Sports Betting Odds and Types Explained

Understanding Sports Betting Odds 

In light of understanding sports betting, punters are forced to comprehend sports betting odds as well. Uniquely they are used to determine whether a sports bet is worth making or not. On the whole, the potential payout of any bet is calculated. In sum, by using a combination of the relevant odds as well as the stake. 

In addition, they’re a very important feature that punters attempt to understand. As a result of better understanding of sports betting odds, punters are even more capable of  them. Afterall, overcoming the odds by and large is a survival strategy of sports bettors. 

What Purpose do Sports Betting Odds Serve?

Furthermore, odds serve two purposes. First, odds are used to calculate the payouts of winning bets. Every time a punter places a bet with a sportsbook, they’ll be offered odds at the time. These sports betting odds impact how much a punter can potentially win. The higher the odds are, the more a punter stands to win relative to their stake.

Second, odds also reflect the likelihood of any particular outcome happening. The more likely an outcome, the lower they will be. This makes perfect sense, as you would expect to win less when betting on an outcome that’s likely than when betting on an outcome that is unlikely.

TYPES OF ODDS IN SPORTS BETTING

Essentially all the odds work in same way yet they just have different ways of expressing the actual odds for any particular wager. In other words, odds is simply the probability or chance of a particular outcome in an event.  On the whole, there are three types of odds punters encounter. In Europe, punters are more familiar with decimal odds, for example 2.00. On the other hand, sports bettors in the US are more familiar with fractional or US odds.

Why do Odds vary?

Although predicting the outcome of a sporting event may seem a simple choice, rather it’s a very complex one. To be sure, sports betting odds reflect how likely a particular outcome will happen in the view of the sportsbook.  By and large, the odds in sports betting are actually a variable. This is the case because not all bookmakers have the same view on how likely a particular outcome is.

Odds can also be affected by other factors. For instance, the amount of money a bookmaker has taken on a particular market. In other words, the odds that a bookmaker sets for a wager aren’t always an accurate reflection of the relevant outcome happening.

  • Moneyline/American Odds

    Also known as ‘moneyline odds,’ Moneyline/American odds are mainly used by sportsbooks that cater specifically to US sports bettors. Largely, punters will find two basic types of ‘picks.’ For example, there are the favourites and the underdogs.

     

    Odds expression indicate a return relative to a 100 unit base figure. With moneyline/American odds, whenever there is a minus (-) then the punter must lay that amount to win a hundred dollars. On the other hand when there is a plus (+) the punter wins that amount for every hundred dollars they’ve bet.

  • Decimal Odds

Rather than utilizing percentage terms, sportsbooks use decimal odds. It is also commonly referred to as European odds. To be sure, decimal odds are used in Europe, Australia and Canada. Here is the formula for decimal odds: Potential Payout = Stake x Decimal Odds. Overall, to calculate potential winnings with decimal odds, multiply the stake by the odds. 

  • Fractional Odds

    Often used in the United Kingdom and Ireland, Decimal Odds are also commonly known as UK Odds. By and large, this odds format was initially used in horse racing. In any event, Fractional odds are by far one of the oldest types of odds going. They are often easy to calculate simply because they are in fraction form. 

    For one thing the second number to the right, or the denominator, is the bet amount. While the first number on the left, or the numerator, is the amount that your bet will yield. Furthermore, the slash (/)  may also be represented by a colon (:). 

Odds Converter and Sports Betting Odds

In the long run, multiple sports bookmakers offer different odds. An odds converter is ideal  to download so as to convert odds from one format to another. Although there are  calculations where a punter can do it themselves. On the positive side, sports betting apps are tools to help sports bettors swiftly calculate math and they can even help with line predictions.

However there are odds converters available on iOS and Android along with other sports betting tools. Check out this comparison of the values of all the different odds formats.

Decimal Odds Fractional Odds Moneyline (US) Odds Win % (% needed to break even) Net Profit
1.01 1/100 -10,000 99.01% 1.00%
1.11 1/9 -900 90.00% 11.11%
1.33 1/3 -300 75.00% 33.33%
1.50 1/2 -200 66.67% 50.00%
2.00 1/1 +/-100 50.00% 100.00%
3.00 2/1 +200 33.33% 200.00%
4.00 3/1 +300 25.00% 300.00%
10.00 9/1 +900 10.00% 900.00%
101.00 100/1 +10,000 0.99% 10,000.00%

 

Sportsbooks With The Best Odds

Check out the following sportsbooks that have the best odds. Depending on which country you’re betting from, odds vary. Learn more about the welcome bonuses that new punters experience after registering and making an account with a sports bookmaker. Another key point is to download sportsbook apps as well as sports betting tools

NordicBet

Sports American football, Bandy, Baseball, Basketball, Boxing, Cycling, Golf, Handball, Ice hockey, Martial arts, Motor racing, Rugby, Snooker, Soccer, Tennis, Trotting, Water polo

Pros

  • Odds Formats EU
  • Vast amount of sports betting markets.
  • 100% up to €100 for sports from Nordicbet
  • Located in Costa Rica where it is also licensed.
  • Easy access to partnered gaming service.
  • Customer support available by live chat, phone, and email.
  • Protected with SSL encryption.
  • Certified fair by TST.
  • Website is available in several languages.
  • Wager in US dollars, Euros and British pounds.
  • 100% welcome bonus
  • Feel like VIP with Casino Rewards

Cons

  • Not all support services run 24/7
  • Aimed mostly at recreational players and limits the maximum profits made by successful punters.

Bovada

Check out the sports betting markets available on Bovada:

 

  • Baseball
  • Soccer
  • Tennis
  • Basketball
  • UFC/MMA
  • Golf
  • Football
  • Hockey
  • Cricket
  • Horse racing
  • Boxing
  • Motor sports
  • eSports
  • Olympic games
  • Politics
  • Rugby
  • Snooker
  • Cycling
  • Volleyball
  • Aussie rules
  • Handball

Currently Bovada also offer odds on the following eSports games:

  • Counter-Strike: Global Offensive
  • Dota 2
  • League Of Legends
  • Starcraft
  • Halo

 

Pros

  • Vast selection of sports betting markets.
  • Based on the famous Bodog brand.
  • 24/7 customer support via live chat, email contact form, and a toll-free US phone.
  • Protected with 128-bit SSL encryption.
  • 50% up to $250 deposit bonus for when joining Bovada Sportsbook.
  • Sportsbook, racebook & casino available all from one account.
  • A reputable, trusted brand.
  • Super easy to deposit & withdraw.
  • Payments hit mailboxes or bank accounts within a couple weeks.
  • Offer action on more than a dozen sports betting markets.
  • Additionally, they have live betting, props, straight bets, parlays and much more.

Cons

  • No third-party audit seals on the website.

SportingBet

SportingBet has sport betting markets in: Sports American football, Athletics, Bandy, Baseball, Basketball, Bowls, Boxing, Cricket, Cycling, Darts, Floorball, Futsal, Golf, Greyhound racing, Handball, Horse racing, Ice hockey, Martial arts, Motor racing, Rugby, Snooker, Soccer, Table Tennis, Tennis, Volleyball, Winter sports

 

PROS

  • Odds Formats

    EU, UK, US

  • Serving more than 2 million sports bettors across Europe, Australia, Canada, South America and South Africa.
  • Listed on the London Stock Exchange
  • Telephone betting available

 

CONS

  • Tends to limit high winning players.
  • Customer Support has limited working hours.
  • Restricted Countries United States

Betonline

Sports Betting Markets at Betonine American football, Baseball, Basketball, Boxing, Golf, Ice hockey, Martial arts, Motor racing, Soccer and Tennis.

Pros

  • Bonus 25% Free Play up to $900
  • Experience optimized Instant-play.
  • Full range of sports betting markets.
  • 24/7 support via live chat, phone, or email.
  • Proven fair by TST.
  • Secured with top-of-the-line SSL encryption.
  • Accepts US players.
  • Great odds in niche betting markets, for instance, politics and entertainment.
  • Its base operates from Panama City which is otherwise known as ‘The banking capital of Latin America.’
  • Odds Formats US

Cons

  • Does not accept punters from: Egypt, Ghana, Indonesia, Macedonia, Malta, Montenegro, Morocco, Nigeria, Pakistan, Panama, Serbia, or Ukraine.

LeoVegas – Best odds on Pre-Match & In-Play Betting

Sports Betting Markets Offered in:

  • American Football
  • Baseball
  • Boxing
  • Cricket
  • Football
  • Horse Racing
  • Tennis

Pros

  • Instant-play.
  • Mobile version available on smartphones and tablets.
  • 24/7 support by live chat, UK freephone or international phone, and email.
  • Secured with SSL encryption.
  • Proven fair by independent audits.
  • The default setting for odds is fractional. By clicking on the settings button punters have the ability to change the odds to American or decimal.
  • Leo Vegas is constantly updating its odds, so punters can look forward to setting an automatic response to any decrease or increase in price.
  • Live betting tab navigates punters to easily place instant bets on sports betting markets from tennis to football.
  • Two-touch betting system. Find the very best odds and with a simple click, a betting slip pops up and a punter enter their bet. Afterwhich, they then click the ‘place bet’ button to lock in the bet.

Cons

  • Unavailable in numerous countries, including: Hungary, Estonia, Serbia, Russia, Ukraine, and most countries in Africa (except South Africa), Asia, and Latin America.
  • Moreover, bonuses are only provided to residents of Austria, Finland, Germany, the Netherlands, Norway, Sweden, Switzerland, or the UK
  • Limited betting market selection in comparison.