Sports Betting Explained

The true odds against winning for each of the three horses are 1-1, 3-2 and 9-1 respectively. In probability theory and statistics, odds and similar ratios may be more natural or more convenient than probabilities. In some cases the log-odds are used, which is the logit of the probability.

When betting on an each-way price for example you will often need to work out your own each way odds. If you back a horse at 12/1 each-way at one quarter of the total odds and the horse were to place the place part of the bet would be paid out at 12/4 or 3/1. If something is odds-on it means for each unit you stake you will receive less than one unit back in winnings.

Understanding betting odds is the most crucial factor in sports betting. The quality of the odds you are getting is essential, and if you don’t know how to calculate them on your own, you should learn. Not understanding the odds is the main reason people lose funds in the long run.

The money line will always be listed to the right of the point spread on the odds board in a sports book. In the above example, the money line would probably be Chicago -250 and Detroit +200. To bet Chicago simply to win, you must wager $250 to win $100, while a $100 bet on Detroit would pay $200 if the Lions come through. Taking the example from fractional odds above for decimal odds you are having a bet but giving your stake away. For 5.0, you say I will give you £1 now but if I win you give me £5 back.

In this instance if the American odds are showing -400, meaning you must stake £400 for each £100 winnings, this is equivalent to 1/4 in fractional or 1.25 in decimal. Most betting websites – includingBetfair and Paddy Power- have a settings menu where you can change the way that odds are displayed. This means you can choose the option that suits you best. But even if you prefer to use fractional odds, it still makes sense to learn how to read decimal odds as they are becoming more widely used across the internet.

So, to win $400, John would have to wager $250 ($650 would be the total payout, and the profit would be $400). For example, if the odds on a favorite fighter are -200, that means that you have to put $200 to win $100 ($100 profit on an initial stake of $200, meaning total payout is $300). 1X AND NG This code means that the home team will win or draw the game but both teams will not score each against each other. That is for you to win the home team has to win 1-0 or 2-0 etc. or draw the game 0-0. Odds of +300 indicate that if you bet $100, you will win $400, the original amount of your bet plus the profit. So the implied probability of the Bulls winning the game is 0.5833, or 58.33%.