To win any sports bet, you need to analyse the odds and place a responsible bet. Betting can be used as a means of entertainment as well as a source of income for some people.
Therefore, you need to understand the concepts of odds before you start your betting journey.
While betting, odds are the ratio of winning to the stake. They are represented in different ways such as in fraction form, decimal form, and in plus-minus form. Betting odds help bettors to calculate their winning probability if a particular event occurs.
For example, when there are two players and the probability of winning is equal i.e. one to one. If you are having difficulty understanding them, you can find websites that explain betting odds.
Betting odds can be classified into various categories, based on the distribution of profit earned and also on the probability of winning. The types of odds also depend on the country you are playing in or competitions like UEFA Champions League. Different types of betting odds are as follows:
These odds as the name suggests are listed as fractions. Suppose the fractional odds of a bet is 9/1, this means that for every 1 pound spent you will be getting 9 pounds if you will win the bet. Therefore, the total sum of money that you will get is the sum of the money you wager and the profit earned, i.e., 9 pounds.
This system of odds is used in all forms of betting in the UK. Similarly, if the fraction is 8/7, so for every 7 pounds waged, you will get 8 pounds, which brings the total to 15 pounds.
Decimal odds are a somewhat very simple type of odds. If you place a bet, which has a decimal odds of 5.00, you will be receiving 5 times the money that you wagered. This total money that you get includes your profits as well as the initial wager.
This category of odd is a bit confusing at first. This type of odd can be classified into two types.
- The odds which have a negative sign in front of it indicate that this is the amount that is required for you to gain 100 pounds.
- However, if the bet has a positive sign in front of it, this is the amount of money that you will win, if you bet 100 pounds.
To get a better grasp on betting, you must know these basic terms that are often used with betting odds
- Bookmarks – This term is kind of a slip that is exchanged for every payment between customer and provider.
- Chalk – It refers to the favourite player you want to bet on.
- Action – Used as a form of money to bet and earn more.
- Hedging – It is the term for strategy in which a bettor wages his money on the opposite side of an existing bet to balance risk.