• Understanding American Betting Odds
• How To Read American Odds
• American Odds To Probability

Odds are the fundament of betting, every single bet you place will be based on odds. Odds are reflections of the probability of the outcome. In this article, we will give you an overview of how odds work, how bookmakers use them in their favor, how you can outsmart the system by using several betting accounts and reply to the following questions.

• What betting sites offer the best odds?
• What is the difference between decimal, fractional, and American odds?
• How to calculate probability?
• How to convert odds into probability?

Betting sites with the most favorable odds

Understanding how to read odds is a crucial step to becoming a successful sports bettor. From determining how much money you want to wager to figuring out which bets offer the most value, it all starts with a solid understanding of the odds. What Are American, Decimal, & Fractional Odds? Here is some information by our tipsters about sports betting.

Finding the best odds is important to make your money last as long as possible. When betting on any of the below betting sites you can rest assured you are always betting on favorable odds.

LeoVegas

• Huge number of casino games!
• Best in class mobile experience!
• Massive welcome bonus!

Dafabet

• Great bonus offers!
• World class odds!
• Fantastic live casino!

Unibet

• Best Free-bet bonus in India!
• One of the best betting sites in India!
• Over 1000 casino games!

Understanding the different odds

If you are new to betting you might get confused with how the odds formats sometimes vary from site to site. It’s crucial to understand what the odds mean before entering into any form of gambling. Mastering how to convert odds into probability plays an important part in your success.

Let’s start by looking at the three common odds formats that are used in the world of betting.

1. Decimal odds
2. Fractional odds
3. American odds

How Decimal odds work

Decimal Odds which are also referred to as European odds and/or continental odds are the most common outside the UK and the US. These odds are fairly easy to understand and convert to outcome probability.

Let’s take a look at a 1 X 2 (three-way) decimal odds example from English Premier League football.

The higher the number be higher payback and the lower the number the lower payback. With decimal odds it is very easy to spot the favorite and the underdog. In the example above Man Utd are clear favorites to win, a draw is the second most likely scenario and an Everton away wain the least likely outcome.

Total return = Staked amount x Decimal Odd number

The decimal odds indicate how much money a potential winning bet would pay-out including the staked amount. From a ₹100 bet the outcome would be the following:

How to convert decimal odds to probability

Understanding how odds convert into probability is a good way to get a better understanding how likely something is to happen. Decimal odds are fairly easy to convert into probability, take the number 100 and divide by the odds and you will get the probability. Below we have given you an overview of odds ranging from 1 (which you will never see as the return would just be the money back which would not make any sense for you or the bookmaker) up to 10.

How fractional odds work

Fractional odds, also known as British Odds, traditional odds or UK odds) are mostly used in the UK and Ireland. For anyone not used to fractional odds these can be quite tricky to understand. The fractional will at first make it hard to understand who is the favorite or the underdog.

Fractional odds are written with a slash or hyphen which makes them look quite different to the decimal odds.

Let’s start by converting the decimal odds from the Man Utd vs Everton example from before, into fractional odds to get a basic understanding of how it works.

Fractional odds only tell you how much you will win and not the returned amount as for decimal odds. The equivalent for decimal odds would be to take the odds – 1.

Total Return = Staked amount x (Numerator/Denominator) + Staked amount

Using the Man Utd vs Everton example for fractional odds would look like the following:

The pay-out and win ratio is obviously the same. Learning fractional odds is just a matter of practice but since most bookmakers let you choose what odds format to display the odds in you can select the format that suits you the best.

How to convert fractional odds to probability

How American odds work

American odds or US odds are mostly used in the United States and has a different structure to both decimal and fractional odds. The odds are based on a betting line that starts at 100 and moves up and down depending on the favorite and/or underdog. The favorite will have a number that starts with -100 and above and the underdog will have a number starting with +100 or above.

Let’s continue with our Man Utd and Everton example to examine how this would convert into American Odds.

There are two logical approaches you can take when reading American odds:

Any odds with a negative number should be interpreted as follows:

• To win ₹100 you need to be an amount equal to the odds
• In the example above you need to bet ₹333 on Manchester United to win ₹100

Any odds with a positive/over 100 can be read as follows:

• Bet ₹100 to win the amount equal to the odds
• In the example above that would mean that if you bet ₹100 on a draw you win ₹500 and a ₹100 bet on Everton equals a win of ₹700

How to convert American odds to probability

How Bookmakers use odds in their favor

Betting sites want to generate revenue and therefore they need to create a margin on the odds they offer

To visualize how the bookmaker makes money we use the Man Utd vs Everton example.

We want to bet a total of ₹100 and minimize our loss. The bet amount needs to reflect the risk vs reward and in this example it will be according to the below structure:

In every scenario the total pay-out will be ₹94.26 which means that we are losing ₹5.74 on every ₹100 wagered. The bookmakers margin will in this case be 5.74%.

One of the main reasons why you see odds moving up and down is the betting sites attempt to create a balance between how much money is being wagered on the 1 X 2 and find a margin to make as much money as possible. These line movements can be used to your advantage, keep reading to find out how.

How you can play the books

As described in the previous section bookmakers creates a margin on their odds and adjust odds to maximize their margin. This is where using accounts on multiple betting sites comes into play.

There was a time when finding sure bets was possible but is very hard nowadays as bookmakers have become better at adapting to the market and make swifter changes. But your aim should always be to minimize the bookmaker margin and maximize your probability of making money long term.

This time we use odds from several betting sites to demonstrate how you can cut the margins and make more money.

The scenario above is not uncommon at all where the odds on the 1, X or 2 have a slight variation. By using the odds from Bet365 we know there is a 5.74% margin in the bookies favor.

By using multiple betting sites you can decrease this margin and increase your probability of winning.

By using odds from three different bookmakers the margin has now dropped to 3,76%. Close to 40% (from 5.74% down to 3.76%) of the margin is now yours to keep.

Our advise is to never settle with only one betting site. Use at least 3-4 to make sure you get the best odds and minimize your losses.

The above is just an example and you should never place bets on all three outcomes where there is a negative margin. The example is just to illustrate the importance of you can use multiple betting sites to maximize your results.

FAQ

Conclusions

There are three main odds formats (Decimal, Fractional and American) based on different logics. When betting online you can always choose in which format you want to display the odds so there is no need to be fully acquainted with all three odds formats. Stick to the one you master and like the most.

The most important aspect of understanding odds is to know the pay-out and win ratio combined with how to convert the odds into implied probability. At India gamblers we will always display and discuss odds in decimal format as it is the format most appreciated by us and amongst Indian gamblers.

Understanding the odds also mean understanding how to use them in your favor. Use several betting accounts to make sure you are always betting on the most favorable odds. Cut the bookmakers margin and become more successful in sports betting.

For the novice sports bettor, understanding how sports betting odds work can be one of the most confusing sets of numbers you've ever dealt with. For those who have just started betting on sports, to know how the odds work is of key importance for a profitable and enjoyable betting experience. We are here to give you an overview of the basic styles of betting odds, how you can read the different formats, and how to use them to your favor.

While you may still be confused at the end, the only way you are going to learn how to play with odds is by adapting the appropriate information and utilizing it firsthand. To this degree, we have found various sports betting sites where you can utilize these options to the fullest extent. And, if you ever have any questions, please drop us a line at webmaster@explainbettingodds.com where we can answer all of your questions through email.

Different Types Of Betting Odds Explained

Quick Explanation Of How To Read Sports Betting Odds

• Point Spread - If A Football Team Is -7, Then That Team Must Win By 8 Points To Win The Bet.
• Over / Under ' AKA The Total' - If An Over / Under Is 42 In A Football Game, The Combined Total Amount Of Points Both Teams Must Score Needs To Be Over 43 Points To Win The Wager.
• Moneyline Betting Odds - If The Money Line Has “Team A” at -150 Betting Odds Against The Colts, I Must Bet $150 To Win $100 And If Team A Wins, Then I Would Win My Bet.There are three forms of regular betting odds that you will see at every sportsbook that you visit, whether online or in person. These are the ones that you see right off the bat and the ones that really matter when you are betting on sports. If nothing else, you have probably heard them talked about by either your friends or TV broadcast on ESPN or other channels.

How To Read And Understand MoneyLine Betting Odds

First there are the moneyline betting odds , which is the bet on who will win the event outright with no point spreads or other variables. You simply pick the team you think will win and place the bet. However, without using the odds, the payouts are usually much different then they would be with the odds in place.

Understanding American Betting Odds

When betting on the moneyline, the favorite will always have a negative symbol in front of the number and the underdog will always have a plus sign in front of it (an example is -150 favorite or +150 for the underdog).

How To Read The Point Spreads

Next, we come to what may be the most common type of sports betting odds, which is the point spread. They put point spreads up for all of the main sports such as football, basketball, hockey, baseball, and others. This is called 'The Spread' and it basically tells you which team is favored and by how much. When betting the spread, you are betting that a team will win by a certain number of points, runs, or whatever. Here is an example to help you understand point spreads in football.

If you are Betting The Point Spread On 'Team A' in Football - Favored by -6 - This means 'Team A' must beat the other team by 7 points or more to win the bet.

If You Are Betting The Point Spread On 'Team B' in Football Game - Underdog that is getting +6 points - This means as long as 'Team B' does not lose by 7 or more points, then you will win the bet. If Team A wins, but only by 3 points, then you will still win and get paid.

How To Read The Over / Under Betting Odds

There is also the total score or the over/under, and this line lets you bet on whether or not the total score between all competitors will go above or below a predetermined amount. You simply look at what the Over / Under is and then bet on which you think it will be. There are over and under betting odds for pretty much every sport including baseball, football, hockey, UFC, Basketball, Horse racing, and much more.

The over/under betting odds, or the totals, work differently for each sport. If the number is 42 in a football game and you bet the over, you would need 43 points total between the two teams. In baseball betting, it is the number of runs scored that sets the total. The UFC over/under betting odds are which round the fight will end. Hockey totals are how many goals will be scored between both teams.

With the spread and the total, you will occasionally see that the odds are distributed with 'half points,' which are in place to prevent a 'push,' or no one winning or losing the bets. As long as there is a winner or loser, the sportsbooks will make their money on the juice and be happy.

What To Know About Vegas Betting Odds

The truth of the matter is that Vegas pretty much sets all of the sports betting odds for the entire world. All of the world’s leading experts work for the big casino companies in Las Vegas, and all of them work together to set the odds for different sports. Anytime you hear someone asking or talking about Vegas odds, they are simply talking about the odds and nothing specifically related to Vegas. All of the online sportsbooks use services that simply use the Vegas odds as a starting point for events. Then their own systems will adjust the spread depending on how people are betting at their sportsbook. Ultimately a sportsbook wants 50% of the bets on each side of a game so that they can simply make money on the juice.

Exotic Betting Odds Explained

Exotic bets are there to make for a more entertaining betting experience, but they work somewhat differently compared to the straight bets. But, the original point spread is still used in all these bets no matter how you look at it.

Parlays are essentially a combination of two or more bets into one, such as three teams winning their respective matches. These parlays are usually a long shot since so many teams have to win, but in the end, they are also some of the highest paying games. You can pick teams to cover the point spread, over or unders, or moneylines in a parlay and sometimes you can mix in different sports.

Pleasers are some of the highest paying bets, as they take the spread and then subtract points, making it harder to succeed. Then you also have to combine them into another bet of the same type in order to win. The payouts are huge, but it is not likely that these will come in unless you have the utmost luck or some sort of inside knowledge.

Teaser bets bets are the exact opposite, in that you can adjust the spread to be more favorable, thus lowering your payout but increasing your chances of winning. Either way, these are some of the more exciting ways for you to wager.

There are also 'If-Bets', which allow you to combine two bets. The first bet has to win for the second bet to have action. If the first bet fails, the second bet doesn't come through. If you win the first bet, you can then use the winnings on the second bet, essentially building your bankroll.

Different Formats Of Betting Odds

How To Read American Betting Odds

American odds have become incredibly commonplace, despite the fact that they are not as easy to read as other formats. As an example, American Odds read like this:

Odds To Win Super Bowl:

• Team A: -150
• Team B: +200
• Team C: +600
• Team D: +1000

With American odds, the number represented is how much you have to bet to win $100. If the number is preceded with a '+' sign, then you would risk less than $100 to win a wager worth $100. And, the opposite is true when the number is preceded with a '-' where the bettor would have to risk more than $100 just to win $100 of the wager.

In the example above, you can see that Team A has the lowest number of the group and are considered to be the favorite to win this bet. If you wagered on Team A to win the Super Bowl and they end up winning, you are going to need to risk more than $100 to win $100 as indicated by the '-' symbol preceding the payouts. In this particular example, a bettor would need to wager $150 to win $100.

On the opposite side of that, the other 3 teams in contention all pay better than 1 to 1 odds (risk less than $100 to win $100). Team B is at +200: risk $50 to win $100. Team C is at +600: risk $16.67 to win $100. Team D is at +1000: risk $10 to win $100.

These can be a little bit confusing but if you just pay attention to the + or - symbol then you should not have any issues. And, with a little bit of manipulation, you can see how these odds will pay if the wager ends up being a winner and that is what we're all here for... to win.

How To Read Fractional Odds

Fractional betting odds are the easiest to understand. Just about every single sportsbook that caters to Americans has the option available for fractional odds. And, while they may seem daunting at first, you don't really need to understand complex fractions in order to utilize these odds. Let's look at an example:

Odds To Win Fight:

• Fighter A: 4/7
• Fighter B: 3/2

In order to best understand these lines, you first need to look at the ratio to 1. In the example above, 4/7 odds is less than 1 and the opposite can be said for the other side as 3/2 is more than 1. Once you have determined this, you can figure out the favorite.

To figure out which side is favored, you simply need to figure out which is the lower number. In this case, Fighter A is at 4/7 odds which is less than 1 and Fighter B is at 3/2 odds which is more than 1. Fighter A's wager is the clear favorite as it is the lower number.

So, how do you figure out what these pay? Again, we refer back to 4/7 being less than 1, and 3/2 being more than 1.

Anytime fractional odds are displayed at a value of less than 1, the bettor must risk more than they intend to win if the wager is a winner. And, the opposite can be said for if a fractional value is more than 1... that bet will pay more than what is risked.

As we said before, 4/7 odds are less than 1 so in this case, the bettor must risk $7 to win $4 from the wager. Then, 3/2 are more than 1 so when risking $2, the bettor will win $3 off the wager. As you can see, the payouts are in the fractional odds, you just need to know which way they go based on if they represent a value greater than or less than one.

Understanding Betting Odds That Use Decimals

Decimal odds are slightly more confusing than most other types of odds. In fact, we prefer not to use them when we bet but that is just our preference. Regardless, we are going to give you a little insight into these lines, as we want to give you insight about all of the common types of odds available.

If you look into these odds, you will definitely come out a little bit confused unless you are from Europe where these odds are commonly used than American or Fractional odds. The multiplication game is not as straight forward with decimal odds. Let's take a look at another example:

Odds To Be Next President:

• Candidate A: 1.50
• Candidate B: 2.45

When looking at decimal based odds, the same thing applies to them as all the other forms of odds when trying to determine the favorite... whichever is the lowest number is favored. In the example above, the favored candidate is Candidate A at 1.50 however Candidate B is only a little bit behind at 2.45

Figuring out the payouts is where decimal odds can get tricky, but you'll soon learn a little trick that will make these very easy to understand.

The best way to start off look at these odds is to consider them to be monetary amounts based on what you will win if you wager $1 or one euro, one pound, etc... which includes the original wager. Be sure to keep that in mind when looking at the other odds types.

If Candidate A wins the election, every $1 wagered will win $.50 plus the original $1 wagered which equals $1.50 or 1.50 odds.

Candidate B: every $1 wagered earns $1.45 which equals $2.45 or 2.45 odds.

Now That You Know How To Read Sports Betting Odds

Now that you understand how to read odds, you will then want to see how they are adapted to the different betting lines. With the straight wagers and exotic wagers alike, you will find that these odds are worked into the lines. After you figure out how to read the odds, you will then have to figure out the different types of bets that you can find through most sports betting sites. The different types of bets use odds somewhat differently, but in the end, it is all fairly similar.

We have created special pages that explain how to read the betting odds on a variety of sports. The reason for this is that some sports have betting odds available that others do not. Some sports betting odds can be broken down into a half or quarters while others are just for the entire duration of a match or game. For instance, you cannot really compare the NASCAR or PGA odds with NFL, and vice versa. Each page is crafted specifically for an individual sport making it easier for bettors to learn the ins and outs of betting on whichever sport they choose.

Online Sportsbooks With The Best Sports Betting Odds Available

Now we come to the online sportsbooks + sports betting sites that actually offer the odds we are explaining. There are plenty of betting sites out there, but we have decided to list only those we felt were of the highest level of quality. When personally and individually tested these sportsbooks in order to figure out exactly what they have to offer. In the end, we decided to play with those offering the highest paying odds, the most diverse set of betting types, and a fairly wide range of different sports. Throw in the big bonuses and easy financial transfers and what you get is one of the best sets of betting sites on the Internet.

Bovada Sportsbook - More Betting Odds Than Other Sports Betting Sites

Its already know that Bovada is one of the better online sportsbooks for players to sign up for. The fact that there are so many betting options on this sportsbook makes it known to be a better site as well. Most of the time players look for sites that have the total package which is what Bovada has. Players will flock towards Bovada and one main reason for that is because of the betting odds that are offered to players.

The odds offered on Bovada are her for a player to place big-time bets and make a lot of cash. This makes it very easy for players to pick which bets they want to place. Because of these great betting odds offered, it is known that players are cashing big on parlay bets. More players have a lot got involved in live betting as well because these odds that are here on Bovada are better than other sites they have visited. Because of these betting odds offered, the attention Bovada will get will only increase!

BetOnline Sportsbook - New Bettors Get Bonuses On Every Deposit You Make For Life

There is no doubt that BetOnline has a lot of players that have accounts with them. There are many reasons for that and this list of players will continue to grow and will for the right reason. Even though the age requirement of 18 and older to sign up is one thing that players notice when it comes to BetOnline, the betting odds are something that also grabs a lot of attention as well. These betting odds that are here on the prop bets and are much better than most other online sportsbooks.

Knowing how betting odds work is important and that also will make it easier to understand why BetOnline has the best betting odds for all players. These close odds are what players like and most of the time this will decide what bets they place. With a team being slight underdogs with those odds definitely makes players think if they want to place a bet on those teams and these upsets can end up earning players a lot of extra money! BetOnline odds are very good and makes players consider both sides.

MyBookie Sportsbook - Betting Odds The Best Here On MyBookie

How To Read American Odds

Mybookie is clearly known to be one of the better sites for many players. The number one thing that players check out when they sign up for online sportsbooks is what kind of bets that it offers and there is no doubt that MyBookie has any bet that players can think of. With so many different betting options comes the betting odds as well. The odds here for are taylor made for players. This means that these odds are very good for players because they are close and have players considering to take the upset over the favorite sometimes.

American Odds To Probability

Taking the upset sometimes over the favorite can be the way that players can capitalize big. Something as simple as picking the Miami Heat over the Los Angeles Lakers in the NBA could be considered because of the close the betting odds could be on MyBookie. The great thing about sports is nothing is guaranteed and upsets are often happening so taking an upset sometimes could be very beneficial on MyBookie. This also goes picking the favorite as well. Slight favored could mean to put a lot more money down and lead players to win more. MyBookie is known for great betting odds.