1.0 Intro – Odds Explained.
To make consistent profits betting on football it’s vital you understand football betting odds in order to find and understand value. Learning how to read football odds (and their implied probabilities) is crucial to your long term success. By reading through the odds explained section, you will know all you need to know about different odd types.
The most traditional way of expressing football betting odds in Europe is using Decimal Odds. Decimal Odds (also known as European odds), are becoming increasingly popular because they are easier to understand than traditional fractional odds. Decimal odds are presented as 1.40, 2.20 and 3.70 etc. However, in the UK the main way of displaying odds is Fractional. For example 2/1, 7/4, 11/4.
2.0 Odds Explained
2.1 Decimal Odds
The easiest and most popular way of betting in Europe is by using decimal odds. With decimal odds, all you need to do is multiply the odds with the amount you are going to bet. For example, if the odds are 2.3 and you bet €10 and it wins, then you will receive €23 in return (2,3 x 10). From that €23 you will deduct your bet €10, leaving you pure profit 13 euros. Simple as that!
Your Profit = (Stake * Decimal Odds) – Stake
Let’s go for a live example.
FC Barcelona is playing Juventus
Odds are FC Barcelona to win 1.60 , draw is 3.00 and Juventus win is 4.7.
You place 25 euros on Barcelona to win. Please think for a minute how much you are going to win.
(25 x 1,60) – 25 = 15. Got the same number? Perfect! You get 40 euros, but pure profit is 15 euros.
2.2 Fractional Odds
Fractional odds are mainly used in the UK, but it is purely based on personal preference. For example, odds 2/1 show that if you would place a €1 bet, then you would make a profit of €2. Or if we see 7/4 odds then that would mean that by placing a 4 euro bet, you will get 7 in return (if you win of course). What if you decide to bet 17 euros on 7/4 odds. You will get 29,75 in return but it takes me a lot longer to figure that out compared to decimal odds.
Your Profit = (Stake / Denominator) * Numerator)
The numerator is the first figure in any presentation of fractional odds.If odds are 7/4 then the numerator is 7. The denominator is then 4.
Let’s us the same teams as an example
Barcelona v Juventus, 25 euros to bet.
So let’s consider our previous example and say that we have placed a £20 bet on West Ham to win their upcoming game vs Manchester City at odds of 5/2. How much profit will you make on your bet if West Ham wins?
Your Profit = (£20 / 2) * 5)
Your Profit = £10 * 5
Profit = £50
So just as in our decimal odds example, we would make a profit of £50 on our £20 bet if West Ham wins the match.
2.3 American Odds
American odds, aka moneyline odds are mainly used in yep, you guessed it, North America. They can appear a little bit confusing at first. But once you read this paragraph then you will realise that they are actually not rocket science.
There are two types of Moneyline odds: ‘plus’ moneylines and ‘minus’ moneylines.
Let’s begin with ‘plus’ moneylines. As an example we see a moneyline +130. What does it mean? Let’s say Los Angeles Lakers odds to win a match are +130. This simply means that if you bet $100, you will win $130.
Now lets look at ‘minus’ moneylines. Let’s say bookmaker is offering odds of -130 for the Los Angeles Lakers to win a game. This basically means that to win $100 you have to bet $130. In other words, if you place $130 on that outcome, you will receive a profit of $100.
To sum up, all odd types still give you the same income, it is just a matter of personal preference. Most of the betting sites provide you a chance to choose your own odd types so you can configure as you please. Furthermore, while placing bets, the sites also have automatic calculators, which calculate your winnings based on stake sizes even before you place the bet. Hopefully the Odds Explained article answered your questions.