Finding the odds for any kind of sports betting is very important for successful betting and for a newbie this is the only handicap due to which often they fail to achieve any success.
In Betufa, there can be many different kinds of odds and all these indicate the probability of the actual results of any sports event. The variance degree can be significant due to difference in the odds.
These odds are a numerical figure which interprets the chances of winning the match. Though most of the bookmakers will charge you to provide their odd figure however it may or may not reflect the actual outcome of the match.
Based on which part of world you are betting there are different methods employed to calculate the odds for any match however it will be interesting to understand them so that you can find your own odds with better accuracy.
American odds
Mostly in the USA, American odds are generally used. It is quite simple to understand and this will be the amount necessary in order to get the winning amount of $100.
Odds are indicated with negative (minus) sign to indicate it as a favourite team while the underdog is indicated by positive (plus) sign.
For example, if any team has been given odds as -130 then it means you have to put a wager of $130 to get $100.
However, if the odd for an underdog is +120 then by wagering $100 one can get $120.
Decimal odds
This is one of the very commonly used types of odds that most of the online bookmakers will perhaps use for calculating the odds. Also, bookmakers of Europe always prefer to use this method of calculating the odds barring countries like UK and Australia.
Decimal odds will usually follow a very simple formula which is quite easy to understand too. The formulae used for calculating the pay-out will be
Stake X Odds = Pay-out
With the following example, it will be pretty easy to understand how this odd is used.
If your odd is 1.8 then with a wager value “X” your pay-out will be 1.8X. Thus your profit will be 0.8X.
Fractional odds
In countries like UK or Ireland, this method of odds is generally used which is one of the oldest forms of odds in any sports betting.
Let us try to understand by using following example:
The odds will be indicated by certain fraction e.g. 10/16.
If you make a wager of $100 then you will get in return= $100+ $100 X (10/16) which will be $162.50
Odds convention
Quite often bettors will prefer to convert their fractional odds to certain other kind of odds e.g. decimal odds or to American odds.
The conversion of odds is available online where by using simple basic math it can be easily done. Nowadays since we are living in the age of internet, hence it is not such a big deal.
Often sports bookers may offer their odds in many different kinds of odds types, and changing them into the requirement of the current betting markets can easily be done just by click of a mouse.
