How to Read Gambling Odds?

Are you a beginner at betting games? Do you want to know what the OddsJam are?

Don’t go anywhere, let’s start to understand the terms. 

If you are a beginner in betting games, then first you have to understand how sports betting odds work.

The odds are the calculation in-game of what is going to happen and the potential of winning in the game. Initially, it may be quite confusing, but in the end, all the doubts will be cleared in this article. It provides you with a basic idea about how much a team will be paid when they win.  

Also, Read: Best Betting Sites of 2021 Reviewed and Tested

Understanding odds is not so easy, but when you are able to catch them, you will become a successful bettor. For this, you have to figure out which bets can offer you more after winning, and it all begins with a clear & deep understanding of the odds. 

Various Formats of Odds

Odds jam is not the exact science, it is just a prediction of the ongoing game. Odds are displayed in a variety of formats like fractional(British) odds, decimal odds, and American odds. Start calculating with us 

British (Fractional) ODDS

Fractional odds are denoted by a slash (/) or hyphen (-), and it is among the most popular odds used globally.  It is also known as traditional odds. By this, you may be able to predict what the probability is in this game.  

 To understand it in simple terms, we explain it as

If a fractional listing is of  4/1 (or four-to-one) that means you have the chance to win $4 for each $1 that you wager. 

You can calculate it as probability %= denominator / numerator + denominator.

If the fraction is 4/1, your winning chance will be 1/1+4= ⅕ = 0.20 which means 20%.

If the fraction shows ¼ the winning chance will be 4/1+4= 4/5  =0.80 which means 80%

Let us assume that the odds on the three teams in the NBA championship in 2022 are given as 

Brooklyn Nets: 13/5

Golden State Warriors:9/2

Milwaukee Bucks: 7/1

So, for winning, you can easily calculate the probability of the winning team by the above method. Now if you wager $100 on Brooklyn, how much you will win 100×13/5 = 1300/5 = 260 finally the total amount you will win = $260+ your initial stake of $100 = $360.

Your winning amount will be $360.

Similarly, for the Golden State Warriors, the winning amount will be $450+ $100 = $550 and for Milwaukee Bucks it will be around $700+$100 = $800.

European (Decimal) Odds

As it is more used in European countries, almost all leading betting sites give options to see odds in decimal format. European odds are quite easy to understand and can be calculated easily by looking at the numbers. In this process, your stake is already added that you wagered on. The formula for calculation is (odds x stake) – Stake = total amount won

For instance, if you want to bet on who will win the US election in 2020.  

The odds are 

 Donald Trump: 4.00

Joe Biden: 1.3

If you wager $100 on Donald Trump, then you can get a total payout of ($4.00 x $100) – $100 = $300 in which your initial stake is added.

Similarly, for Joe Biden, your net profit will be $30. 

Money Line (American) Odds

Money line odds are mostly used in the USA, in which the – sign denotes the stake you have to wager and the+ sign shows the amount you will win. It is also known as American odds.

Let us understand by example 

You want to bet on the NFL games played between Pittsburgh Steelers and Kansas City Chiefs and the odds mentioned are for

Pittsburgh Steelers = +585

Kansas City Chiefs = – 760

If you bet on Steelers and your stake is $100 then you can win  an amount of $585+$100 = $685 and if you are betting for Kansas City Chiefs then you could win $760+$100 = $860

These three odds described above are mostly used worldwide. You have to understand them all. 

Sum Up :

Before entering the betting world, you have to understand and interpret all the odds that are used globally. Here, we have discussed the most used odds to let you understand easily. You must have the idea of conversion of various formats of odds into winning probability.

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