People who love betting surely know about the Odds and why they are important. But if you are new in the betting field then do not worry. We will tell you what are odds and why they are important for betting.
Odds are the probability of occurrence of the event. It means in a particular game how many chances are there that you win. It is important to calculate. Because if you place the wrong bet then you can lose money.
Therefore, for your ease in this article, we will tell you about the types of odds in betting. So that in all online betting platforms including Xoslot you can place the right bets.
We will also tell how each odd works in online betting.
So shall we start the discussion?
Types Of Odds In Betting:
In casino betting, there are three types of Odds. These types are
- Fractional Odds
- Decimal Odds
- American Odds
All these three types present the same thing in betting. But the ways are different. Moreover, there is no difference in terms of payouts. So let’s review how each odd works in the betting.
How Do Betting Odds Work
All the betting odds have the same meaning. But they are represented in different ways. Here we will give a short example to clear your confusion.
In this example, the odd have 33.33% to win and will yield $2 profit for all the better who waged $1.
- American odds represent it as +200
- Fraction odds represent it as 2/1
- Decimal odds represent it as 3.00
Now, we will review how each odd works. So have a look.
How American Odds Work?
From the name, it is clear that American Odds are famous in the United States. These odds work differently for underdogs and favorites.
In case of the favor, American odds works by displaying the amount of money that you would have. If you want to win the bet of $100. On the other hand, the case is different for betting on an underdog.
The positive numbers show the amount of money that you can win by risking $100. If you are an expert in betting, then you will notice that this rule is similar to the “Odds-on bets” in the UK market.
How Fractional Odds Work?
Fractional odds are also known as the British Odds, Traditional odds, or Uk odds. Fractional odds are commonly used in horse racing. These odds show the net total that will be paid to the better if they win by factoring in their stake.
How do Decimal Odds Work?
In Europe, Canada, and Australia, Decimal Odds are famous. Because most people think that they are easy to understand. Therefore, the most online betting platform shows the odds in decimal format.
Therefore, it is sometimes called European odds in the UK. If the bet is a winner, then decimal odds will display the exact amount that will be paid out. In Math terms, decimal odds are equivalent to the decimal value of the fractional odds, adding one.
In betting, odds change in every bet. Yet, it is not uncommon that the same odds come over and over again in different events or games. The difference between the skill levels between the competitors or teams can be so large.
Even before a contest becomes unfair. Therefore, many online sportsbooks in 2021 allow you to switch between the Fractional, Decimal, or American odds on their markets.
But it is a little tricky to convert between American odds and decimal odds. Because American odds take the form of both negative and positive numbers.
If you want to convert positive American odds to decimal odds. Then divide the American odd by 100 then plus 1. But for converting negative American odds to decimal odds. Divide 10 by the negative American odd then plus 1.
Wrapping It All Up!!!
That’s all folks, these are the major types of betting odds. And according to the location, each odd is used by the people. But some occasions allow you to switch between the odds if you do not know about all of them. So do not worry and play safe.