Do you want to know more about betting odds? Live betting has over time become rife amongst online betting platforms. A lot of bettors are beginning to see the potentials the opportunity holds and are already cashing in on it. In the same vein, online betting websites are optimizing their platforms to feature live betting, given how much popularity it has gained over recent years. You can’t blame bettors for going crazy over live betting. An opportunity that gives punters the edge to bet on live games, while being armed with statistical analysis is just amazing. Going forward in this piece, we have collated a ranking of the best live betting sites and more crucial information about live betting.
Betting Odds: What is it?
You may want to ask; what are sports betting odds? You may have seen the word thrown around a couple of times when betting is being discussed. Betting odds are like the bedrock on which betting is laid on. Betting odds are decided by bookmakers to represent the probability of an event happening.
This probability is represented differently with varying bookies across continents. The two common representations of odds among bookies are fractional and decimal. In essence, for any event that bookmakers are placing and accepting bets on, odds are decided as the probability quotient for that event happening.
What are the different odds formats?
As it was highlighted in the introduction, there are different odds formats. You’ll find different odds for each bookie. In the subsequent paragraphs, you will be looking at the variations.
Fractional odds are one of the popularly used variations of odds among bookies across the world. Fractional odds represent a ratio of the amount won to the stake. For instance, if you bet #100 on an Olympic event or probably a super bowl event, that’s 4/1 and you would win #400 if it plays out correctly.
On the other hand, decimal odds are popularly termed as European odds but still more or less mean the same thing as fractional odds. In this case, the odds are represented in decimal format. If you place #100 on a Premier League or La Liga game that is placed at 2.5 odds, what this means is that your winnings would be #250 if that event comes through. Essentially, you are to multiply the stake by the odds in decimal, to arrive at the payout.
As the name implies, this variation of odds is mostly applied by American bookies. In this case, the odds are represented in such a way that the favourites have a (-) sign attached while the underdogs have a (+) sign attached. The (+) sign indicates the amount that is won for every $100 staked while the (-) sign indicates the amount you need to stake to win $100. This type of odds is rarely found in Africa.
This type of odds is decimal odds that are represented in percentage formats. For example, 2.5 odds would be represented as 250% when converting to percentages.
Betting odds calculator
The betting odds calculator is one tool that is featured in virtually every good betting platform you will find out there. The betting odds calculator helps you multiply the combo of odds picked in a bet slip by the stake. With the help of a betting odds calculator, it is easy for you to divide what the payout of a bet is likely to be without having to rack your brain.
How are betting odds calculated?
This concept is something that even long-term bettors have a hard time grasping but it is not as tedious. Before these odds are released by bookmakers, there is a lot of statistical analysis that takes place to determine the probability of outcomes. Bookies have to rely on data from previous events, forms, injuries, weather and even public opinion to decide which outcome is more or less likely to come through. When all of the aforementioned have been studied, then the odds will be pulled out in different formats for the bettors to try their luck.
Frequently Asked Questions about Odds Betting
Fractional odds are a variation of odds where the odds are represented in fractions. The fraction represents the ratio of the amount won to stake.
Betting odds to a large extent are very accurate. The odds are appropriately calculated by bookies in such a way that their interests are secured.
Yes, the odds can change after betting. A lot of factors influence the change of odds before the event. These factors could be an injury, weather, to mention but a few. Sometimes, you could still be trying to accumulate odds and a betting odds calculator could reflect a change too. Then, you experience dropping odds.
Sometimes you will discover that there are minor differences in odds between two platforms. This is specific to their methods of calculating their odds.
Conclusion on the Betting Odds
Betting odds are probably the most important elements in betting. They determine what your winnings and payout would be. Betting odds can generally be distinct with different sites. However, the figures are often similar.
With some sites, the betting odds are represented in fractional formats, others represent in decimals while there are a few that represent in percentages. With the help of a betting odds calculator, players get to make their work easier by multiplying their bets by their stakes with no stress. This betting odds calculator is a staple amongst a bunch of live betting sites.
Considering all that has been discussed so far, the concept of betting odds, how it works, the various types and many related terminologies should be properly understood at this point.
Lastly, one can’t overemphasize the essence of responsible gaming. While you want to enjoy the perks that come from betting, you must remind yourself actively of responsible gambling rules. Always do due diligence to check the terms and conditions about the different offers on a site, and about the site also.
The more information you have about the platform and the offers, the more likely you are to make a more informed decision whether to bet or not. In the long run, the outcomes of the bets will be on you and you want to make sure it ends up being in your favour.