In a world where everyone is trying to make a profit, sports bets offer quite significant methods to increase income. Although it may seem easy, if you really want to win, there are several things to take into consideration, several aspects to weigh and things to understand, including sports odds. So, take a look at the hints we will talk about.
The odds, how do they work?
We are offering a comprehensive view of what sports bets are, and therefore a chance of improving and increasing your odds in understanding how to calculate sports odds. This is essential if you want to place bets and be successful. You have a wide range of sports events you can place your bets on. You may choose football, golf, tennis, baseball, hockey, basketball, horse races, you name it. Take your pick! There is so much out there for you to choose from. You just need to be willing to do that and, of course, to take some chances. But there is no need to take a wild guess. Your chances may improve significantly if you have a little expertise in the field of reading odds. Because odds are there for you, you just need to know how to read them. Any novice can become a master, a master of figures and an experienced bettor.
There are many sportsbooks out there. These are places where you can place a bet and make a return on your investment. Online sportsbooks are the most popular because they are easily accessible in terms of location and time to reach them. From the comfort of your own house, or anywhere you may be, you can place an inspired bet (inspired from research conducted on odds) and make a sure profit.
The different types of sports betting odds
You will see that the odds are presented in various formats, but they are not hard to understand, in fact, they are quite accessible to everyone. Why should you need odds? Well, they calculate the probability, the actual chances of an event occurring and thus, when you place a bet on a sports event, you actually increase your chances of making a good profit. So, you should not ignore the odds and place a bet without taking them into consideration.
Odds are expressed in American, decimal and fractional ways. When you look at odds, you look at two hints, these being the actual chances of the result they are attached to. Secondly, they tell you how much money you can make if you bet on that result of the sports match or game. However, you should pay attention because the sportsbook, which calculates the odds, may manipulate them in order to increase the number of bets placed. The probabilities for one sports event alone will exceed 100% since the sportsbook takes its share from your bet, this share being called ‘juice’, ‘cut’ or ‘vig(orish)’.
Now, let’s take a closer look at the American odds first. This system includes a three-digit number and it has -/+ in front of it. The negative number (the one with the – sign in front of it) shows the favorite from the betting line and the amount you would need to bet so that you can win $100. The positive number (the one with the + sign in front of it) shows the underdog, that is the amount of money you will make if you bet $100. Of course, you can bet whatever amount you need, but your profit will diminish accordingly.
The way you can calculate your winning is by applying the rule of three. So, the ratio between the favorite and 100 equals the ratio between the amount of money you bet and the amount of money you will win. That means that if the favorite equals 125, and you bet $60 you will have 125 x= 60×100, that is 125x = 6000, and that means that you will win $48 if the team/player you bet on wins. Of course, your return will be $48 + the initial amount of money you placed on the bet, $60, so, in the end, you’ll be collecting $108.
When it comes to American odds, you can also calculate the implied probability. This implies the conversion of the possibility of a certain outcome suggested by the odds into a percentage. The formula for calculating the implied probability is quite simple. It is easier to work with it for the positive odds. So, the implied probability equals the ratio between 100 and the addition of the positive US odds to 100. Thus, if the positive odds of a basketball team, let’s say, are +120, the implied probability for that team to win the game can be calculated as follows: Implied probability = 100/(positive US odds+100). In this case, we would have Implied probability = 100/(120+100) which equals 0.45 or 45%. This is the chance of the basketball team winning the match according to the sportsbook and, if you want to place a bet on the team, it is these odds that you should be taking into consideration and not the chances you may think they have of winning the game.
The formula is the same for the negative odds, the only difference being that you put the “-” sign in front of the odds. So, if the odds of the basketball team opponent to the one we talked about above are -140, we will use the formula: the ratio between the negative odds (-) and the addition between the negative odds and 100 (-  + 100) which means 140/240 which equals 58.3%. So, according to the sportsbook, the opponent team has a 58.3 % chance of winning the game.
To practice, you can make up fictitious odds and try to calculate the winning chances, so when you place your bet, you will already be heavily trained in the field and not waste time trying to understand how to calculate percentages and figuring out which team to place your bet on. You will already have the vast knowledge and experience it takes a professional bettor to understand risks, chances, and odds and to place an informed bet and implicitly increase chances and the number of bets placed.
Hoping that you understood how to calculate odds in the American, let’s move on to the next system of displaying odds.
Taking a look at decimal odds, you can see that these are the easiest to work with when placing a bet. It is very easy to calculate this. You just multiply the amount you’re betting with the odds displayed for the team you placed your bet on. And you have your winnings. As easy as that, a child’s play.
You can also calculate the implied probability when it comes to decimal odds. The formula is the ratio between 100 and the decimal odds, thus let’s say that the decimal odds of the team you wish to place the bet on are 3.20, the ratio would be 1/3.20, so the implied probability in this case, equals 31.15%. Or, if the odds are 1.70, the implied probability would be 58.82%. Try to practice with different odds so you may understand better how this system works. You will eventually just spot the winning bets out of the pool of bets which can be placed. You will have a trained eye and just place the lucky bet from a simple look over the odds.
Let’s not forget about the fractional odds either. This is another means of displaying odds which is quite simple too. It looks like 7/4 (seven to four) or 3/4 (three to four). If we interpret this fraction, it will mean that the number on the left expresses the chances there are for the relevant outcome to fail and the number on the right shows how many times it may succeed. For instance, in a bet with the fractional odds of 7/9, for a tennis match, if the match was played 16 times (7+9), the player would have 7 chances to lose and 9 chances to win. Thus, the implied probability of the win can be calculated if you divide the number of the chances to win to the total number of the trials. And the result of 56.25% shows us the chance the tennis player may win the game.
Anyway, take into account the “juice”. Let’s not forget about that. It was mentioned above, and it’s still there even if odds are displayed differently. No matter the odds, one thing is for certain. If you want to play, you need to pay some money. You can calculate the amount of money you will be making just by multiplying the bet amount by the ratio of 7÷9 (0.5625). So, it means that if you bet $15, you will win $8.43, and you will receive back this money and the initial amount you bet, the $15, amounting to a total of $23.43.
You can use the formula to calculate your winning for any amount you wish to place a bet on and for any fractional odds expressed for any sports event you are interested in. It works the same way for all of them. In this case, as in the other two cases, you may choose some odds to practice with and become better informed in this field as well.
The sports betting world also has a situation when nothing happens. Yes, that’s right. Somebody plays, a match or a game is played, but still, you don’t make a profit, nor do you lose any money. If you’re wondering how this may be possible, let us explain you in brief. In the betting world, there is the push, which means the tie when you neither win nor lose. As the score of the match or game is a tie, you cannot say that a team won and the other lost, so your bet is null, so to speak. Usually, these are not seen when betting, but if there is a sport that allows the game to end in a tie, you can place your bet on that.
If this push occurs, no need to worry, you will not lose, but you will not win either. It’s a tie, right? So, you will simply be refunded the money, nothing less, nothing more.
Understanding the sports odds. Conclusion
So, these are a few explanations of the sports odds that you now know how to interpret. As you have seen, there are several ways to look at them. It depends on the sportsbook how it wishes to display them. But we have shown you and explained in detail all the means to interpret and analyze them and to calculate the actual chances you have of placing a winning bet.
Having all the data at hand, you may consider yourself an expert. It isn’t rocket science; thus, it may be quite easy to understand.