How do betting odds work? Fractional, decimal and American odds explained and how to read them

They represent what the betting market believes is likely to happen. Understanding this conversion can provide a fresh perspective when placing bets. So, if an event has https://gullybetofficial.com/ decimal odds of 4.0, this translates to a probability of 0.33, or 33%. In simple terms, this suggests that the event has a 33% chance of happening according to the betting market.

Advantage 1- Easier to understand

Alternatively, if you’d prefer to avoid maths altogether (and really, who wouldn’t?), most online odds converters will immediately calculate the implied probability for you. So for example, if you bet 100 Rupees on a 1.8 chance, you’d win less as profit (80 Rupees) than what you’re willing to risk. So if our pitcher is hitting his total only 53% of the time, then is there any value in playing a bet at -170? It obviously doesn’t so this in fact is not a good bet to make. Since we have already established what decimal odds are and how to convert them we will go ahead and start with that. Often they’re around –110 on both sides, meaning you risk $110 to win $100 whether you choose the over or the under.

• They are predominantly used in the United States and can look like –150 (favorite) or +130 (underdog).
• So sit back, relax, and let us guide you through the world of decimal odds.
• However, at land-based sportsbooks, uninformed bettors really have no way of knowing how much an unconventional wager will return, at least not without a payout calculator handy.
• Stephanie is a published author and, having taken up Matched Betting fairly recently, she knows exactly how beginners feel when they first start Matched Betting.

Fractional Odds At Gullybet

They represent the total payout (profit + your original stake) based on a 1-unit stake. But how do decimal odds work, and how can you read them to understand your own chances of winning? Our guide will teach you about decimal betting odds, explained in simple terms, along with some real-world examples so you can see this bet-type in practice.

Examples of Over/Under Bets: A Comprehensive Guide

If the number is -6.5 they have to win by 7 or more for the bet to cash. This is also why most commonly you will see what is considered “the best odds” on totals. And the number is often adjusted to keep it at a 50/50 proposition the more money comes in on a certain side. Download it now from the Play Store or the App Store to enjoy live betting, real-time updates, and exclusive offers right at your fingertips. A plus sign means the team or player is an underdog (less likely to win), but with a higher payout if they do.

Directly looking at standard American odds you can easily determine what the vig is. If you see a line set at -110 then that little -10 at the end is the cut the books will be taking from your bet. So if you spend $1 to make a bet at odds of -110 you will be getting a return of .90, and Vegas will be making 10 on that transaction. A point spread (common in football and basketball) is essentially a handicap to level the playing field between two teams of different strengths. The higher the probability (the more likely the event), the lower your potential payout.