Online betting and sports are very old companions. The online betting world has rapidly advanced, and the growth of online betting platforms has been tremendous. Before digging into sports betting, you must understand betting basics and where you should bet online. You can find great platforms for online betting regarding different games. One of the very famous websites out of these is Lottoland.asia. It has a dedicated page for sports betting, including cricket, football, tennis, basketball, etc.
Initially, you might find it difficult to understand what needs to be done and how bets are placed, and the odds of winning. However, if you go through the odds of betting properly, you can surely become a winning bettor. There are several types of betting odds that must be understood to serve the game’s real purpose and receive maximum profits around bets being placed in the world of sports betting.
What Are the Betting Odds in Sports?
The sports betting odds reveal the probability or chance of the occurrence of the outcome. The odds tell about the probability of the event’s occurrence and the outcomes of a particular bet.
The odds of winning a match can be calculated by using the below formula:
Probability = 1/decimal odds
How Do Betting Odds in Sports Work?
When you get the hang of the betting odds, you can easily focus on winning the bet or the ways to win a bet or the amount of money you might win on a bet.
This can be calculated by using the given formula:
Your Winnings (Profit) = (Your Stake * Odds) – Your Stake
For instance, if you take an example of a football match between Germany and Brazil. You have placed a $10 bet on Brazil at winning the match by 1.80 odds. For calculating the amount of profit you will be earning on a bet, the formula mentioned above could be used:
Your Winnings (Profit) = ($10 * 1.80) – $10 = $18 -$10 = 8$
So if Brazil beats Germany, you will be able to win $18, which makes your profit $8 on a bet of $10.
Types of Betting Odds
In Sports, the odds of betting have many forms and ways to place bets. However, all the methods reveal the same results and have the same goal. The three basic forms of betting odds include Decimal, Fractional and American. You might not need to enter into many details as many sportsbooks allow you to your winning odds, so knowing about one only will suffice.
Fractional Betting Odds
Fractional Odds of Betting is one of the most common notations used to express the odds of betting. It is broken down into columns that are separated using a slash (/). The left column shows the profit you will win on the amount you have placed the bet for. The right column shows the betting amount. For example, for 3/1 odds, you will be earning three units for every 1 unit.
2. Decimal Betting Odds
The Decimal Betting Odds are one of the most recent notations which are very simple yet not so sophisticated as the fractional one. They are represented in decimals such as 2.25, which shows the number of units returned to every unit. For instance, if you placed a $5 with odds of 1.75 over winning, then the total profit you will get is $3.75. It is calculated as:
8.75 ($5 * 1.75) = $3.75. The most important point is that the decimal notation always includes the total payout you will receive.
3. American Betting Odds
The American Betting Odds are one of the most common ones used by the sportsbooks and punters from the US. However, this notation is very confusing as compared to others. The odds of betting by the American notation are depicted by a positive or a negative number such as -250 or +250. The positive odds show the amount you will receive as proof of the stale, while the negative number shows the amount you will have to stake. It does not normally include the total payout to be received. Most punters try to avoid using this notation and focus on the other options available.