Online betting is the new trend and source of entertainment gaining in popularity and demand. Online betting odds and probabilities are terms that may sound technical and hard for a newbie. But one must learn and decode this to win in online betting games. Before considering online betting, one must know and learn about the basics of betting. Only such an approach will help you place bets smartly and intelligently. It will also make you read, comprehend, and interpret various formats of online betting odds.
Betting odds and Probabilities
When online betting, one must know the betting odds and probabilities for positive outcomes. Probability means the possible outcome of a particular event, and odds are a measure of expected winnings from such a probability. Mastering these terms will help you bet with a strategy in place to improve your chances of higher winnings.
The different Types of odds in sports betting:
American odds or Moneyline odds
Though all betting odds translate to the potential winning amount against the amount wagered, they vary according to the geolocation of the player. The most common sports betting odds in the US are the Moneyline odds, Eg: +120, -110. The calculation formula differs according to the sign or + or – before the number.
- For + sign: Payout = (Stake/100) x Odds
- For – sign: Payout = (100/Odds) x Stake
Here, the + sign indicates the team with the lowest probability of the win, and the – sign indicates the team with the highest chance of winning. In both cases, the player gets the initial wager back if they win. The difference in the winning margin depends on the choice of the team. If a betting website has opened bets for a game between A and B with the Moneyline odds as:
- A: +500
- B: -600
The website is giving odds of +500 for A and -600 for B. It means that there is a probability that B will win the game. If you choose to bet on A, then you must invest 100 INR to get 500 INR. If you win, then you get back your initial wager of 100 INR along with 500 INR, which makes a total of 600 INR. On the other hand, if you choose to bet on B, which the website thinks will probably win, you have to invest 600 INR to win 100 INR. If B emerges victorious, you will receive a total payout of 700 INR.
Fractional odds are popular in British countries. It is calculated as a fractional outcome of the funds at stake represented as A/B (A is the amount you win; B is the deposit at stake). A five to one odd means that you will win five INR for every 1 INR you wager, in addition to getting back your initial wager. It means you will receive your stake amount back if you successfully win the bet, in addition to the dividend, totaling 6 INR.
- A: 12/5
- B: 9/3
- C: 7/1
Here, A has the highest probability of winning, indicating that you will win 12 INR for every 5 INR you wager. If you bet on B and emerge victorious, then you will win 9 INR for every 3 INR you wager, and if C wins, you will win 7 INR for every 1 INR wagered. An astute bettor will invest on C for a higher potential profit, with the stake being at its bare minimum.
The most popular betting odds in European countries is the Decimal odds. Comparatively, these betting odds are the easiest and simplest to understand. It calculates the amount a player can win for each 1 INR wagered. Here, the decimal odds number is ideal in representing the total payout rather than the winnings alone. It means that the stake wager is included in the calculation itself instead of being added later.
Total payout = stake x Decimal odds
- A: 5
- B: 2.2
These numbers indicate the amount you could win against each 1 INR invested. For example, if you bet 100 INR on A, you will win a total of 500 INR (5 x 100). If you successfully bet on B, you will win a total of 220 INR (2.2 x 100).
The two crucial factors that betting websites consider while determining their odds are:
- Statistical Probability
- Website’s winning dividend
Which is better? Negative or Positive Odds?
The – sign is given for favorites on the bet and is usually calculated as how much needs to be invested to win 100 INR. The + sign is usually put on the underdog and indicates the potential winning amount if you invest 100 INR. You can make more on the positive odds when you have a better insight into the winner. If you bet on the website’s suggested favorite, though your chances of winning are high, you will receive lower payouts. It is ultimately your choice whether you want to play safe and minimize your risk or choose to risk more and, in turn, win more.
Any betting odd is essentially the same and is used to indicate and calculate the possible outcome of a bet. A bettor wishing to win more from his wager has to use these strategic betting odds to calculate the probability of winning his bet in an online casino. Another critical factor is to choose whether you are aiming at the highest win or the lowest risk of losing. The betting world is full of possibilities where you need sustainability, responsibility, and efficient strategy in play. One must comprehend and interpret the types of live betting odds to place a well-informed bet. Before placing one, be sure to understand the betting odds, know the probability of the outcome, and calculate your winning amount. It is the new era of betting responsibly!
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