Betting Odds Explained

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.

Betting Odds

Odds on and odds against

Odds on and Odds against are two terms used in the betting world to describe the probability of an event happening. With odds on, it is entailing that the event is more likely to happen than otherwise. While when the term odds against is used, it means the probability of that event happening is very slim or almost impossible, so the gambling odds are stacked “against” it.

 βœ”️ Pros of Betting Odds on

  • You are betting from a safer point of view
  • You are less likely to lose

❌ Cons

  • Your winnings will most likely not be high

βœ”οΈ Pros of Betting Odds Against

  • You are more likely to win big if the outcome goes in your favour

❌ Cons

  • You are least assured to win
  • You are more likely to lose your stake

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

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.

♣️ Decimal odds

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.

♣️ American Odds

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.

♣️ Percentage odds

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.

Odds/Probability Calculator
Odds

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.

Where to bet on odds?

The table below contains a list of the top-ranking websites equipped with a betting odds calculator where you can enjoy juicy betting deals.

BookmakerWelcome BonusBonus Code
Bet9ja Promotion Code
bet9ja logo
100% up to ₦100,000 + 50% extra casino bonusSPORTMAX
Betking Promo Code
betking logo
225% Accumulator BonusVIPBET
1xbet Promo Code
1xbet logo
330% up to ₦189,280MAXSPORT
Betway Sign up Code
betway logo
100% up to ₦100,000MAXFREE
Betwinner Promo Code
betwinner logo
100% up to 100,000 NGNNGBET
bet365 Promo Code
bet365 logo
Up to $30 in Bet Credits*
Min deposit requirement. Bet Credits are available for use upon settlement of bets to value of qualifying deposit. Min odds, bet and payment method exclusions apply. Returns exclude Bet Credits stake. Time limits and T&Cs apply.
MAXFREE*
The bonus code MAXFREE can be used during registration, but does not change the offer amount in any way.
Frapapa Promotional Code
frapapa logo
300% bonus up to 300 000 NGNGo to Frapapa
N1bet Promo Code
n1bet logo
300% bonus up to 500 000 NGNGo to N1bet
Parimatch Promo Code
parimatch logo
120% first deposit bonus, up to NGN 120,000Go to Parimatch
22bet Promo Code
22bet logo
100% match deposit bonus up to ₦50,000Go to 22bet
Yangasport Promo Code
YangaSport logo
500% First Time DepositGo to Yangasport
Ogabet Promo Code
ogabet logo
Up to 750% Extra Cash on your winnings!Go to Ogabet

Frequently asked questions about odds betting

What are fractional odds?

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.

How accurate are betting odds?

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.

Can the odds change after betting?

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.

Why do bookmakers have different 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.

Do you lose money on minus odds?

You don’t necessarily lose money on minus odds. The money is the amount you have to lay down to win the amount specified on the odds. You end up losing money when the prediction doesn’t go in your favour.

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.