Get to know the importance of odds in sports betting and how you can take advantage of the amazing odds that Housebets.com offers.
In sports betting, whether you are a beginner or an expert, the most important thing you need to know is the interpretation of odds, because odds determine how much you can potentially win after placing your bets.
Yes, you should also be familiar with the different markets, but these markets have one thing in common, which is the odds.
Sporting odds are the foundation of sports betting because, without odds, there is no sports betting. In this piece, we will explain what an odd is, the different types of odd formats, and how you can calculate odds.
But before we get started, remember that Housebets is the home of sports betting. You can take advantage of the amazing odds on the platform and place bets on your favourite sports.
All you need to do is log in to your account, deposit your preferred cryptocurrency to fund your bets, and go to the sports section to place your bets. With that said, let’s break down betting odds for you.
Betting odds simply provide an outlook on the sportsbook's prediction of the chances of each team winning a bet. It is considered a helpful tool to understand the level of chance you are taking when wagering.
In other words, betting odds represent the probability of a sporting outcome. Odds are usually in numbers set by the bookmakers, and they can be used to calculate how much you are likely to win when you place your bets.
Although the same types of bets are generally available throughout all sports, odds formats are different in terms of where the sportsbook is based, as different countries use different odds formats, including decimal (European), fractional (British), and moneyline (American odds).
American Odds Format (Moneyline)
American odds are also known as 'moneyline odds' and are generally used by most US-based online sportsbooks and some offshore casinos. Moneyline odds can appear in both positive and negative numbers to represent the underdog (+) and favourite (-) in a betting matchup.
Due to the favourite team being predicted to be more likely to win, you will need to wager more to win more, while you can decide to wager less when betting on the underdog.
Positive (Underdogs) Odds—When you see a "+" next to a number, e.g., +200, it indicates the potential amount you stand to win by betting $100. For example, a $100 wager will be necessary for a $200 potential win.
Negative (Favourites) odds—When you see a "-" next to a number, e.g., -150, it indicates that a $150 wager will be required to win $100, yielding a total return of $250 if the bet is won (bet amount $150 + win amount $100 = $250).
For example, if you are betting on the Seattle Seahawks to win the Super Bowl matchup against the New England Patriots, you will need to wager more money to win big because the Hawks are the favourites for Super Bowl LX.
If you are confused, you can always calculate the probability of an event happening by using a simple formula before placing your bets.
For underdogs (positive odds), use this formula: 100 / (moneyline odds + 100) to calculate the probability.
For example, the Patriots are priced at +180 to win Super Bowl LX, while the Hawks are priced at -233. To calculate the probability of a Patriots win, use the formula.
100/(180+100)X100=35%, meaning the Patriots have a 35% chance of winning Super Bowl LX.
For the favourites (negative odds), use this formula: Moneyline odds / (Moneyline odds + 100).
To calculate the probability of the Hawks winning the Super Bowl, use the formula. Disregard the negative sign. 233/(233+100)X100= 69, meaning the Seahawks have a 69% chance of winning Super Bowl LX.
European Odds Format (Decimal)
European odds are considered the easier decimal odds format that most bettors can comprehend easily. When using European odds, it's important to remember that odds reflect the implied probability of an outcome and not the guaranteed amount.
Lower odds indicate a higher probability of the outcome occurring, while higher odds may provide a lower probability. Be sure to have a vast understanding of implied probability to assess the likelihood of a bet being successful.
This odds format is expressed as decimal numbers, and they represent the potential return from a successful bet, including the initial stake.
For example, if the decimal odds for a team or player are set at 2.50, a successful $10 bet on that team will predict a $25 return ($10 x 2.50).
To calculate the probability of an event happening in decimal odds format, use this formula: 1 / decimal odds or 100 / odds.
For example, Napoli are priced at 1.70 to beat Fiorentina in their next Serie A game.
To calculate the likelihood of that happening, use the formula (1/1.70)X100 or 100/1.170 = 58.8, meaning Napoli approximately has a 59% chance of winning the game.
British Format—Fractional Odds
British odds are represented as fractions and are a way of providing a prediction of the potential profit from a bet compared to the original stake. Fractional odds also provide information about the likelihood of a specific outcome.
The larger the fraction, the less likely the predicted outcome will be an actual occurrence. Fractional odds are particularly found in UK horse race betting and stand as one of the most widely available odds formats on reputable gambling platforms.
In this format, the numerator represents the profit you will make, while the denominator represents the amount you should place on the bet.
For example, if the stipulated odds format shows 3/1, it simply means that for every $1 wagered on a bet, the potential profit is predicted at $3.
On the flip side, if the stipulated odds format shows ⅓, it simply means you need to wager $3 to win $1.
To calculate probability in a fractional odds format, the formula is Denominator / (Denominator + Numerator).
For example, Liverpool are priced at 39/50 to beat Newcastle in their next Premier League game.
To calculate the likelihood of this happening, use the formula 50/(50+39)X100=56, meaning the Reds have a 56% chance of winning the game.
Although odds formats are set by online sportsbooks themselves, Housebets includes options for players to choose which odds formats they want to view odds in. For example, although fractional and decimal odds are generally considered the most popular formats, Housebets also offers American, Hong Kong, Indonesian, and Malaysian odds formats.
Fractional, decimal, and American odds formats are, however, considered to be staple odds formats that are easy to understand and easily comprehensible by beginners.
All sports available for betting in the Housebets sportsbook are available to view in your preferred odds format for easy wagering. You can also read up on our guide on how to convert different odds formats.
Generally speaking, when comparing the influence of odds formats on payouts, there are some instances where it is necessary to make use of an odds calculator to ensure the odds are what you expect them to be. While decimal odds may be easier for many bettors to understand and calculate through the use of a betting odds calculator, fractional odds and moneyline odds offer different perspectives on the same wager.
Understanding odds is important in sports betting, but it is also important to bet responsibly when placing your bets.
Do not go past your budget, and always remember to bet with an amount you can afford to lose because nothing is guaranteed. In addition, it is also important to seek clarity before placing your bets by calculating the probability of the outcome you are choosing.
Finally, seek help if you feel you have a gambling problem. You can check our responsible gambling page to see some of the organisations that can help you.
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