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You can also use online calculators or converters to find your potential payouts using different betting odds formats. Decimal odds are the most common format in Europe and Australia, and they are written as one number with a decimal point, such as 11.0 or 1.1. The number shows how much you will get in return if you bet one unit of currency on an event, and it happens. For example, if you bet £10 on a team with odds of 11.0 to win, you will get £110 in return (£10 x 11), including your stake of £10. If you bet £10 on a team with odds of 1.1 to win, you will get £11 in return (£10 x 1.1), including your stake of £10.
- Moreover, the odds displayed by different bookmakers can vary significantly, meaning that the odds displayed by a bookmaker are not always correct.
- However, some have limited options for niche sports and events.
- The odds you get when you place your wager will never change—in other words, if you bet the Lakers at +1500, those are your odds all season.
- Odds inform bettors how much inherent risk and potential reward lie within a bet, how much money they should gamble, and the implied probability of winning.
- They’re somewhat similar to favourable American odds for those yet to understand how odds work.
The decimal odds number represents the amount one wins for every $1 wagered. For decimal odds, the number represents the total payout rather than the profit. In other words, your stake is already included in the decimal number (no need to add back your stake), which makes its total payout calculation easier. The three main types of betting odds are fractional (British) odds, decimal (European) odds, and money line (American) odds. These are alternate ways of presenting the same odds and hold no difference in terms of payouts. This means that the chances (or the percentage probability) of an event occurring can be converted and presented in any of the odds mentioned earlier.
Calculating Sports Betting Payouts of American/Moneyline Odds Bets
There's also a super easy equation you can use to convert decimal odds to implied probability. If you are planning to enter the betting world, it is important to be able to understand and interpret all types of odds well. Conversely, positive numbers are attached to the underdog and refer to the amount you could win if you bet $100. You stand to make more money on positive odds, but the chances of a win are lower. “Cash Out lets you take profit early if your bet is coming in, or get some of your stake back if your bet is going against you—all before the event you’re betting on is over.
Futures bets tend to offer greater odds—and thus larger potential payouts—than straight bets. For example, it’s generally less likely to predict the Stanley Cup winner at the start of an NHL campaign than predicting which team will win a random regular-season game. Fractional odds are most common at British and Irish sportsbooks, as well as in horse racing. There are a wide number of different formulas that pertain to online betting. It is important that you get to know the different formulas if it applies to your betting strategy or if you simply are interested in how things work.
What Is Implied Probability?
We simply wish to bring your attention to the wonderful betting tools that have come to the fore in recent years. Your betting payout for either side will be $100 for every $110 wagered. However, with spreads it is possible that the game ends with a 7 point difference. Then, the bet is a ‘push’ meaning the result is basically a tie. In this instance, your bet will be refunded but you won’t receive a payout over and above this. The sportsbook will automatically indicate your potential winnings for you. You can also use a sports betting calculator, several of which are readily available online.
Converting odds to a break-even percentage
Plug in the odds and your bet amount, and you'll see what profits you stand to gain for different combinations. However, some betting options allow a draw option where players who bet on the tie and win will get their stake refunded with no profits. This is called a push bet and is common in some handicap markets.
Importance of Comparing Sports Betting Odds
In sports betting, the implied probability is a conversion of the odds into a percentage, taking into account the margin of profit that the sportsbook has added in. Computing this can help you decide on the value of the bet and see if the house edge, of the vigorish, feels reasonable for you or not. Money lines and point spreads use the same information when they’re calculated, and both of their payouts are tied to the odds of rich reels review a team winning or losing. In fact, both try to account for the relative strength of each team. Money lines change the amount charged for bets on a team, while point spreads change the team scores that would count as a win. The information in money line markets may be more precise than that in point spread markets, according to some financial studies. A point spread bet considers not only which team wins but also by how much.
For example, if you go 6-1 on a seven-team parlay, you might as well have gone 0-7. The odds you get when you place your wager will never change—in other words, if you bet the Lakers at +1500, those are your odds all season. Favorite bets will have a denominator larger than the numerator such as 1-2 or 2-5.
If you predict the right number of over or under goal totals, you win, and so on. Generally, when you win a bet, the sportsbook will pay back your stake plus a profit for winning. When odds are expressed with a plus (+) or minus (–) symbol followed by a number. They are American money line odds; for example, +200 signifies the amount a bettor could win if wagering $100. If the bet works out, the player would receive a total payout of $300 ($200 net profit + $100 initial stake). In the above example, if you bet $100 on Brooklyn to win, you could make a $260 profit ($100 x (13/5)) and get back your initial stake of $100, resulting in a total payout of $360.
Let’s look at a specific example of betting and winning on a moneyline. Let’s say you happen upon a game between the Green Bay Packers and the Los Angeles Rams, where the Pack are listed at +150 and the Rams are listed at -110. We can immediately establish that the Celtics are the favorites, while the odds for Golden State and Milwaukee to win are longer. You would win $159 against every $50 you wager on Boston to win the NBA Finals. Meanwhile, you would win $220 against each $50 you put at stake for Golden State to win.
American Odds
If you do decide to use a betting calculator, then you will simply need to enter in the different numbers that are relevant to your bet. If you are using American odds and spreads, then you select this option and enter the odds and spreads that you are betting on. You will also need to enter the bet amount you wish to wager. You’ll then be given the amount that you can expect to win if your bet comes off. If you want to know the total payout, then add the initial stake with the amount given by your calculator.
This altered emotional state can negatively impact a player's strategy and decision-making, often resulting in poor play and significant losses. In American odds, that’s +597, meaning this parlay pays nearly 6-1. A double bet pays about 2.6-to-1, and a triple parlay pays about 6-to-1.
In this game, both the Celtics and Lakers are -110 if you bet them against the spread. A $250 bet on the Celtics on the moneyline, meaning if they win the game by any margin the bet wins, would win $100 (plus a return of the original $250 bet). You might find these in the wild from time to time, especially in Europe, but the format is rarely used in the U.S. Still, a core understanding of decimal odds is important should the format ever crop up on your sports betting journey. So let’s say your standard betting unit is $25, and you want to bet the Diamondbacks at those +188 odds. To calculate your potential winnings, just multiply your wager ($25) by 188, then divide by 100. Totals, such as an over/under bet, will require you to bet on the total points scored in a game.
With 5/8 odds, it’s, “I can win $5 for every $8 I bet.” So, a $24 bet would pay $15 (total payout of $39). Thus, a $56.25 wager on the Giants has a potential profit of $25. If the Giants win the game, you will collect a total of $81.25 ($25 original bet + $56.25 in winnings).