Notes

Betting Odds - Types of Bets and Calculations
You want to be able to place a wager on a sport event that is between A and B. The first thing you must know is the amount you would get if you were correct. The first thing a bookmaker will reveal is the odds, since they are just that - numbers that will tell you how much you will get if you win the bet. But, even though they'll all be the same amount, you will not see a similar number at different sportspooks since each one adopts a certain method of specifying the odds. played games will explain the various types of betting odds specifications and the method of calculating the expected gains for each one.

There are three kinds of odds specification: Fractional odds which are known as UK odds and Decimal odds which are also called European odds. Because they accurately portray the scenario, Decimal forms are considered the preferred method for defining odds. Odds specification is used to calculate the bet amount as well as the winnings. For this purpose one must be aware of three terms which are: stakes, winners, and pay-outs. Stakes are the amount of money wagered, winnings are the amount won in betting, and pay-outs are the amount that is to be paid when a bet won. Pay-outs represent the sum of stakes and winnings. The terms may seem unimportant however, they are the heart and soul of all odds calculations.

It is also essential to be aware of three other terms related to the strengths of teams playing These are Odds Odds on, and Odds against. Evens refer to when both players are equally strong. If there aren't any commissions, you could bet $1 for a chance to bet $1 and win. Odds-on is the odds of the favorite and in this case winnings are less than the stakes. Odds-against is the odds of the underdog. In this scenario the odds are generally higher than stakes. In the case of evens odds (the most popular kind of betting on sports) odds are assigned to both sides. They will be 1.90 in decimal odds, 9.10 in fraction and -111 American odds. Each of these odds are the same, "bet one dollar for 90 cents". Even in the absence of commissions or bets made between friends would have been 2.0, 1, and 100 for all three kinds. They mean "bet one cent to win one dollar".

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 mean that the pay-out is two and half times stake. For each dollar wagered, it will be $2.50.

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


Fractional Odds (UK)

These numbers show that a stake that is equal to or more than the numerator is likely to yield a winning sum equivalent to the numerator. For instance odds of 10/11 means that 10 units are taken home with a stake of 11 units. For each $11 wagered, the winnings will be $10.

Win = Stake * Fraction Odds
Pay-out = Stake * (Fraction Odds * 1)


American Odds (US).
American odds are indicated by numbers that are always greater than or equal to 100 , followed by an '+' or '"-" symbol. These symbols aren't mathematical symbols, but they are symbolic of your winnings relative to your stakes. The positive symbol can be used to indicate an underdog , whose winnings surpass stakes, or an odds-against-bet; while the negative sign indicates the odds-on and favorites. Both these odds are based upon completely different definitions, and therefore employ different calculation methods.

Negative odds tell you the amount you need to wager to win $100. For free games to play of -110 means that to be a winner, the wager must be $110.

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

Positive odds indicate how much the winnings will be when $100 are wagered. For instance odds of +110 indicate that $110 is the prize after $100 has been wagered.

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


These odds have some outstanding features.

Decimal odds are always greater than 1.0 because "1" refers to the stake.
apps are never higher than or equal to 100 (remember that the letters + and - are not mathematical numbers).
Fractional and American odds can be used to determine winnings and decimal odds are a sign of payouts.
Even odds, with regard to fair bets are when you get the same amount as your stake. Thus, even odds are represented by 2.0 in decimal form, by 1/1 for fractional odds, and by 100 in US odds(-100 and +100 are identical).
The decimal odds for odds-on are those in which winnings outweigh stakes. This is usually the scenario when a favorite team has a lot of wins. In fraction odds, they are identified by the fact that the numerator (winning) is less than the denominator (the stake), and in US odds, they are negative odds.
If there is an odds-against situation that sees winnings exceeding stakes, then the decimal odds will be greater than 2.0. The numerator in fraction odds is greater than the denominator. These are the US odds.



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