Betting odds is one of the main tools and indicators for every user, who places bets on sports online. The main aim of betting odds sports is to show the probability of any outcome that you will choose. The higher the odds of the event โ the lower the chance, that it will happen.ย
But you should know, that depending on the type of odds, they can show different points. Letโs take the simple example with decimal odds. For example, you have Team A and Team B with odds of 1.3 on Team A and 2.5 on Team B. It means, that Team A is a favorite and is more likely to win, than Team B, which is an underdog.
The odds and their values depend on the expectations from the match. These can be expectations from experts or users themselves. All the factors are always analyzed, and pre-match odds can change if there are new conditions.ย
How do Odds Affect the Multiplier with Different Types of Bets?
Odds can show directly what payout you will get if you guess the outcome of the match correctly. That is why, it is very important to understand how different types of bets work with odds and multipliers:
- Single bets. This is the most popular type of bet, that you can place online on sports. In such a case, you need to choose only 1 outcome and bet on it, and the odds will show your final payout. In case of decimal odds, they will show the multiplier;
- Express bets. This type of bet includes at least 2 outcomes on separate events. In this situation, the odds are usually multiplied by each other, and you can see the final multiplier in the bet slip;
- System bets. This is the most complicated type of bet, where you need to choose at least 3 events and then choose how many of them must be guessed correctly to win. For example, it can be 4/7, 2/5, and others. The odds in such cases are multiplied with a special formula and the final result will be displayed on the screen.
Types of Sports Betting Odds
There are also several types of odds for sports betting. The vast majority of websites offer different ones, which is why you can choose the most convenient option for yourself. However, you should also understand how different types of odds work. Here you can look through the list with the most popular of them:
- Decimal odds. They are also known as European, and this is the most popular type of odds for betting. They are shown as decimal numbers, such as 1.1, 2.3, 5.8, and so on. Besides that, they can be even more exact, for example, 1.73 and like that. They directly show who is the underdog and typically mean how much you will get with each 1 NGN placed;
- Fractional odds. Also known as British odds, they are commonly used in the UK and Ireland. They are represented as fractions, such as 5/1, 2/3, or 7/4. The first number (numerator) represents potential profit, while the second number (denominator) shows the stake, which is required. For example, 5/1 means that for every 1 NGN that you place, you win 5 NGN in profit. They are mostly used in horse racing and traditional betting markets;
- American moneyline odds. They are shown with either a positive or negative number, such as +200 or -150. A positive number indicates how much profit you would make on a 100 NGN bet. For example, +200 means you win 200 NGN on a 100 NGN bet. A negative number represents how much you need to bet to win 100 NGN. In such a case, -150 means you must bet 150 NGN to win 100 NGN. These odds are particularly popular in sports betting, especially in the NBA, NFL, and MLB.
How do Live Betting Odds Work?
Another important point to consider is Live Betting odds. You should know that when you place bets on an event that has already started, the odds are always changing, according to the situation on the field. For example, they can grow really high or become really low, depending on the probability of the outcome.
The odds during Live Betting are changed according to the expectations and during these changes, they will be closed for betting. They are played constantly during the match, and the frequency depends on the sportsbook. That is why you always need to be fast and accurate during Live Betting. You should also know that if the event already happened, then the odds will become closed for it.
Conclusionย
Odds are the main indicator for every user, who decides to start placing bets on sports. For every betting fan, it is vitally important to understand how the odds work and what they show. You should also know how they affect your final winnings so that you will be able to count the possible payout by yourself. On almost every site, the type of odds can be chosen by the player, using special settings, so that you can choose the most convenient option for yourself.
