Notes

Betting Odds: Types and Calculations
You'll need to place a wager on a sport event that is between A and B. The first thing you must be aware of is the amount you'd get if you were accurate. In reality, the first thing the bookmaker will reveal is the odds as they are just that - numbers that tell you how much you will gain if you win the bet. They all represent the same amount but you will not find the exact same number at every sportsbook since each has its own method to calculate the odds. This article will explain the various kinds of betting odds and the method of calculating 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 know as UK odds, and American odds. Because of their accurate description of the scenario, the Decimal forms are viewed as the most common method of specification. The goal of odds specifications regardless of the format they are given, is to relate the the amount of money a bettor wagers to the amount he/she wins. In order to do this, you need to understand three terms: stakes and winnings. Stakes refers to the amount wagered while winnings refer to the amount that is won from a bet, and pay-outs are the total amount to be paid when a bet won. Pay-outs are obviously stakes plus winnings. While these terms may appear trivial, they are at the heart of odds calculations.

best games to play is also crucial to be aware of three other terms related to the strength of match teams: they are Odds, Odds on, and Odds against. Evens refers to the situation where both contestants are equal in strength. If there aren't any commissions involved, you can bet $1 for a chance to win $1. Odds-on refers to the probability of winning for the favorite and in this case winnings are less than the stakes. 1 player games -against refers to the underdog, and winners are usually higher than stakes. In the most frequent scenario of betting on sports in a match between two competitive contestants (evens odds), the odds assigned to both are 1.90 in decimal odds 9/10 in fractions and -111 for American odds and all mean the same thing "bet one cent to make 90 cents". In fact, if there were no commission involved, or if the bets were between two friends, the odds would be 2.0 1/1, 1.0, and 100, respectively depending on the three kinds of odds. They mean "bet one dollar and win one dollar".

Decimal Odds (European).

These are simply factors that indicate how-many-times-the-stake will the pay-out be. If the odds are 2.50 which means the payout will be twice as high than stake. For each dollar bet, the pay-out will be $2.50.

Pay-out = Stake * Decimal Odds
Win = stake * (Decimal Odds-1)


Fractional Odds (UK)

The fractions here represent that a stake equivalent to the denominator would bring a payout equal to the numerator. If you place a bet on 11 units and get 10 units, the odds are that you will win 10 units. For every $11 you wager you will win $10.


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


American Odds (US)
American odds are indicated by numbers that are always greater or equal to 100 preceded by an '+' or '-' sign. These symbols aren't mathematical signs, but are symbols of your winnings relative to your stakes. The positive sign can be used to signal the underdog when the stakes are higher than winnings, or that it is an odds-against-bet. the negative sign indicates favorites or odds-on betting. Both these odds are based on completely different definitions, so they make use of different calculations.

Negative odds tell you the amount you have to bet in order to win $100. If play games for real money have odds of -110, it means that 100 bets are needed to win $100.

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

Positive odds show how much the winnings will be when $100 is gambled. For instance odds of +110 means that $110 will be won when $100 is bet.

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

Some outstanding features of these opportunities.

Decimal odds are always greater than 1.0 as "1" represents the stake.
American odds are always higher than or equal 100 (remember that the letters + and – are symbolic, not mathematical symbols).
Fractional and American odds are indicative of winnings, while decimal odds indicate pay-outs.
Even odds, with regard to a fair bet, are when you win exactly the same amount as your stake. Evens are represented as 2.0 in decimal 1/1 for fractional odds, and 100 in US odds (-100 and +100 being identical).
In the case of odds-on, which is when the winnings are less than stakes typically the case of a favorite team the decimal odds are between 1.0 and 2.0. These are identified in fraction odds by the fact that their numerator (winnings) is lower than the denominator, and in US odds by the negative odds.
In cases of odds-against, which is when the winnings exceed stakes, which is usually the case of an underdog team, the decimal odds will be greater than 2.0 The numerator will be higher than the denominator in fraction odds, and these are positive odds in US odds.



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