TYPES OF ODDS
It’s important to know how odds work and how to read sports betting lines, as online sportsbooks will display odds differently, based on the sport and location you’re betting on. The three main types of betting odds are Fractional or British Odds, Decimal or European Odds, and American or Moneyline Odds. These are simply different ways of presenting the same thing and hold no difference in terms of payouts. This means that a chance of an event occurring can be converted and presented in any of the aforementioned types of odds.
Fractional or British Odds
Fractional or British Odds are typically written with a “slash (/)” or a “dash (-),” e.g. 8/1 or 8-1. A fractional listing of 8/1 odds would mean that you win £8 against every £1 you wager. In the other hand, a fractional listing of 10/13 odds would mean that you win £10 against £13 you wager. It is important to note that you would get back your initial stake you wagered on top of tour winnings. For example, Liverpool factional odds to win are 2/3, If you wagered £300, your potential profit on your winning bet would be £200 plus your initial stake of £300.
Decimal or European Odds
The decimal odds number represents the amount one wins for every €1 wagered. For decimal odds, the number represents the total payout, rather than the profit. In other words, your stake is already included in the decimal number, which makes its total payout calculation easier. Decimal Odds simple formula : Stake x Decimal Odds = Total Payout For example, FC Barcelona’s decimal odds to win are 1.70. If you wagered €100, your potential return on your bet would be €170 (includes your initial stake). So your net profit on your winning bet would be €70.
American or Moneyline Odds
For America or Moneyline Odds, the odds for favorites are accompanied by a minus (-) sign, indicating the amount you need to stake to win $100. Meanwhile, the odds for underdogs are accompanied by a positive (+) sign, indicating the amount won for every $100 staked. In both cases, you get your initial wager back, in addition to the amount won. For example, you place a winning $120 bet on -120 favourite, you receive $100 winnings plus your initial bet of $120. Another scenario, you place a winning $100 bet on +210 underdog, you receive $210 winnings plus your initial bet of $100.