You need to know how odds work in betting. It is an integral part of ensuring you are playing the best odds. However, odds can be displayed as decimal, fractional, and Moneyline. Knowing what each method pays out can help you get the best odds. Read on to find out how do decimal odds work in betting.
How Do Decimal Odds Work?
Odds are used in betting to determine the probability of an outcome occurring. Odds can be displayed differently, and knowing how to decipher them can help you understand your bet and your returns.
Decimal odds are predominantly used in Europe, Canada and Australia; however, online bookmakers offer the function of swapping between fractional and decimal odds for your preference. However, they are more popular due to their flexibility and greater range of the odds provided than their fractional counterparts.
Decimal odds are an easier way of understanding odds. If the decimal odds are 2.0 or over, there is a 50% implied probability that the event will happen. Using this system makes it easier to work out your winnings. Each figure given is worked out against a £1 bet, so odds of 2.2 will provide you with £2.20 per every pound you have a bet.
This equation can help you work out your returns using decimal odds payout = odds x stake.
For example, if you put a bet on for £10 and the odds are 6.0, then you simply multiply the £10 by 6, giving you returns of £60 (£50 winnings and your £10 stake). In this case £60 = 6.0 x £10.
However, odds can also mean you don’t get your stake back if they are under 2.0.
Why Are Exchange Odds in Decimals?
The reason for this is based on the odds being easier to understand in decimals than in fractions. Plus, you can break down the decimals into smaller increments making it easier to work out. On the change, you can ask for different odds that aren’t available as a fraction, such as 2.52, 2.56, 2.58 etc., which all come before 2.6 but are more complicated to work out as a fractional odd.
How Do Fractional Odds Work?
Fractional odds are most commonly used in British and Irish betting and allow a straightforward way of seeing what you win.
Fractional odds are typically displayed as such 2/1. The first number indicates the returns and the second the stake. Alternatively, if you flip this around
Win = odds x stake
So if you place a bet with 2/1 odds, you will get £2 back for every £1 you place and your stake. If you put a £10 chance on with fractional odds of 2/1, you will receive £20 plus your £10 stake giving £30 returns on a £10 bet.
£30 = 2/1 (£20 win) x £10
You can also find fractional odds where the bottom number is higher than the top, such as 11/2, meaning you get £11 for every £2 you put on or £5.50 for every £1. This is where it can get complicated to work out compared to decimal odds.
How Do MoneyLine Odds Work?
Moneyline odds are favoured by American bookies and are commonly called American odds.
WithMoneyline odds, you can either have a positive or a negative number which refers to the straight-up outcome of a game with no consideration for point spread.
If the number is positive, this is how much you will win based upon a $100 bet. As a comparison, +400 would be 4/1 in fractional odds. But 1/4 is not favourable.
Negative figures show much you must wager to win $100. As above fractional odds, 1/4 will be -400 while 4/1 will be positive.
Following this stricture, even odds are displayed as =100 or -100.
Using online odds calculators to help you work out the odds can assist you in becoming more familiar with payouts and odds and increase your capacity to make better betting decisions.
Conclusion
Hopefully, this article has shed some light on how od decimal odds work in betting and helps you figure out different bets and odds. While the UK mainly uses fractional odds in betting, knowing how to work out your odds can be easier using other options. Although learning all methods can help you to navigate international markets easter.
Knowing how decimal odds work can allow you greater flexibility while betting and get you the best possible, especially on the exchange when you have the capacity for different odds and markets. If you are playing in international markets, knowing fractional, decimal and Moneyline odds can be incredibly beneficial.