For any beginner in the betting world, it is important to understand how sporting odds work. If you’re betting money on sports, learning how to read the odds of a particular team or individual player winning and losing, and anticipating the likely result, can be highly beneficial in the long run. Here’s an explainer on how to best understand the odds and the different types of betting odds currently prevalent in the global sporting scene.
There are essentially three types of betting odds in the field of sports right now, i.e. Moneyline Odds – which are used in the United States of America, Fractional Odds – used in the United Kingdom and Ireland, and Decimal Odds – quite popular in Canada, Australia and Europe. Digging into each of these types of sports betting odds can help you understand how they work and eventually maximize their benefits.
Moneyline Odds
These odds are extremely popular for sports betting in the United States of America. According to the USA’s Moneyline Odds system, the favourites for a particular match are denoted with a minus (-) sign. The number next to the minus sign will show how much you need to bet to potentially win $100. If a team stood at odds of minus 150, you’d have to bet $150 to win $100 on a particular match.
Just as same, the underdogs for a particular match or sporting event are denoted with a plus (+) sign. The number next to the + sign shows how much you will win if you bet $100. For example, if the betting odds of a team winning are +200, a bet of $100 stands the chance to win you $200.
In both the cases of a favourite or the underdog winning, the final sum includes both your original bet and the winnings. As one can see, the higher the gap between the favourite and underdog odds, the higher the chance of the favourite winning. Odds basically denote what is the likelihood of a particular team eventually ending triumphant. Why, a victory for the underdogs is rare and thus earns you higher sums.
The betting odds are determined by the bookmakers, who use the historic track record, existing form and statistics around it to decide what should be the betting odds for a particular team. Let’s suppose a Moneyline bet was being carried out in America for the USA versus Pakistan ICC Men’s T20 World Cup 2024 game, where the USA managed to upset their more experienced and fancied opponent. The odds at the beginning of the match would’ve probably looked something like this:
Pakistan: – 200
USA: +200
The bookmakers would’ve earmarked Pakistan in the minus after considering that they were favourites to beat the USA at the start. However, those who would’ve placed their bets on the inexperienced outfit would’ve eventually earned $100 plus the $200 of winnings on bets. The riskier the bet and the more surprising the outcome, the higher the winnings.
The only difference with Fractional Odds and Decimal Odds used in UK and Ireland and Australia, Canada and Europe, respectively, is the presentation of betting odds. While Fractional Odds are written with a slash (/) or a hyphen (-), Decimal Odds are displayed as a single digit number.
So a fractional odd of (5/1) will denote that you’d get $5 for every $1 spent on a particular bet. Just as same, the decimal odds of 2.5 mean you stand the chance of winning $2.5 for every $1 spent.
Type of Bets
In sports betting, one need not just grasp the types of odds but also get at least a basic understanding of the different types of bets they can operate with. Here are a few popular types of bets in sports betting.
Parlay Bets: If a bettor makes two or more bets and combines them into one wager, it is referred to as a parlay bet. Such a sporting bet is also called the accumulator or multi bet. Parlay bets are considered riskier than most other types of bets as the bettor is required to win each of the minor bets to collectively win and earn big. Even if one of the bets is lost, the bettor stands to lose the overall bet and their money.
Over-Under Bets: It is seen as a challenge against the sportsbook. The over-under bet is a wager on whether a specific statistic for a game will be higher or lower than a quoted value in the book. One example of such a statistic can be the combined score of both teams. If the bettor gets it right in terms of whether the score will be lower or higher, they win the bet.
Teaser Bets: Relatively easier to win, wherein the bettor is allowed to change the point spread for a game. Goes without saying that the eventual payout for the same tends to be lower.
Prop Bets: These are bets not on the game’s outcome but on individual achievement.