Learn how to read the odds at VegasInsider.com. We provide betting resources to understand sports betting odds, point-spread odds, moneyline odds, over-under total odds, futures odds, halftime odds and much more for your sports betting needs. Decimal Style Sports Betting Odds Decimal style odds are used mostly in Europe, and are pretty easy to understand. To calculate the decimal style odds all you will need to do is simply multiply the amount you wish to wager by the decimal odds shown and you will get your payout. For example it may look something like this.

If you are new to sports betting in India, then understanding match odds is one of the most important aspects of betting to learn. If you think that Moneyline odds, decimal odds and fractional odds are only used to calculate how much money you get back from winning a bet, you would be wrong.

Betting Odds are closely associated with understanding the probability of an event to happen. Apart from that, odds also reveal whether a bookmaker presents proper value with their odds or not. Since the odds are so important, it is also necessary for a punter to interpret these odds. Odds are generally presented in three ways – Moneyline or American Odds, Decimal Odds, or Fractional Odds. So, if you want to interpret the cricket match odds, you have to identify the format in which these odds are presented and then work with it.

Moneyline (American) betting Odds

Moneyline odds are also referred to American odds since it is popular in the United States. It can be quite a complicated system for a layman to crack, but it reveals a lot of useful information in one go. Moneyline odds format can be either positive or negative. Any underdogs in a game are represented with a + or positive sign, for example, +200. If the odd is preceded by – sign, then it indicates the favourites of the match, for example, -150.

Positive Moneyline odds illustrate how much profit a winning wage would make. Let’s say that there is a match between India and Bangladesh with odds -150 and +120 respectively. So, if any individual backs Bangladesh with odds of +120, it means a bet of Rs. 100 could win Rs. 120. So the total return would stand at Rs. 220. On the other hand, negative Moneyline odds illustrate how much money you need to spend to profit from Rs. 100. If you back to India with odds of -150, you have to make an Rs. 150 bet to win Rs. 100. Hence, the total return would be Rs. 250 as you get your stake back.

The calculation required to find the potential profit you will make while using Positive Moneyline odds (underdog) is quite straightforward:

Bet placed * (odds/ 100) = Potential profit

The calculation to find the potential profit you will make from Negative Moneyline odds (favourites):

Bet placed/ (odds/ 100) = Potential profit

Apart from positive and negative, there is a third sign associated with Moneyline odds, namely –PK. It stands for Pick, signifying that neither team is an underdog or favourite.

Decimal betting Odds

This is the most straightforward odd format. Decimal odds are commonly used in betting sites. Decimal odds are represented as decimal numbers such as 1.80, which illustrate the amount you get paid out if you win. It allows the punters to understand the competition for prices better by acknowledging smaller increments. It can sometimes get difficult for the players to know which is a higher price among 4/7 and 8/1. Decimal odds signify the price one can win for every Rs. 1 bet placed. In this odd format, the number corresponds to the total payout instead of profit. To be precise, the profit you earned is already included in the decimal odd. A variation of decimal odds is the Hong Kong odds or HK odds where the stake is not added.

The calculation required to find the potential return you will make while using decimal odds is quite simple:

Bet placed x decimal odds = Potential returns

For instance, let’s say there is a match between India and Australia, and the odds in favour of India is 1.80. If you put a bet of Rs. 100 backing India with the decimal odds of 1.80, you will get a total payout of Rs. 100 x 1.80= Rs. 180.

Fractional betting Odds

If you are a new punter in India, you might come across the common fractional odds, also known as UK odds. These odds are demonstrated in the form of a/b, that is, ½ or 2/1. Generally, the numbers are separated by a hyphen (-) like 2-1, or a slash like 2/1 (two-to-one). The first number or numerator in the odd fractional format shows the profit that you will gain after betting the amount represented by the second number.

Since this is a popular format, one can often see it when you are engaged with in-play match odds. The following calculation is useful for finding the potential profit you will make by using fractional odds format:

Bet placed x (a/b) = Profit earned

In the above equation, “a” refers to the first number, and “b” refers to the second number in the fraction.

For instance, if you bet Rs. 50 on India to win a match against Pakistan at odds of 2/1 implies that you are going to get a payout of Rs. 50 x 2 = Rs. 100.

IPL Betting Online: Indian Premier League 2020

2/4, 7/5, 11/2 and 6/4 Betting Odds Explanation

These are some of the common examples of popular fractional odds:

2/4 Odds

The fractional odd 2/4 means that for every Rs. 4 bet, you will make a profit of Rs. 2 if the bet lands. Hence, you get a total of Rs. 6 with each win (The profit + your stake). Converting 2/4 odds to decimal odds format, you will get a result of 1.50. In Moneyline format odds, it’s -200.

For example, if there is a match between India and Bangladesh and you bet Rs. 100 on India beating Bangladesh. If your bet wins, you get Rs. 150 in which Rs. 50 is the profit, the Rs. 100 is the original stake.

7/5 odds

Fractional format odds of 7/5 shows that you will get Rs. 7 in return for every Rs. 5 you bet. By converting 7/5 odds into decimal odds format, you will get 2.40.

For instance, if you put an Rs. 100 bet on 7/5 odds, then you will get Rs. 240 in return. It implies that the total profit earned on an Rs. 100 bet is Rs. 140. Generally, odds of 7/5 signify a slight underdog (+ve sign) unless it is a close match.

11/2 odds

Wagering on fractional odds of 11/2 indicates that you will be making a profit of Rs. 11 when you stake only Rs. 2. Generally, these fractional odds are available on long shots. However, your prediction needs to come out right if you want to make a high profit.

For example, if you bet Rs. 100 on odds of 11/2, you will make a profit of Rs. 550. It means you will get a total of Rs. 650 in return.

6/4 odds

In this fractional odd, you get Rs. 6 as profit on betting Rs. 4. By converting fractional online betting odds of 6/4 into decimal odds format, it comes out to be 2.50.

For example, if you wager Rs. 100 at odds of 6/4, then it would bring you Rs. 250 in return. It means you will earn a profit of Rs. 150.

Some Indian punters prefer to convert fractional odds format into decimal odds before calculating payouts. For converting fractional odds into an odd decimal number, you need first to add 1 in the output. So, 7/5 fractional odds will become (7/5) + 1 = 1.4+1 = 2.4 as decimal odds. If you want to enter the world of betting, it’s crucial to interpret betting odds in different formats. While fractional odds and decimal odds are the most common ones, understanding the different kinds of cricket odds is always beneficial to make strategies. These odd formats will also make it easier for you to browse different operators and go for the operator offering the best odds.

The VegasInsider.com Sports Betting 101 Odds feature is your ultimate resource to understanding 'How to Read Odds.'

Once you understand the odds, then you'll be more prepared to make a bet and more importantly, win your bet! Odds are easy to understand but there are different formats and once you become familiar with all of them, you can choose your preference.

Sports betting is taking off across the United States. Since the end of the federal prohibition on sports wagering, several states have legalized sports betting. Providers in these states are already offering betting odds on all of your favorite events.

But if you’re new to sports betting, all the information may seem a bit overwhelming. You may be wondering how to read odds, or even how do odds work? Well, you’ve come to the right place. Check out our guide and have all of your questions on betting odds explained below.

How to Read Betting Odds

Betting odds are a measure of how likely or unlikely a sportsbook finds an event to be. The more likely an outcome is, the less you can make wagering on that outcome. Conversely, betting on the less likely outcome correctly pays much better.

Learning how to read odds is the foundation of developing a successful sports betting strategy. So how do odds work anyway? Let’s break it down in the next section with the basics of betting odds explained.

How Do Odds Work?

Betting odds are determined by a number of calculations factored in by sportsbook providers. Experts in sports betting know the answer to the question, “how do odds work?” and can use that information to decide which outcome the bookie considers more likely.

Learning how to read odds and what to use that information for will help you make successful wagers. Let’s take a closer look at some of these basic principles of odds.

Why Do Odds Matter in Sports Betting?

Betting odds matter because they tell you how much you could potentially win on a particular wager. Learn how to read odds correctly and you will be able to calculate what your exact return will be if your bet is correct.

Along with determining your payout, knowing the answer to the question “how do odds work?” will also give you some insight into how likely a sportsbook thinks a particular outcome is. There is more on that subject in the following section where we have implied probability and betting odds explained.

What’s the Most Commonly Used Format of Odds?

The standard format for printing betting odds varies depending on the sport. Football will most often be displayed with American odds, while soccer is more likely to show with fractional odds. However, on most American sports betting websites, you’ll have the option to display these odds in several formats, with American being default.

Read on to see an explanation of how to read odds in any of these formats. The variations can take some getting used to, but we’ll give you a breakdown on each format of betting odds explained.

How To Calculate Implied Probability Using Odds

By learning how to read odds, you can read between the lines and figure out how likely a particular sportsbook has determined an outcome to be.

Learning this method of how to read odds is a crucial skill in sports betting. By placing wagers on outcomes that you have determined are more likely than the sportsbook sees the outcome, you increase the value of your bets and increase your chance of getting a return on your investment.

The chance of a particular outcome occurring that a sportsbook has calculated is called the implied probability. To determine the implied probability, you must convert the betting odds into a percentage. See how to convert each format of odds to an implied probability in the following section, where you’ll see each type of the betting odds explained.

American Odds

American betting odds display with a plus or minus sign followed by a number. Negative numbers indicate the favorite, while positive numbers indicate the underdog. NFL games are one sport often listed with American odds.

How to Read American Odds

So how do odds work when it comes to the American format? As stated, a negative number means the bookie sees the outcome as more likely. The number gives you how much you would need to bet to win $100 in profit.

A positive number indicates the underdog. The number shown in the betting odds tells you how much you would win if you bet $100.

To figure out the implied probability from American odds with a positive number, use this formula:

Implied probability of an outcome = 100 / (positive American odds + 100)

But how do odds work for the implied probability on negative American odds? Follow this equation instead:

Implied probability of an outcome = negative American odds / (negative American odds + 100)

Calculating Payouts from American Odds

There are two different equations to calculate your payout with American odds. Calculate your winnings on a positive American odds payout, solve for x with the following formula:

100 / odds = wager / x

If the odds are negative, use this equation instead, where x represents your winnings:

Odds / 100 = wager / x

Fractional Odds

Fractional odds, as you might expect, display with one number over another number. The numbers are separated by a slash or hyphen. UK and Irish bookmakers favor this format, making it a common sight on soccer betting odds.

How to Read Fractional Odds

If you’re wondering, “how do odds work with the fractional format,” the top number indicates how many times a bookie predicts the outcome will fail. The bottom number shows how many times they expect it to succeed.

For example, if the Patriots are given 1/2 odds, the bookie predicts they will win the game two times out of three.

Determine the implied probability of an outcome using fractional odds with the following formula:

Implied probability = denominator / (denominator + numerator)

Calculating Payouts from Fractional Odds

Want to know how do odds work for payouts with the fractional format? Use this equation:

Winnings = wager x (numerator / denominator)

Decimal Odds

Decimal odds appear with a whole number followed by a decimal. This format is used in many sports internationally. You may see these odds on global events like the PGA tour, tennis tournaments, or the Olympics.

How to Read Decimal Odds

Seeing just a decimal number may seem confusing if you’re still figuring out how do odds work. However, this format is really the most straightforward when it comes to how to read odds.

The decimal shows how much profit is paid for every dollar on a correct bet. Favorites have a lower number, while underdogs have a higher number.

Here is the equation for calculating the implied probability on decimal betting odds explained:

Implied probability = 100 / decimal odds

Calculating Payouts from Decimal Odds

So how do odds work when it comes to payouts on decimal odds? Use this simple formula to calculate your winnings:

Your winnings = (wager x decimal odds) - wager

Types of Betting Odds

How To Understand Betting Odds Sports

Now that you know how to read odds a little better, let’s take a look at the different types of wagers. So how do odds work when it comes to these different types of bets? Read on to see each type of betting odds explained.

Moneyline

A moneyline is one of the simplest kinds of betting odds explained in this guide. Here you are simply betting on a result of a match, whether that is one team winning or the game ending in a draw. As long as you pick the correct outcome, this bet will payout for you.

These bets can be found for any sport, but are most common in low-scoring games like baseball, hockey, or soccer.

Point Spread

Point spread bets are popular for many sports. With these betting odds, you are wagering on whether the favored team in a matchup will not only win, but win by more than the number of points that the provider is estimating. This estimate is called the spread.

You can figure out how to read odds with point spreads by taking a look at the number shown next to the odds. For instance, if you see Dallas Cowboys +7, you are betting on whether or not the Cowboys will win their game by more than 7 points.

Totals

Sometimes referred to as an over/under, these betting odds are wagers placed on whether the total score between both teams in a game will be higher or lower than what the provider predicts.

You place a wager on whether the total score between the two teams will be higher or lower than the total offered. Learning how to read odds like these and predicting what games will be high scoring are crucial skills as a sports bettor.

Parlays

All of the previous wager types are bets placed on single events. Parlays involve taking multiple bets and bundling them together. This increases the potential payout for each wager, but also comes with an added risk. If even one of your bets is incorrect, you lose the entire parlay wager.

Just like in all the betting odds explained in this guide, the higher your risk, the higher your potential payout. Use parlays to string together several bets and, with a little luck, you could be in for a big payday.

Teasers

Teasers are similar to parlays in the sense that they bundle multiple wagers together, affecting your overall betting odds. However, while parlays are for moneyline bets, teasers allow bettors to “tease” the point spread by a few points across the board, which can adjust your risk and make for a easier-to-hit multiple.

Futures

So far, the different types of betting odds have all been wagers on single events within the upcoming week or two. Futures are wagers placed on, you guessed it-- future events. For instance, you might place a future bet on the Red Sox winning the World Series or The Lakers bringing home an NBA championship ring.

Predicting these events so far in advance is difficult, so learning how to read odds like these can give you some of the most lucrative payouts in sports betting.

FAQ

How To Read Betting Lines

Wondering how do odds work? Here’s a quick reference for some common questions on betting odds explained.

Are the odds different depending on the sport?

Odds may be displayed differently depending on what the standard is for a particular sport. Refer to our guide’s section on American, fractional, and decimal odds to see different types of betting odds explained.

So how do odds work in different sports? Though the format they’re shown in and the calculations that determine your winnings change, betting odds are always a measure of how likely a sportsbook finds an outcome.

How can I calculate my potential winnings?

Having knowledge about the raw math behind betting odds explained is useful, but of course you want to know about your potential payout too. But there’s no simple answer. Each different format for betting odds will have a different formula for calculating your winnings.

Check out the earlier parts of this guide to see the different formats of betting odds explained and learn how to estimate your potential winnings.

Who sets the odds for sports betting?

After all these complex calculations, it’s common to wonder how do odds work anyway? The truth is each individual provider sets their own odds, with the advice of expert statisticians and their data.

Because each provider will have different offers, it’s important to learn how to read odds. This way you know what to look for when you’re shopping around for the best odds.

Final Thoughts

Having these fundamental principles of betting odds explained is the first step to making successful wagers.

Following the tips in this helpful guide can take you from wondering, “how do odds work?” to understanding how to bet successfully. Remember how to read odds and the formulas for determining the implied probability from each. Once you have that implied probability, you can place your wagers accordingly.

How To Interpret Betting Odds For President 2020

There’s always luck and chance involved in sports betting, but understanding how to read odds helps you make an informed bet. If you believe an outcome is more likely than the implied probability, you have an optimal chance of winning a return on your wager.

Now that we have the different aspects of betting odds explained, the only thing left to do is to start placing your wagers. Good luck and happy playing.