As an active bettor there are 3 main types of odds you will encounter with , dealing with the different Sportsbooks: Decimal/also referred as European/, Fractional/ referred as UK/ and American. It has mostly to do with the location of the bookmaker you are betting with, and the type of sports you are wagering on. You must know that it is very important to know how to read and interpret the different types of odds, because this is what will show you what you will get for your money at stake, if your bet is a winner. So let`s have a look at this types one by one.
1.Decimal/European/ odds are most commonly used by the European bookmakers/as the name suggests/ and are being offered on the most popular sports in Europe, like soccer for example. They look like this: 1.7;2.0; 2.5; 4.0 etc. Basically they represent how much you will collect/if the bet is successful/ as a whole, in total, including your stake. Thus 1 euro, staked at odds of 2.0 means you will get a total of 2 euros, including your stake in this number and in this occasion meaning that 1 of these 2 euros will be your initial stake, and 1 of these 2 euros your profit. Therefore the easiest way to estimate your profit with this type of odds is by deducting 1/your unit stake/ from the whole number, given as odds. There are a couple of terms in relation with the Decimal odds which is good for you to be familiar with: odds of “evens” means betting on an outcome that have equal chances of happening and not happening, thus giving you a strike rate of approximately 50%.
“Odds on” are odds, given on the favorite and simply meaning that if you win your profit will be less than your stake. These are all types of odds below 2.0 in Decimal terms.
“Odds- against” are odds, given for the underdog and meaning that your winnings will exceed your stake if you win the bet. These are all odds above 2.0
2. Fractional/UK/ odds- again as the name suggests this type of odds are mainly given by the UK based bookmakers, and most commonly used for the typical British most popular sports for betting such as horse racing. These odds look like this: 2/1; 5/2; 7/2 etc. Basically as you can see of two numbers, the first one being the nominator, and the second one being the denominator. Just remember that the denominator is your stake, and the nominator- your profit. Thus they are indicativefor winnings, and not for pay-outs which is the case with the decimal odds. So following this simple logic you will know that odds of 10/11 means that you will get 10 units of profit for a stake of 11 units which is similar to say “odds-on”. Odds of 1/1 are obviously the equivalent of Evens in decimal terms and say odds of 7/2 means that you will be getting 7 units of profit for a stake of 2 units, which obviously is the same as “odds- against” in decimal terms.
3. American odds- these are always equal or greater than 100, with a “-“ or “+” sign in front of the number. They look like this: +100;+250; -150 and so on. When you have minus as a sign it means that if the bet wins you will be getting as a profit less than your stake/which is in effect “odds-on”/, and when you have a plus sign before the number, this means your winnings will be greater than your stake/ or “odds-against” in other words/. “Evens” in American odds is always represented by the number of exactly 100. In this case it does not matter is the sign in front of the 100 plus or minus.
Hopefully this article will help you in reading the different types odds correctly, which is absolutely imperative if you want to succeed with online betting.