Nobody wants to be a noob at the gambling table! To win a jackpot, you must know the art of placing bets, whether evens or odds. Decoding and calculating the odds is simple; you must know the basics. To save yourself from failure, turn into a shark with all the knowledge of odds, betting lines, and calculating odds. An anonymous gambling king said, “The only way to beat the odds is to be smart and disciplined.”
What are Betting Odds?
To make it simpler for you, betting odds are the representation of all the probability of the outcome that can occur in the event. It also provides clarity on the potential payout. This information helps the gambler make informed decisions and improve their winning chance. Three odds or betting line formats are Fractional, Decimal, and American.
1. Fractional Odds
Fractional Odds represent the profit and wager required in fractional forms. This form is most popular in the United Kingdom and used in a few parts of Europe. Here, a numerator displays the profit received in case of winning, and the denominator shows the wager a gambler needs to bet.
2. Decimal Odds
This representation of odds is extensively used all around the world. Only some people think it is not easy to understand until you know the basics. These decimal odds show how a gambler can receive the amount in return for his original stake. The total sum is always greater than or equal to the original bet amount.
3. American Odds
It is well-known as the Moneyline odds, mostly used in the United States. The potential outcomes are represented in positive and negative forms, showing positive odds as the profit that would come after winning. The negative odds represent the wager amount put by the wager.
Decode Betting Lines
Betting lines deal with the range of possible wager and their conditions established by the bookmark in the event. When a gambler reads the betting lines, they can know the parameters or the options available for betting.
By analyzing the betting lines, several pieces of information like point spreads, prop bets, and over/under totals can be understood. It helps to interpret the profit and get an overview of the bookmaker’s risk.
To understand betting lines, you need to decode these three different types:
1. Decoding Point Spreads
Here, the favored team goes with “-” and the underdog with “+.” If the point spread is Team A -3.5 and Team B +3.5, then Team A needs to get a minimum of $ points to cover the spread. In the case of Team B, they can still lose 4 points and stay covered.
2. Decoding Moneylines
Decoding this betting line is straightforward; you need to study the positive and negative ones to put your wager.
Suppose the betting liner is showing +300. It represents the underdog, and $300 is the winning amount on a bet of $100. If the underdog wins, you will get $300.
In case of negative representation, it shows the favored team. If the betting line reads -250, you must bet $250 to get $100.
3. Decoding Over/Under Totals
Totals betting or Game totals are other names for this betting line. Here, you can decode if the total score of both parties will be over or under the predicted predetermined number set by the booker.
For example, the booker has set up a line 230.5. It will be the total points expected. The gambler must bet if the total points are under or over the line. Suppose you bet on under the score, and the final scoreboard displays 102 - 100, and the total is 202. You win! Jackpot!
Calculating Potential Payouts
Calculating the Potential Payouts (PP) is an important factor in gambling. By this calculation, the bettor can know the potential profit they will receive on their wager. The calculations are of three types based on different betting.
- Decimal Odds
PP = Wager Amount x Decimal Odds
Eg: If $100 is the bet, and the decimal odds is 2.50
PP = $250 ($100 x 2.50) = $150
Therefore, the profit will be $150 with the original $100 stake.
- Fractional Odds
PP = (Wager Amount x Numerator) / Denominator + Wager Amount
Eg: $100 bet with fractional odds of 3/1
PP = ($100 x 3) / 1 + $100 = $300 + $100 = $400
The potential payout for a $100 bet with fractional odds of 3/1 would be $400.
- American Odds (Positives)
PP = Potential Profit + Wager Amount and
Potential Profit = (Wager Amount / 100) x Odds
Eg: Potential Profit = ($100 / 100) x 200 = $1 x 200 = $200
A $100 bet with +200 odds would result in a potential profit of $200.
Potential Payout = Potential Profit + Wager Amount = $200 + $100 = $300
Therefore, a $100 bet with +200 odds would have a potential payout of $300, including the original $100 wager.
- American Odds (Negative)
PP = (Wager Amount / Absolute Value(Odds)) x 100 + Wager Amount
Eg: If the odds are -150 and the wager amount is $100,
PP = ($100 / 150) x 100 + $100 = 0.6667 x 100 + $100 = $66.67 + $100 = $166.67
Thus, the potential payout would be $166.67, including the original $100 wager.
Understanding Implied Probability
To understand Implied Probability, you need to bring up your maths skills. By calculating this, you can put crucial wagers. In betting odds, there are four types of calculations for implied probability:
- Decimal Odds - Implied Probability
Formula : Implied Probability = 1 / Decimal Odds
Eg: if the decimal odds are 1.75
Implied Probability = 1 / 1.75 = 0.5714 or 57.14%
- Fractional Odds - Implied Probability
Formula : Implied Probability = Denominator / (Denominator + Numerator)
Eg: if the fractional odds are 3/1
Implied Probability = 1 / (1 + 3) = 0.25 or 25%
- American Odds (Positive) - Implied Probability
Formula : Implied Probability = 100 / (American Odds + 100)
Eg: if the odds are +150
Implied Probability = 100 / (150 + 100) = 0.4 or 40%
- American Odds (Negative) - Implied Probability
Formula: Implied Probability = Absolute Value (Negative Odds) / (Absolute Value (Negative Odds) + 100)
Eg: if the odds are -200
Implied Probability = 200 / (200 + 100) = 0.6667 or 66.67%
Final Takeaway
With the knowledge of gambling odds, you can be a shark! The above details will help you act out in your betting and make a crucial move. Master the calculation of payouts and predict your potential outcome of an event. Lastly, navigate the game with your best bet by implied probability and increase your winning chances.
