Notes

Betting Odds: Types, and Calculations
You'll need to bet on a sport event that is between A and B. The first thing you need to be aware of is how much you could win if your prediction was right. In games , the first thing a bookmaker will reveal is the odds, since they're just numbers that show the amount you'll gain if you win the bet. Although they'll all be the same amount, you'll not find a consistent amount at various sportsbooks because each has its own method of describing the odds. This article will explain the different types of betting odds specifications and also how to calculate the expected gains in each case.

There are three distinct types of odds specifications. they are: Decimal Odds , also known as European Odds, Fractional odds, also known under the name UK odds and American odds. Perhaps because of their correct depiction of the situation they are the Decimal types are considered to be the preferred method for defining odds. The purpose of odds specification regardless of the form they're presented is to connect the amount of money bets a gambler makes on winning to the amount that he or she wins. In order to do this one must know three terms which are: stakes, winners, and payouts. Stakes refers to the amount that is bet. The term "winnings" refers to the winnings when a bet is placed. Pay-outs, on other hand, refer to the sum of money that is paid out after a bet has been won. Pay-outs are obviously stakes plus winnings. While these terms may appear trivial, they are at the heart of calculations based on odds.

Additionally, it is essential to know three more terminologies regarding the strength of the teams in a match; they are Odds-on, Evens, and Odds-against. Evens refer to situations where the two teams are equally strong, and therefore there is no winner or loser; you bet $1 to win $1, if there are no commissions involved. Odds-on refers to the odds that the favorite will win, and in this case the stakes are lower than the amount of money won. Odds-against refers to the odds for the underdog. In this scenario the odds are generally higher than stakes. For instance, in the most frequent scenario of betting on sports in an event between two competing contestants (evens odds) The odds that are assigned to both are 1.90 in Decimal odds, 9/10 in fraction, and -111 in American odds that all are the same "bet one cent to win 90 cents". The odds, even if there was no commission or bets between friends, would have been 2.0 1. 100 for each of the three types. They mean "bet one dime to win one dime".

Decimal Odds (European)

These are simply factors that indicate how-many-times-the-stake will the pay-out be. For example, odds of 2.50 indicate that the payout is two and half times stake. For each dollar wagered, it is $2.50.

Pay-out = stake * Decimal Odds
Winning = stake * (Decimal Odds - 1)


Fractional Odds (UK).

free play represent that a stake equal to the denominator will result in a winning that is equal to the sum of the numerator. If you place a bet on 11 units and you win 10, the odds are you'll be able to win 10 units. For every $11 wagered the winnings will be $10.

Winning = Stake * Fraction Odds
Pay-out = stake * (Fraction Odds Plus 1)


American Odds (US).
American odds are denoted by numbers that are always greater or equal to 100 , followed by an "+" or"-" sign. These signs are not mathematical, they are simply symbols that indicate whether your winnings are higher than or less than the stakes. The positive sign could be used to signify the underdog who's winnings are greater than stakes or an odds-against wager and the negative sign indicates the odds-on and favorites. These two odds have completely different definitions, and therefore make use of calculations that aren't related.

Negative odds represent how much you can bet in order to win $100. For instance odds of -110 indicate that to be a winner, the wager must be $110.

Win = stake * 100/negative American Odds
Pay-out = stake * (100/negative American Odds+ 1)

Positive odds represent how much winnings are likely to be when $100 are bet. If $100 is wagered, odds of +110 indicate that $110 is the prize.

Winning = stake * positive American Odds/100
Pay-out = Stake * (positive American Odds/100 + 1)

A few outstanding aspects of these opportunities.


Decimal odds are always greater than 1.0 since '1' represents the stake.
American chances are never greater than or equal 100 (remember that + and – are symbolic, not mathematical signs).
Fractional and American odds indicate winnings and decimal odds are a sign of pay-outs.
If you win exactly the same amount of money as your stake, then that is called an even chance. Thus, even odds are expressed as 2.0 in decimal form, by 1/1 for fractional odds, and 100 in US odds(-100 and +100 are identical).
The odds-on decimal odds are those where winnings exceed stakes. This is usually the situation when a team that is favored has a lot of wins. In computer are identified by the fact that the numerator (winning) is lower than the denominator (the stake), and in US odds, they are negative odds.
If there is an odds-against situation where winnings are greater than stakes, then the decimal odds will be higher than 2.0. The numerator of fraction odds will be greater than the denominator. These are the US odds.



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