If you are new player to the betting world, you need to make sure you understand the odds before you place a bet. Put simply, odds are a numerical representation of the likelihood of an event being probable.
Odds can also tell you how much money you will make if you win the betting. Let’s suppose that you are betting on a team with odds of 4/1 in a sporting event.
While it may be confusing at first, it is suitable for you to know how the odds work if you want to play online gambling or sports betting. There are basically three types of odds: the fractional, the decimal and the American.
In the past, the most commonly used odds globally were fractional rates. They are still most commonly used and understood in the UK. Although Hong Kong and Malay odds are preferred elsewhere in the world. To find your winnings with decimal odds, multiply your odds by your stake and then subtract your stake from that number.
Decimal odds are becoming increasingly popular among bookies. Commonly used in Europe and Asia, decimal odds use a number with a decimal point as opposed to the fraction format.
In the US, odds are expressed as plus or minus signs. The plus sign indicates favorite team, while minus points are for the underdog. For example, favorite team can have odds of +250, while odds for inferior teams are -150.
The numbers are based on how much people have to bet to win $ 100. Using the example above, you must bet $ 150 to win $ 100 for the losing team. If you bet $ 150 on the losing team and they win, your winnings will be $ 250.
That said, the more you bet, the more you win. If you bet $ 150 instead of $ 100, your winnings on your favorite team will be $ 400.