Understanding Wagering Odds
When it comes to wagering whether done through betting services for different sporting events or playing the odds for online slots at casino genie and other big options too, the odds play a big role into what the possible outcome could be. It can be confusing, however, with different formats depending on the country a service is represented in, and to understand what the odds really mean – so how do players better understand wagering odds and how can they be used to help increase odds of winning or increase odds of a better pay-out?
Fractional odds are amongst the most preferred – For many services, odds will be displayed fractionally as most of the biggest bookmakers particularly in countries like the UK will use this method. They’ll be displayed with either a slash or a hyped, for example 5/1 or 5-1, meaning in this instance that winnings would £5 for every £1 wagered, whilst also receiving the initial £1 back – wagering £10 on a game with 5/1 odds would lead to a winning pay out of £60 at these odds (£50 profit, and £10 stake returned.) Understanding this makes it much easier to look at fractional odds for what potential return could be on the favourites, and what return will be found on the underdogs too.
Decimal odds are another popular choice – Often found much easier to read and more common across Europe, Australia, New Zealand, and Canada, and calculations can be much easier to make. Simply multiplying the stake by the decimal probability gives the winnings, whilst removing the initial stake too –betting £100 on a 5.00 odds wager will give a pay-out of £500, minus the initial £100 stake for a profit of £400. It’s much easier to follow than fractional odds for newcomers, but has the same outcome, but is easy to follow particularly at first glance.
Moneyline odds are an American favourite – Most commonly seen in the fight game with sports like Boxing and MMA, but also often used in other big US sports too, but something that can be a bit harder to read for those more used to fractional and decimal odds. Displayed with a plus or minus sign, with team A being +500 and team B being -500 odds for example. A stake of £100 on the +500 team would give a return of £500, plus the initial stake bringing the total to £600 – it is easy enough to read, but not the most intuitive compared to other options.
With an understanding of the way odds work for wagering, no matter where the odds are being offered from knowing what they mean for potential return and potential stake can make all the difference, and influence how a wager is placed in the future.