If you’re new to online sports betting, one of the most important skills to master is how to interpret and value betting odds. We’ll go over the three most prevalent betting odds forms and show you how to calculate the implied probability they reflect in this article.
Betting sites typically utilize one of three betting odds formats: decimal, fractional, or American.
Odds in Decimal
The default style for most online betting companies in Nigeria is decimal betting odds, which we also recommend. The bet’s potential returns, including the stake, are represented by the decimal odds.
To determine your possible return, multiply the decimal odds by the amount you want to gamble, then subtract your stake to get your profit.
Returns – stake = profit (Decimal odds x stake = returns – stake = profit)
For example, 2.50 x 100 = 350 – 100 = 250 profit.
Betting Odds in Fractions
Fractional betting odds are widespread in English-speaking countries, with fractional odds being the default setting for most gambling sites in the United Kingdom. There is a straightforward approach to comprehend fractional betting odds.
Example: 3/1 = The amount you gain divided by the amount you risk
Simply said, for every 100 Naira you stake, you will win 300 Naira.
1/5 = For every 500 Naira wagered, you will receive 100 Naira.
Betting Odds in the United States
The odds are displayed as positive (+) or negative (-) figures for American, or Moneyline, bets. The positive numbers indicate how much you could win if you bet $100, while the negative numbers indicate how much you’d have to bet to win $100.
Although we do not recommend utilizing American betting odds, most online betting sites do offer the moneyline odds format if you prefer it.
Implied Probability Calculation
Odds represent the implied likelihood of an event occurring, and knowing how to convert odds to a percentage can help you determine whether the wager is worthwhile. We prefer using decimal odds because calculating the percentage is as simple as dividing 100 by the decimal chances.
For instance, 100/2.50 = 40%
Let’s say two football teams have a combined average of 70 percent of their games with both teams scoring.
If both teams to score were set at 2.50 (40 percent), the odds presented would be more valuable than the 70 percent average.
– Windrawwin Explained