When you bet on any situation, you are provided with odds to bet upon. For example, when they say team A is going to win and odds are 2/1. Means, if you go with the proposition, you will receive $2 on every $1 put on stake. Thus, odds are simply the way to find what the earning potential from any bet would be.
Some of the popular betting odds systems
Betting odds are explained in various styles in different parts of the world. The main odd systems are:
Decimal Betting Odds
Unless the site is catering to an American audience largely, the odds will be expressed in decimal format. Americans do not follow decimal betting odds. In a decimal system, the potential returns are found by multiplying the stake amount with the odds given. Means, earnings will be presented as = stake amount x odds = earnings. In numbers, the stake amount is supposedly 100$, and the odds are 1.5, then the earning will come out to be = 100x 1.5 = 150 USD. Thus, the total amount in the kitty will be 150 USD.
The decimal betting odd system is the simplest of all. It is preferred by most of the betting sites devoted to UFA games, except for the ones which are frequented by Americans.
Fractional betting odds
This is the UK format of presenting odds. Professional bookmakers and in horse racing, these odds are normally seen. The odds in this system are expressed as – 10/1 (spoken as 10 to 1), likewise 2/1 (2 to 1), (3/1) and so on. These odds can be more complicated in nature when other figures form the part of the odd, such as 7/4, 5/4 and 5/2 and so on. Mostly, these are odds against. That means the bet goes like the odds against team A winning are 7/4, hypothetically speaking.
When expressing odd on, the fraction is expressed as 2/1 (two to one on). To calculate the profits, the stake amount is simply multiplied by the fraction, such as, for 100 $ at stake, the profit is $100X2/1 = $200, thus the total money won will be 100+200 = 300 USD.
Mostly, people convert the fraction into decimals before calculating the total amount. To convert the fractional odds into a decimal, the upper number of a fraction is divided by the lower one and then 1 is added to the final figure.
In moneyline system or American system, the odds are expressed as numbers in positive and negative forms. For example, the odd can be +150 and -150.
Negative wager means odds on wager and the positive wager shows odds against wager. The odds against wager scores higher and are tough to win too.
The potential profit in case of the positive wager is calculated as = Stake x (Odd/100)
In the case of negative wager, the potential profit would be = Stake / (Odds/100)
American system understandably is toughest of all. It requires doing a lot of practice to master it. So, find out which wager system is followed in the site you register with and then place wagers accordingly.