If you are into gambling, certainly you have already experienced a lot of winning and losing. And if you are someone who wants to do away with the conventional gambling such as in casinos, then why not try sports betting? This is a type of game where in you are going to place your bets or wagers to your favorite sporting team. Either it is basketball, foot ball, or other games; you will experience the same intensity and excitement just like in gambling.
However, it is important for you to understand the odds in order to the explain sports betting game. The odds are considered as the heart of every sports betting game. These are the factors that would help you choose whether to place your bet on the favorites or to the underdogs. The main definition of odds is the sum of money that you will get if you have placed the bet on the right team.
Odds can be equivalent to chance or the probability that an event will occur. However, it is presented in a very different way. Usually, probability is being presented in percentage. For instance, there is a 50/50% chance that you will get a head or a tail in flipping a coin.
Odds can also be considered as sports betting percentages but should be converted in different ways. Depending on your country, you may convert sports betting percentages in decimal or fractional form.
If you want to convert your sports betting percentages in fractional form like what is usually used in Europe, there is a formula that you should follow. You should divide 100 by the chance of either winning or losing in percentage. For example, the given chance that a team will win is 25%. You will need to divide 100 with 25 to come up with 4. This is the 25% chance of winning in decimal form. The next step is to multiply the amount of your wager to the decimal odd that is if you placed the bet on that team and they won. So if there is a £15 bet on that team on a 4 decimal odd, then the bettor will get back £60.
Using the same example in fractional odd (most used in UK) conversion, you will have a ratio of 3:1 or 3/1. This means that if you have 3 chances of losing for 1 chance of winning. If you placed a bet of £15 again, you will win your initial bet plus a profit of £45. So basically, you will get the same amount of £60.
In terms of US odds, you need to understand that it comes in positive and negative values. If you see a negative odd, this would imply that you need to risk more money in order to win 100 units. Positive odds would imply the amount that you will get if you wager 100 units.
Understanding odds may not be that easy. But once you are fully exposed to it then you will understand how sports betting works.