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How to Read and Understand Odds
British fractional odds, European decimal odds, and American money line odds are the three primary categories of betting odds. These are only different methods of presenting the same item; the payments are the same in each case. This implies that any of the aforementioned sorts of odds can be used to convert and report the chances (or percentage likelihood) of an event occurring.
British Fractional Odds
Fractional odds, or "conventional odds" or "British odds," are favored by Irish and British bookmakers. They are frequently written with a slash (/) or hyphen (-), and some of the biggest bookmakers in the world utilize them.
A fractional listing of 10/1 (ten-to-one) odds would indicate that you would win $10 for every $1 you bet in addition to getting your initial dollar back (i.e., the amount you wagered). As a result, you will get your wager ($1) in addition to the profit ($10), for a total payment of $11. In other words, this is the ratio of the money (profit) gained to the initial bet. As a result, if you wager $10 at 10/1 and succeed, you will be paid out a total of $110 ($100 profit + $10 wager).
European Decimal Odds
Decimal odds, often known as "European odds," "digital odds," or "continental odds," are widely used in Canada, Australia, and continental Europe. These are a little simpler to use and comprehend. Identifying the favorites and underdogs may be done simply glancing at the numbers.
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The winnings for every stake of $1 are shown as decimal odds. Numbers with decimal odds reflect total payment rather than profit. In other words, it is easier to calculate the total payment because your stake is already included in the decimal amount (you don't need to add it back).
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Putting this into an example, if you bet $100 on a wager with 4.00 decimal odds, you could receive a total payout of $400 ($100 x 4.00). This amount includes the initial stake of $100, resulting in a net profit of $300.
American Money Line Odds
Money line odds, sometimes known as "American" odds or "U.S. odds," are well-liked there. The odds for favorites are marked with a negative (-) sign and show the wager required to win $100. Conversely, the odds favoring underdogs are denoted by a positive (+) symbol and show the amount earned for each $100 wagered.
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Winners in both situations receive their initial bet refunded in addition to the prize money. As the likelihood of the favorite winning rises, the gap between the odds between the favorite and the underdog gets wider.
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Let’s use an NFL game between the 49ers and the Seahawks with the following money line odds to help illustrate this odds type -
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Seahawks: +685
49ers: -725
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The bookmaker has offered odds of +685 for the Seahawks, which indicates that the bookmaker has placed a much lower probability that the Seahawks will win the game. You need to risk $100 on the Seahawks to make a potential win of $685. If the Seahawks can pull off the upset, you get back your initial stake of $100 in addition to the $685 won, giving you a total payout of $785.
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If you decide to bet on the 49ers — the team that, according to the bookmaker, has a higher implied probability of winning the game—you would need to bet $725 to win $100. If the 49ers are victorious, you win $100 with a total payout of $825 (initial stake of $725 + profit of $100).
