You can’t be wagering on your favorite sports without a good understanding of how betting odds work. Online sports betting requires events and markets to have odds, represented as numbers, to tell us how much money can be made and who is most likely to win an event. For those new to sports betting, this can be a little daunting at first. But we at Jet10 Casino, look after our punters and have created a basic guide to learning how to read sports betting odds and understand the different types of ways to bet on sports today.

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How Do Odds Work in Sports Betting? 

Odds are how a bookie such as Jet10 Casino can represent how much money can be made by wagering on a particular market within a chosen event. Sports betting odds aim to be a fair assessment of the probability of a particular result. Essentially, it is a number that both represents the payout, should the bet win, and the probability of the wagered outcome. 

There are different ways to depict these numbers and several of them are available at Jet10 Casino and sportsbook

Types Of Betting Odds 

There are three main types of sports betting odds. These are known as fractional, decimal, and money lines. At Jet10Casino, odds are typically shown in decimal format, but can easily be changed to your preferred type. You can always use a betting odds calculator to be sure of how much return you would see for a specific stake.

Here are the types of betting odds explained. For the purpose of this explanation, we’ll use euros as our base currency.

  • Fractional – also known as British odds, fractional betting odds typically look like this: 8/1 or 8-1. What this means is for every €1 wagered, you would win €8 should the wager be successful. Your stake is returned to you also, so the total winnings from a €1 bet would be €9. The easy sum to work out the payout would be: [stake x (numerator/denominator)] + stake. Although, most of the time the denominator will be “1”, so math isn’t really required. 
  • Decimal – often referred to as European odds, decimal sports betting odds are popular in Australia and New Zealand too. In decimal betting odds, the number represents how much you would win against a bet of €1. So, for example, football betting odds of 3.10 means that if you were to bet €1, you would win €3.10. The stake is included in these betting odds, so you can simply calculate a return by using [stake x odds]. A €20 wager at betting odds of 3.10 would net a return of €62.
  • Money Line – you won’t typically see this type of betting odds outside of the US. Frankly, it is needlessly complicated as it is a representation of money required to win €100. Seen in minus (-) and positive (+) symbols, a minus represents how much stake is required to win €100 while a plus represents how much would be won for every €100 staked. So, you would see NHL betting odds looking like -1000, +756 and so forth.

How To Read Sports Betting Odds? 

Now that you know how betting odds work, what do they actually mean? Well, put simply the lowest-numbered odds are going to be your favorites. The bookies think that market is most likely to win. Higher sports betting odds mean that the market is less likely to win and so the payout will be higher if they do. The trick is to understand the value of betting odds and use your sporting knowledge to find a market with good odds but also a good likeliness to win.

How To Calculate Your Winnings? 

  • Fractional – fractional betting odds are a simple calculation. [stake x (numerator/denominator)] + stake. For example, a €50 bet at odds of 4/1 would be a total return of €250 and a profit of €200. 
  • Decimal – arguably the easiest calculation as the sports betting odds is always representative of a €1 bet. Simply multiply the stake by the betting odds: [stake x odds]. For example, a €50 bet on football betting odds of 4.10 would be a return of €205.
  • Money Line – To calculate your winnings when betting on the favorite, do the following: Consider a bet on odds of -175. You must divide 100 by the betting odds and then multiply that result by your stake amount. E.g., [(100/175) x stake]. So, if you had a stake of €50, the return would be 78.57 and minus the stake, your total profit will be €28.57. When calculating plus (+) odds, the division is reversed. [175/100 x stake]. 

How Betting Odds Work In UFC? 

UFC betting odds at Jet10 Casino cover the outcome of a fight. You can bet on each fight during a UFC event and the UFC betting odds will be a representation of the likely outcome and the payout against your stake. You’ll also commonly find UFC betting odds for the total number of rounds during a UFC fight. For this market, you’ll simply wager on if the fight will go the total difference by betting on either over or under a certain number of rounds. 

How Betting Odds Work in Football?

Football betting odds represent a number of different factors within a match. The most obvious market is the overall winner, in which punters simply wager on who will win a given match. However, football betting odds are also given for specific markets like total goals, length of the match, and the scores at the end of each half. Football betting also benefits from handicap markets, where punters can use the number of goals scored in a match to even the football betting odds. 

Since football competitions fall into tournaments and series, there are also betting odds for future wagers. This is where you wager on who will be the winner of a tournament or series overall, such as the Premier League champions or Bundesliga title holders. 

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