Everything You Need to Know About Sports Betting Odds

Our sports betting odds guide covers all there is to know. We help players learn about the various odds types, how they work, and how to read betting lines.

Sports betting odds can be a bit confusing. Beginner or not, the sheer amount of options at online sportsbooks can be overwhelming for anyone. There is so much to decide on when wagering on sports – the types of bets, the event itself, and even the odds. But learning how the various betting odds work can help you understand the value of your stake. Furthermore, it will help you make an informed decision before you stake any money. 

So to help you improve your betting strategies, in this guide we’ll take you through all the basics. First, you’ll learn what are sports betting odds and how they work. Then, we will talk about the different types of odds and how to read them. Or, in other words, how to calculate your payout from the stake. Additionally, we will teach you how to calculate implied probability. And finally, we also have a step-by-step guide on how to make a sports bet for all of you who are just getting started. Of course, there is a FAQ section, too, to answer some of the most common questions asked by Filipino players.

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What Are Sports Betting Odds

Simply put, betting odds numerically represent the chances that a certain result will happen in a sports event. They can be applied to any kind of event that a sportsbook is offering. And great online bookies always offer a plethora of sports to bet on, including football, basketball, politics, and even weather. 

Online bookmakers consider several factors when setting the odds like the team that will play, past statistics, winning probability, etc. On the other hand, odds also depend on not only the sports betting site but also on your general location. For example, in Europe decimal odds are the most common while in the UK bookies use the fractional format.

How do betting odds work?

Sports betting odds offer you a chance to profit if you correctly predict the outcome of an event. The higher the odds, the bigger the chances that you will win. And vice versa – the lower the odds, the lower the payouts. Hence, based on the probability of winning, odds can be classified as three main types:

  • Even odds. If a certain result is equally likely to occur or not – it is given even odds. So in this case, either the fractional or decimal format is used. Naturally, the possible winnings will be equal to your stake.
  • Long odds. You will come across long odds when an event is statistically less likely to happen. This implies that you can win more than you would otherwise. In other words, the payout is higher. However, the risk of losing is also higher than with even odds.
  • Short odds. When an event has a higher chance of occurring, the operator gives it short odds. Although in this case the event is more likely to happen, the potential winnings will also be smaller.
Sports Betting Odds

Types of Sports Betting Odds

Depending on your location, as well as the sportsbook operator, the sports betting odds may be displayed differently. For example, how European sports betting sites normally present their odds is completely different from what bookies in Asia do. Hence, there are a few formats that you ought to know before you start betting.

Fractional Odds

One of the oldest and most popular formats in the sports betting world is Fractional odds. Most commonly, it is used in the United Kingdom and other commonwealth countries. There are two sets of numbers that are separated by a slash, e.g. 2/1 (pronounced as “two-to-one”). 

So, this is how it works: for every $1 you wager you get an additional $2, plus the $1 you staked. Of course, only if your bet is successful. Alternatively, you can calculate the fractional odds by multiplying your stake by the first number, then dividing by the second number.

Decimal Odds

Decimal odds are most common in European countries. Therefore, often they are also referred to as European or continental odds. Like the name suggests, decimal odds are presented with a decimal point to separate the total pay-out and the original stake. The number indicates the possible total payout, including the amount of the stake. So, the total possible return on a stake can be calculated as follows:

Total Return = Stake x Decimal Odd Number

For example, a winning wager at 2.5 would return a total of $2.5 for every $1 staked.

American Odds

American or moneyline odds are, indeed as the name suggests, popular on the US market. Unlike the fractional odds, they function differently for favorites and underdogs. In a nutshell, the American bets show how much money you must risk to win a certain mount. 

Usually, the odds of the top bets are indicated with a minus (-) sign. It indicates the amount you must stake in a sportsbook to win $100. However, the odds for the less popular odds are indicated by a (+) sign. This shows the amount won on every $100 you stake. For example, if you wager $120 on a favorite with a -120 odds and the bet wins, you will receive a total of $220. That is your original $120, plus another $100 since you guessed correctly.

Hong Kong Odds

Hong Kong Odds are probably the simplest to understand. In the case where the odds are a decimal lower than 1, the team is a favorite. You’ll win back less than 1 for each 1 unit that you wager.

For example: Japan to beat Australia in football, HK Odds – .4

It means that for every $100 you bet you’ll get $40. The whole money goes to the sportsbook if you lose. If the Odds were 1 than you’d get 100$ for your 100$ bet, Stake x HK Odds.

Other Types of Odds

Of course, there are plenty of other odds types available to Filipino online punters. Some of the most common formats you may come across include Malay odds, Indonesian Odds, Asian odds, and many more.

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Reading Odds – How to calculate the Payout from the Stake

Reading odds can be somewhat confusing, especially if you don’t know the different types that are available on the market. But not to worry, we will go through the three most common formats together here. First, let’s consider decimal odds: Here, it’s simple – the bigger the number, the larger the possible returns. So if you want to calculate your winnings from decimal odds, multiply the odds by the stake. The resulting number will reflect both your winnings and your stake.

On the other hand, for fractional odds you must work out the winnings and then add on your stake to determine the total return. This is done by multiplying the stake by the top number in the fraction, and then dividing by the bottom one. As for moneyline odds – they are always in terms of 100. In other words, moneyline bets show how much money you have to wager to win $100.

How to Read Sports Betting Odds

How to Calculate Implied Probability

One of the secrets to successful sports betting is to understand the odds and learn how to calculate the implied probability. Essentially, the implied probability is the conversion of betting options into a percentage. The advantage of calculating it is that it helps in assessing the potential value on some markets. Below are the methods of calculation for the different formats:

Calculating Implied Probability with American Odds

  • To calculate the implied probability for betting on favorites, use this simple formula:

Implied probability = 100 divided by (positive odds + 100).

  • The formula when you bet on the underdogs is follows:

Implied probability = negative odds divided by (negative odds – 100).

Implied Probability and Fractional Odds

To get the implied probability of bets with fractional odds is fairly straightforward:

Denominator/ (denominator + numerator) x 100 = implied probability

Implied Probability of bets with Decimal Odds

Use the following equation to calculate Implied Probability for decimal odds:

(1/decimal odds) x 100 = implied probability

Making Bets

Betting on your favorite sport online is simple and fun. Here is a step by step guide to making bets on any online sportsbook:

  • Check out our sports betting sites reviews and pick one that suits you.
  • Select your preferred online sports betting site and register.
  • Familiarise yourself with the available betting options and markets.
  • Pick a team or sport you wish to wager on.
  • Calculate the possible return from the bet.
  • Deposit the amount you would like to stake.
  • Complete the bet by following your sportsbook’s on-screen instructions.
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The Bottom Line

Odds play a crucial role in the success of any player’s sports betting journey. Not only are they showing how much you can win, but they also help you in determining whether the bet is profitable or not. Hence, understanding the different formats and how they work is essential to any punter. And even more importantly, being able to calculate the implied probabilities and compare with your own knowledge is also key. Sometimes, you may find the probability of a certain outcome to be higher than what your sportsbook’s odds imply. In that case, a successful bet can have significant profits. Now that you’ve learned all about the different types of odds, you are ready to sign up and start betting on your favorite teams or sports. But if you’re new to sports betting in the Philippines, explore our basic guides to get ahead of the game even quicker.

FAQ

Odds indicate what the outcome of a certain event will be, according to your sportsbook. They also show how much profit you can make, if your bet is successful.

It varies depending on the odds format. But either way, reading odds involves a couple of simple formulas and some basic math.

Some online sports betting sites have special features to help you to calculate the possible winnings in real time. You may also use different sports betting odds calculators to help you determine the potential profits.

The odds are set by online betting site operators. They calculate with various factors in mind, such as location, weather, health status of the player, and many, many more.

Yes, the odds are always changing. They can be changed before the event takes place or even when it is in progress. Several factors can influence changes in odds, like the overall betting patterns, events prior to that and the bookmakers themselves.

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