bets that you can make when betting on sports. These include pre-match bets, in-play bets, outright bets, and player prop bets.
Pre-match bets are bets that are placed before a sporting event has started. These bets can sometimes be placed even days or even weeks in advance. In-play bets, also known as live betting, are bets that are placed while a sporting event is in progress. In-play betting allows you to react to changes in the game and make informed decisions based on what you are seeing.
Outright bets, also known as futures bets, are wagers placed on the outcome of a competition or tournament rather than the outcome of a single game. They are long-term bets placed before the event begins and focus on predicting the overall winner. For instance, you could bet on which team will win the Super Bowl or which player will emerge as the champion of the Wimbledon tennis tournament. These bets can offer higher potential payouts compared to regular game bets, but they also carry a higher level of risk, as the outcome of the event may not be certain until the very end.
Player prop bets have become increasingly popular in recent years. These are bets that are placed on individual players and their performance in a game. For example, you may bet on how many goals a particular soccer player will score in a game or how many yards a quarterback will throw in a football game.
Understanding the different types of bets can help you choose the best betting strategy for your preferences and increase your chances of making successful bets.
What are Betting Markets
Betting markets refer to the different categories of bets that are available for a particular sporting event. The most common betting markets include the money line, under/over bets, and handicap bets. Money line bets are the most straightforward type of bet. You simply bet on the outcome of a game, with no point spread involved. For example, you may bet on the winner of a football game.
Under/over bets involve betting on the total number of points or goals scored in a game. You may bet on whether the total number of points scored will be over or under a certain number.
Handicap bets involve giving one team a point advantage or disadvantage. For example, you may bet on a team to win with a -1.5 handicap, which means they need to win by at least two points for the bet to be successful.
Modern betting markets include more specific and niche bets. For example, you can bet on the number of corners or yellow cards in a soccer game, the number of three-point shots in a basketball game or the number of aces in a tennis match.
It’s important to remember that each betting market has different odds, so it’s important to shop around to find the best odds for your preferred bet. Read more about our Odds API Service.
Popular Betting Operators
Finally, it’s worth mentioning some of the most popular betting operators in the world. According to Statista, the top five betting operators in 2021 were Bet365, GVC Holdings, The Stars Group, Flutter Entertainment, and William Hill. These operators offer a wide range of betting options, competitive odds and welcome bonuses for new customers.
In conclusion, understanding sports betting odds is essential to making informed betting decisions. It’s important to understand the different types of odds, how to read them, and the different types of bets that are available. By doing so, you can increase your chances of making successful bets and having an enjoyable sports betting experience.