Betting Odds In Football- What A Gamer Needs To Know
Learn the ropes of betting odds in Online football betting for having a better winning record in sports betting.
If you have checked online football betting sites, you might have come across a term as betting odds.
Bookies or online websites usually use betting odds to denote any football match’s possible outcome. Moreover, the betting odds also denote the winning margin in online football betting.
There are mainly three types of betting odds- Decimal, American and Fractional odds. Most websites use either any of them or all of them as per their preference.
Usually, decimal Odds are represented by decimals in the format of “x.y.”
Here is an example: In the case of a match between Team A playing Team B, the odds are, respectively, 1.5 and 2.4.
The winning prize is calculated in the formula, BET X DECIMAL ODDS-BET AMOUNT.
Hence, for team B, the winning is, $20 x 2.4- $20= $48 -$20 = $28
The probability of winning is calculated by the formula 1/Decimal odds.
In that case, the probability for team B= 1/ 2.4 = 41.7%
The team with a higher probability or the lowest odds is called favorites, and the team with higher odds is known as underdogs.
In general, America odds are expressed in the format, +AAA or –AAA format.
The team with minus betting odds is usually considered the favorite, while the team with the positive betting odds is the underdogs.
Here consider the betting odds of two teams, Team M(+118) and Team N(-120). Here team M is the underdog, and team N is the favorite.
The winning equation for positive odds is, odds / 100 = betting amount/winning amount.
Hence, in case you place bets of $20 for team N, the winning amount will be 120 / 100 = 20 / x
X = 16.67
Hence, you total winning will be $20 +$16.67 = $36.67
In case of negative odds, the formula is, 100 / odds = bet / x
Hence, for a bet of $20 on team M, the winning amount is, 100/ 118 = 20 / x
Hence, the winning amount in case of team M = $20 + $23.6 = $43.6
The odds described in “a/b” format are defined as fractional odds and described as “a to b.”
Consider team 1 and team 2 with an odd of the format “a/b.” In this case, team 1 won for “a” times in the previous face-offs, while team 2 secured “b” number of winnings in the past. The total number of times both teams have played in the past is the sum of a and b.
In the case of fractional odds, the winning formula is bet x fractional odds
Here, consider two teams, P and Q, with the odds of 5/ 9. Imagine one has placed a bet of $10
Hence, the winning for team P = 10 x (5/9)) = 10 x 0.56 = 5.6
Hence, total winning is $15.6
The three types of odds, Decimal, American and fractional, are usually used in football betting. You can use the formula mentioned above to develop a better understanding of placing bets. Having a proper strategy and a clear idea about the bets often helps you to win better.