How to make the odds work
The players before placing bets or wagers on outcomes should understand how to make the odds work. The betting odds are usually the likelihood of the occurrence of a certain result in an event and this is generally presented in the forms of fractions or decimals or the numbers are also presented with the symbol of plus or minus on the front of the numbers also called money line. Without a good grip on betting odds, it would be quite ridiculous to place bets as it doesn’t quite increase the chances of winning the bets and earning profits.
The fractional betting odds are also called British odds, the decimal is called European odds and the money line are called American odds are the types of betting odds. These are the main types of odds and the probability of the event occurring can be converted and presented in the form of odds. Let’s know how betting odds work.
The Ways The Odds Works
The Fractional Odds
The fractional or the British odds are normally popular among the British or Irish sites. These odds are the largest sought odds worldwide as these are used by the largest bookmakers, thus making them the most preferred and popular. The British odds are normally written with a hyphen or slash between the numbers.
The fractional listing of let 7/1 which is announced as seven-to-one odds would normally mean that the player will win $7 against every $1 he wagers and added to that, the player will also receive the amount he wagered. It is generally the amount of profit the player wins from the initial bet. If the player stakes a total of $10 at the odds of 7/1, then he will receive a total of $70 stake added with $10 profit, which means a total of $80.
The Decimal Odds
The decimal odds or the European odds are quite famous within the countries of Australia, Canada, and others. These decimal odds are quite easy to learn and understand. These odds represent the total amount the player wins for every $1 that is wagered and the number instead of showing the profits, reflects the total payout. The decimal odds can be easily calculated by multiplying the Stake with the Decimal odd Number.
The Money Line Odds
The money line or the American odds is quite popular among the players of the United States. In this odd, the favorites are represented with a minus sign in front of the number, which indicates the amount of money needed to stake to win an amount of $100. While, the odds for the less competitive ones are presented with a plus symbol, which indicates the total amount of money won for the staked amount of $100. As the probability of winning for the favorite increases, the distinction between the both, that is, odds of favorite and less competitive increases.
Before entering the betting world, it is very important to understand how the odds work and the player should be able to interpret the odds at a glance. And after gaining the knowledge on the working of the odds, the player can proceed to learn how the house always wins.