Online sports betting odds are one of the most important aspects of online sports betting. They represent the probability of an event occurring and are used to calculate the payout for a winning bet. This guide will explain how online sports betting odds work, the different types of odds, and how to calculate payouts based on these odds.
I. Understanding Online Sports Betting Odds
Online sports betting odds are represented in a variety of ways, but the most common are decimal, fractional, and American odds. Each type has its own advantages and disadvantages, so it is important to understand all three in order to make an informed betting decision.
1、Decimal Odds
Decimal odds are the most commonly used type of online sports betting odds. They represent the probability of an event occurring as a decimal number. For example, an event with a probability of 0.5 is represented as 2.00 in decimal odds. The payout for a winning bet is calculated by multiplying the stake by the odds.
2、Fractional Odds
Fractional odds are also commonly used in online sports betting. They represent the probability of an event occurring as a fraction. For example, an event with a probability of 0.5 is represented as 2/1 in fractional odds. The payout for a winning bet is calculated by dividing the stake by the denominator of the fraction and then subtracting the stake from the result.
3、American Odds
American odds are less commonly used than decimal or fractional odds, but they are still found in some online sportsbooks. They represent the probability of an event occurring as a positive or negative number. For example, an event with a probability of 0.5 is represented as -100 in American odds. The payout for a winning bet is calculated by dividing the stake by the absolute value of the odds and then adding the stake to the result.
II. Calculating Payouts Based on Online Sports Betting Odds
Calculating payouts based on online sports betting odds is relatively simple once you understand the different types of odds and how they are represented. Here is a step-by-step guide to calculating payouts for each type of odds:
1、Decimal Odds:
a. Multiply the stake by the odds to calculate the payout. For example, if you bet $10 at 2.00 (decimal odds) and your selection wins, your payout will be $20 ($10 x 2.00).
b. If you want to calculate the implied probability of an event occurring based on decimal odds, you can use the formula 1 / (1 + odds). For example, if the decimal odds are 2.00, the implied probability is 1 / (1 + 2.00) = 0.50 (50%).
2、Fractional Odds:
a. Divide the stake by the denominator of the fraction and then subtract the stake from the result to calculate the payout. For example, if you bet $10 at 2/1 (fractional odds) and your selection wins, your payout will be $15 ($10 / 1 - $10 = $5).
b. If you want to calculate the implied probability of an event occurring based on fractional odds, you can use the formula 1 / (denominator + 1). For example, if the fractional odds are 2/1, the implied probability is 1 / (1 + 2) = 0.50 (50%).
3、American Odds:
a. Divide the stake by the absolute value of the odds and then add the stake to the result to calculate the payout. For example, if you bet $10 at -100 (American odds) and your selection wins, your payout will be $20 ($10 / 100 + $10 = $20).
b. If you want to calculate the implied probability of an event occurring based on American odds, you can use the formula 1 / (odds + 1). For example, if the American odds are -100, the implied probability is 1 / (100 + 1) = 0.50 (50%).
III. Conclusion
Online sports betting odds are a crucial aspect of online sports betting, as they represent the probability of an event occurring and determine the payout for a winning bet. Understanding how these odds work and being able to calculate payouts based on them is essential for making informed betting decisions. This guide has explained how online sports betting odds work, the different types of odds,
