If you are thinking about trying your hand at betting, the first thing that you need to understand is how betting odds work. An understanding is essential as it translates into how likely or unlikely a particular result is expected to be, and how much you could stand to gain. It can be confusing for the novice, so this brief guide will explain all you need to know
Placing a wager on a sports match will always come back with more if you are correct, there is also odds on what you think will happen is not going to come true. That is how gambling companies make money, by people getting bets wrong.
What Are Betting Odds?
To explain betting odds let’s think about rolling a dice, there are 6 possible results which can come out; a 16.67% of one side coming out. These percentages are displayed mostly as decimals and fractions, both options are available on most betting sites.
Betting Odds Explained
When translating betting odds to potential money returns from a bet with regards to fractional odds it is done by multiplying the bet stake by the top number (on the left of the ‘/’) and adding the bet stake on top. For example:
- Betting NZ$1 on odds 9/1 would return NZ$10.
- Betting NZ$1 on odds 4/1 would return NZ$5.
- Betting NZ$1 on odds 1/1 would return NZ$2.
It might be slightly more confusing for bets with a lower denominator than the top number, put simply it requires the calculation to be done in reverse. For example:
- Betting NZ$1 on odds 1/4 would return NZ$1.25.
When it comes to translating odds to money from decimals is calculated by multiplying the stake by the full number. This means that there is no such thing as odds being lower than 1.0. Here is a few examples of how decimal odds work:
- Betting NZ$1 on odds 10.0 would return NZ$10.
- Betting NZ$1 on odds 4.0 would return NZ$4.
- Betting NZ$1 on odds 1.5 would return NZ$1.50
Different parts of the world tend to use different betting odds however most sites will offer both, it is down to personal preference. Whichever one you find easier to understand.
Where Can You Bet?
There is no better way to get more associated with different odds and calculate returns than by visiting a sportsbook and viewing what is on offer. All our sites offer competitive odds on popular sports competitions and many offer great starting bonuses to help you get to grips with placing real bets. View the sites we work with and reviews as well as their offers on our Sports Betting page, then get involved with enjoying the great odds on professional sport.