Sports Betting Odds Explained: How to Convert Decimal Odds
Online sports betting is popular among thousands of punters worldwide. As a result, sports betting is quickly becoming a significant part of the gambling business. However, becoming a good punter entails several factors. It takes extensive study, preparation, and detailed knowledge of the sport on which you’re wagering. However, the most important thing is to understand how betting odds operate. Are you familiar with decimal odds? We’ll help you convert decimal odds to fractional and American odds.
What are sports betting odds?
Are you new to sports betting and have questions about what sports betting odds are? Simply put, sports betting odds represent the probability of a given event occurring. Furthermore, it is frequently stated as a fraction or a decimal. Moreover, these representations will show us how much money we can win if a specific scenario occurs.
How to read sports betting odds?
Usually, bookmakers expressed your potential winnings as fractional odds in respect to your bet. Therefore, if you wager the number on the right-hand side, then the left-hand number represents the possible profit. Later on, we’ll go through each type of betting odds. As well, we will discuss how to convert decimal odds to American odds.
What are Decimal odds?
Decimal odds is one of the most common way sportsbook present sports betting odds to punters. Often called European odds, sports bettors in Europe, Canada, Australia, and Singapore commonly used decimal odds.
Why is that?
Because they are easy to grasp. And, it makes them a favorite with bookies and sports bettors all over the world.
Understanding Decimal Odds
Calculating decimal odds takes two seconds. You just need to multiply your stake by the odds to get your possible payout. The following is a basic formula for calculating the odds:
Payout = Stake x Odds
For an instance, you bet $100 and the odds for Manchester United to win are 1.82. Then, your potential payout would be $182.
Remember that your original stake of $100 is included in this calculation. Therefore, your net profit on a successful bet would be $82. This is how the math goes:
Your Potential Winnings: = Original Bet x Decimal Odds
$182 = 100 x 1.82
With a $100 bet and $82 in wins, your possible net profit is $82.
How do Decimal Odds Work?
Keep in mind that when you choose decimal odds, your initial wager is included in your potential payout. Always remember to factor in your initial bet when calculating your possible net profit as well.
For decimal odds betting, the breakeven odds are 2.0, as these odds will simply double your stake. If the decimal odds are less than 2.0, the potential payout will be less than your stake. Plus odds are those with odds more than 2.0, implying that your possible return will be greater than your bet.
Furthermore, decimal odds are the most cost-effective way to parlay bets. This is because you can determine its real odds. Unlike traditional parlays, which are calculated based on the number of teams, decimal odds parlays provide sports bettors with the most exact and fair odds. In addition, it helps in maximizing their edge. So, keep that in mind while using the best sportsbook betting in Singapore.
Converting Decimal to American Odds
Decimal odds are, without a doubt, the most popular type of odds in the world. Millions of bettors favored this format since it is simple to translate them to probabilities and calculate earnings. The entire profit from a single unit bet is represented by the decimal odds. They always have a greater value than 1 since the unit stake is always included. Decimal odds are numbers like 1.50, 5.00, 10.75, and so on.
In Singapore, decimal odds are commonly referred to as European odds. It’s because Singaporean gamblers are used to wagering on fractional odds. Therefore, major online sports betting sites present their betting odds in fractional formats. As such, the decimal value of fractional odds plus one equals the decimal value of decimal odds.
You will frequently notice decimal odds when playing at the top sportsbook in Singapore. As previously said, most online betting services enable you to choose from a variety of betting odds formats. So, if you prefer the operator to give the odds differently, you don’t have to be concerned.
Decimal odds to fractional odds conversion
Fractional odds, often known as UK odds, are the earliest type of betting odds in sports betting history. Countries like the United Kingdom and Ireland commonly use this type of betting odds.
Horse racing first used this form of betting odds. However, it eventually became the official betting odds system for all sports worldwide, not just in the United Kingdom.
Additionally, fractional odds are a simple expression of the profit you will make if you stake a given amount of money. A “slash” (/) or a “hyphen” (-) is usually used to denote these British odds.
Calculating your potential profit, on the other hand, may not appear to be as simple as utilizing decimal odds. On the other hand, you’ll get these odds on the majority of Singapore’s best new betting sites.
How to calculate your total payout using fractional odds?
The following formula can be used to determine your total payout:
[Bet x (Numerator/Denominator)] + Bet = Total Payout
The fractional odds are represented by the numerator/denominator.
For instance, you are wagering $20 on Liverpool to win at 5/1 odds versus Arsenal at 1/5 odds. If you win, you will earn a total reward of $120.
[20 x (5/1)] + 20 = Total Payout
As a result, you earn $100.
Converting decimal odds to fractional odds
You must remove 1 from the decimal representation to convert it to fractional odds. Your decimal value, for example, is 3. Then you’ll have 3 – 1 = 2 fractional odds.
This is commonly expressed as 2/1 odds.
You can use an odds converter if converting decimal odds to fractional odds is too difficult for you. There are plenty of odds converters accessible on the internet. As a result, you won’t have to figure out the odds on your own.
What is American Odds?
Often known as moneyline odds. American odds are commonly used by sportsbooks that accept bettors from the United States. American odds represent the amount of money a gambler would have to risk to win. It also tells you how much money you’ll win if you bet $100.
Sports Betting: What is the American Odds?
These are perhaps the easiest to understand of the many types of sports betting odds. Furthermore, you will not be required to perform any calculations.
There are two sorts of odds in the United States:
The favorite is denoted by a negative (-), whereas underdogs are denoted by a positive (+). If you bet on the favorites, the number indicates how much you must risk winning $100. As a result, if you bet $100 on the underdogs, the number represents the amount of profit you will make.
Positive changes in America start with a “+”, whereas negative odds start with a “–”.
What happens if you have positive moneyline odds?
The lower the number on the moneyline, the less likely it is that the event will occur.
A +500 underdog, for example, has a better chance of winning than a +900 underdog.
If the moneyline odds start with a “-” sign, then it follows the opposite formula. These moneyline line odds are sometimes referred to as negative odds. As a result, the larger the value of the number, the better the chances of the bet winning.
The Asian bookmaker, for example, offers a -750 for the favorite. It has a better probability of winning than a -400 favorite.
Calculating the American Odds
Assume the Miami Dolphins are -120 favorites to win on Thursday. You may also bet $120 on them to win. It also means you’ll get your initial investment back, along with your $100 in winnings. In total, you will be paid $220.
The positive figure indicates how much you would win if you placed $100 on an underdog.
Consider the Buffalo Bills as a +240 underdog in a Sunday game. You’ve placed a $100 wager on them. Similarly, if your team wins, you will be paid $240 in addition to your original bet.
How to convert decimal odds to American odds?
To convert positive American odds, do the following:
Multiply the decimal value minus one by 100. The decimal value, for example, is 3. The result is (3 – 1) * 100 = 200.
To convert the negative American odds, do the following:
Divided the negative 100 by the decimal odds minus one. The decimal number, for example, is 1.2. After that, you’ll get -100 / (1.2 – 1) = -500.