Placing bets is always the easy part. The hard part is winning. The odds may seem against you, especially since sports has so many unknown influences. Humans can be too unpredictable at times. Stay informed and understand what the odds mean before going in and placing the next bet. Do not let the lingo confuse or scare you. It’s not too difficult to understand. Know that there are three types of odds that any better will see is decimal, fractional and American.
The decimal odds are the most popular odds used. It is so recognizable that you can bet just about anywhere. These will be listed as a 3.00 stake. You will multiply your winning to the decimal shown to get the amount you win. For example:
If you place a $1 bet on a 3.00 odd, you will receive $4. $1 will be the amount you placed, and $3 will be your earnings.
If the odds are 4.00 and you place $10, you will receive $40. $30 will be the earnings and $10 will be the money placed. Here is a video to help you understand.
Fractional odds are not as widely used as decimal odds. These are mostly used by the UK bookmakers, so it is important to know for anyone who may be a soccer enthusiast (or football if you’re from the UK). These bets may be listed as 2/1. They list how much money is won versus how much money is placed. For example:
If the odds are 2/1 and you placed $1, you will receive $2 in winnings ($3 total counting the $1 stake that was placed).
So for 7/2 odds and placing $10, you will receive $35 in winnings ($45 total counting the $10 staked that was placed).
The American odds are vastly different compared to the other two. The odds are calculated with a $100 stake and give a positive or negative outcome. These odds tell you how much money you need to make money you need to bet to make $100. For example:
The odds are +227. Placing a $100 bet means that you can win up to $227 ($127 winnings and $100 amount that was staked).
The odds are -125. mean that you must risk $125 to earn $225. You either lose $125 or win $100.
Now that you know what odds are, how can they benefit you? There are certainly many things to take into account when placing bets. Think of the stats in football. There are passing yards, rushing, total wins etc. Which of these stats give the greatest indicator for winning? Betting on the underdogs give you a certain advantage over most.
While underdog betting may be looked down upon and may even give you away as a novice better, remember that underdogs give you a slight advantage over others. These teams tend to go under the radar. The public will always pick a popular team, but that team is not always wins. There are certainly plenty of times to go against the grain. Perhaps it’s the added pressure, or some other unknown. The bookmakers will also narrow the odds, giving less potential profit for a win. But before you place the bets, always remember that your gut feeling usually comes out on top.
So there you have it. A quick glance at the types of odds used depending on the sports you are betting on. Other than understanding the odds and studying the team statistics, there isn’t a guaranteed method for winning. The underdog tactic may have it’s upsides and downsides, but at the end of the day, your gut may prevail. Stay true to that and have fun.