Sports betting odds explained: learn everything
Would you like to make consistent profits from sports betting? If yes, you should understand the most crucial aspects of this form of betting. Whenever a site such as Betzest displays different matches, you will always see certain numbers alongside the different teams. These are referred to as sports betting odds.
They show the likelihood of a certain event happening. Understanding how odds work can help you make accurate decisions rather than relying on guesswork. The odds can help you learn how much cash you can make from sports betting.
Sports betting odds explained
Bookmakers in Canada, such as Betzest, set different odds for every match. They consider various factors before setting them. The sports betting odds should guide you on how you should bet. These odds often come in the following formats.
The decimal odds are often displayed in two decimal places, and they can help you figure out what a winning wager can return. To find out the exact potential returns from decimal odds, you should first multiply the presented odds by your stake. Once you get the payout, subtract the initial wager for you to get the winning. Consider this example
Tampa Bay Rays (2.40) vs. Cleveland Indians (1.61)
If, for instance, you bet on the Tampa Bay rays with $75 and the team wins, you can calculate the winnings like this ($75 x 2.40)-$75= $105.
Now that we have the first format of sports betting odds explained let us look at American odds. These often come with a plus or minus sign before the exact figure. The negative sign shows that the team is the favorite, while a positive sign indicates that the team is the underdog. Check out this example.
Pittsburgh Penguins (-130) vs. Ottawa Senators (+110)
If, for instance, you support the favorite, which in this case is the Penguins, you have to wager $130 for you to win $100. On the other hand, if you support the senators and you place a bet of $100, and the team wins, you will earn $110.
Sports betting odds can also come in fractions. These are common in horse racing. Some of the examples of fractional odds include 2/1, 10/1, 15/8, and 5/2. The formula for calculating the potential profit from such odds is stake x (a/b) = profit. A represents the numerator in the fraction, while b is the denominator.