Wondering about what are betting odds? Let's talk about this in detail. Do you like gambling? If so, then just think about your winning numbers. If it is low, then you may think to quit the game or move to sports betting. Well, this is a good decision, but winning the bets is not an easy task.

If you want to place a bet on your favorite sports game, then first, you need to understand how much you can win. In fact, the bookmaker will first show you the odds and will tell you're possible winning amount.

However, you will not find a certain or constant number as each sport has a particular method for specifying the odds. Well, this can be very confusing. In general, the odds will decide where you will win or lose. Besides, it is about the chances of occurrence of a certain event.

These chances are generally mentioned in the percentage.
It is advisable that you should understand and calculate the odds to increase your chances to win the game. Besides, you need to know how betting odds work. For better information on this, you can visit BookiePro. The site offers all the information about odds and how to calculate them.

What do you mean by betting odds?

In general, odds are the reflection of the likelihood of a particular outcome taking place in a specific event. In betting, all the outcomes have a specific chance of taking place. And odds are the interpretation of those changes.

Most of the online bookmakers will offer you around three different choices about the way you want to view the betting odds. Well, for more information, you can check out BookiePro, where all the betting odds are explained in simple words. However, let's talk about some essential options.

Decimal odds formats

As the name implies, here, the odds will be written in decimal format. Well, some bettors from Canada, Europe as well as Australia prefer to go for this format. But why? It offers them an easy way to calculate their winning chances.

The formula is Stake X Odd = Payout

To convert your chances into decimal odds, you need to use the probability as a percentage. Then divide that into 100. That means, Decimal odds= 100/ percentage of chances. Well, you can also use a betting odds calculator that the betting site offers to calculate it. Under this, the winning = (Wager x Decimal Odds)- Wager.

Let's understand this with an example

If you bet USD 75 on a team with 2.40 decimal odds, the winnings would be = (75 X 2.40) – 75 = USD 105.

American Odds

This is also called money line odds. Most of the US bookmakers use the American Odds. In general, such odds show either a positive or a negative figure while quoting the odds. As per this rule, the higher the number value is, the better the chances of winning.

You will see the positive sign in the case of the underdogs. However, here the numbers with a higher value may not win. So, if there is +300 and + 200, then it is later, i.e., +200, that shows better winning chances.

Calculating the winnings with American odds
For this, let's take the example of the Pittsburgh Penguins (-130) and Ottawa Senators (+110). So, to win USD100 on the Penguins, you need to wager USD 130. On the other hand, if you wager USD 100 on the Senator, you may win USD 110.

Here you can use this formula for calculating the betting odds and potential winnings.
Suppose you bet USD 40 on the Penguins, your equation is:
130/100 = 40/x
Cross multiply to obtain 130x= 4000, and you need to solve for "X."
X= 4000/130 = 30.77

As a result, if you wager USD 40, you will win USD 30.77, and on the other hand, the payout will be USD 70.77.
For information about calculating the odds, or football betting odds, you can visit the official website of BookiePro.

Fractional Odds

Another primary betting odds type is fractional odds. This is quite popular in the United Kingdom. So, some bookkeepers call it British odds or traditional odds. In general, such odds show the total net amount that you will get if you win.

For example, you may see odds like 1/2 or 9/5. What does that mean? The left number indicates how many times the bookkeepers expect the relevant result to fail. On the other hand, the number on the correct number tells about chances of success.

Winning= Stake x Fraction Odds
Payout = Stake (Fraction Odds x 1)
So, these are some of the significant options that you need to consider. However, if you are still feeling confused about how betting odds work, then visit BookiePro. Explore the methods to calculate the odds and enjoy your betting.

Author's Bio: 

I am a blogger, I am passionate about entrepreneurship, startups and the web in general. I worked in several web agencies and I am now an independent web marketing consultant. I am a lot passionate about writing keeping in mind what the modern genre follows. I create attractive content pieces for particular businesses and help them grow their niche.