Understanding Betting Odds: A Complete Guide

Did you know that online gambling skyrocketed during the lockdown?

With or without a lockdown, online gambling can often be exciting. However, it’s much more responsible if you learn about bet odds before placing any official bets. After all, you wouldn’t want to lose all your money.

Are you wondering what you need to know? Keep reading for a complete guide that can help when it comes to understanding betting odds.

Moneyline Odds

In terms of betting odds, you should note that moneyline odds are often used in America. There are two main types of bets.

The first type relates to betting on ‘favorites’. In that case, it’s customary to show you how much you’d have to bet in order to have a chance of winning.

The second type of betting involves what’s referred to as an ‘underdog’. Put in the simplest terms, this kind of bet will show you how much you can win if you place a 100-dollar bet, signified by a plus sign.

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Odds-On Betting

Are you still asking yourself, “What do betting odds mean?” When it comes to the United Kingdom, you should familiarize yourself with odds-on betting. You might notice that this type of betting is quite similar to betting on the underdog while in America.

What makes the UK betting market unique is its use of fractional odds. You’ll find these types of bets most often in horseracing but there are other instances as well.

Simply put, a set of fractional odds will tell you how much you could win in terms of the net total. This includes the bet’s stake.

For example, if you’re looking at a 1/5 chance, then that means you’ll make a single dollar for every 5 you put in. A payout for winning with 1/5 fractional odds would be a total of 6 bucks.

Decimal Odds

Are you still wondering how to read betting odds? While the United Kingdom is a part of Europe, the latter has betting practices that are the same as Canada and Australia.

The good news is that most people prefer decimal odds because they are a lot simpler. When it comes to decimal odds, the number you see is exactly what you’d win if you placed your luck in that sports betting odds. For example, a $100 bet on a 2.0 would result in a $200 payout.

Understanding Betting Odds Is Easy

Now that you’ve read this complete guide, understanding betting odds should be a lot less intimidating. In the world of betting, knowledge is power. With that in mind, you’re ready to start making bets and feeling lucky.

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