When you first start betting, understanding the odds can seem confusing. However, betting odds are crucial because they determine how much you can win based on your bet. Whether you’re using a platform like 22Bet or another online sportsbook, knowing how to read odds will help you make smarter bets. This beginner’s guide will break down the basics of betting odds and explain the different types you may encounter.
What Are Betting Odds?
Betting odds represent the probability of an event happening, and they also show you how much money you can win if your bet is successful. For example, if a team has odds of 2/1 (or +200), this means that for every $1 you bet, you could win $2 if the bet is successful.
In other words, odds tell you two things:
The likelihood of an outcome happening (higher odds mean a less likely outcome).
The potential profit from your bet (higher odds usually mean higher potential profits).
Types of Betting Odds
There are three main types of betting odds you’ll encounter: fractional odds, decimal odds, and moneyline odds. Let’s look at each one.
1. Fractional Odds (UK-style)
Fractional odds are commonly used in the UK and are written like this: 5/1, 10/3, or 1/2. The first number represents how much you can win, while the second number represents how much you need to bet.
Example: If you see odds of 5/1, this means you can win $5 for every $1 you bet.
Example: If you see odds of 1/2, this means you need to bet $2 to win $1.
2. Decimal Odds (European-style)
Decimal odds are commonly used in Europe, Canada, and Australia. They are easier to understand and are written as a single number, such as 2.00, 3.50, or 1.25.
Example: If the odds are 2.00, for every $1 you bet, you will win $2 if successful (this includes your stake).
Example: If the odds are 1.50, for every $1 you bet, you will win $0.50 if successful (this includes your stake).
3. Moneyline Odds (US-style)
Moneyline odds are most common in the United States and are written with either a positive (+) or negative (-) sign in front of the number, like +200 or -150.
Positive Moneyline Odds (+) show how much you can win from a $100 bet.
Example: If you see +200, you can win $200 for every $100 you bet.
Negative Moneyline Odds (-) show how much you need to bet to win $100.
Example: If you see -150, you need to bet $150 to win $100.
How to Calculate Potential Payouts
Fractional Odds Example: If you bet $10 on odds of 3/1, your potential payout would be $30 (3 times your bet of $10).
Decimal Odds Example: If you bet $10 on odds of 2.50, your potential payout would be $25 (your $10 bet multiplied by 2.50).
Moneyline Odds Example: If you bet $100 on +200 odds, your payout would be $200 (your $100 bet multiplied by 2).
Final Thoughts
Understanding betting odds is crucial for anyone looking to bet, whether for fun or profit. Once you get the hang of how they work, it’s easier to calculate potential payouts and make more informed decisions. Whether you use fractional, decimal, or moneyline odds, knowing the basics will give you a better chance at successful betting. Always remember to bet responsibly and manage your bankroll wisely!