In the world of online sports betting CA, knowing how to read and understand betting odds is perhaps the most important skill a punter needs to place a successful bet. Of course, there are other factors to consider like the type of sport, the markets available and the teams themselves. All that aside, the odds are what determines the outcome of the bet and should be the final decider when placing any online bet.
There are three main types of sports betting odds displayed at international and local betting sites and these are fractional odds, decimal odds and money line (American) odds. In Canada, the most popular way for betting sites to display their odds is in decimal format. This may change from region to region but in most cases, understanding decimal odds is key.
If you are unsure of what odds are being displayed, fractional odds are displayed as fraction such as 5/1 five-to-one while decimal odds are expressed as a number with a decimal such as 1.25 or 4.00. American or money line odds have a plus or minus sign in front of the number such as +25 or -15. With online and mobile sports betting, the odds give punters an indication of how likely the bet is to win the event in question.
Calculating Implied Probability
With decimal odds, the higher the number displayed, the less likely the bet is to win, while lower numbers are more likely be winners. For example, odds of 15.00 will be posted for underdog teams or horses. Odds of 2.00 and under are only posted on favourites and should be avoided unless there is undeniable knowledge a win. If you want to calculate the exact probability of a decimal odds bet, there is a simple formula you can use. Once the sports betting CA site has released the odds for the event, you can use the formula 1/(odds) x 100.
Let’s look at a simple example. If you are looking to place a bet at odds of 7.50 and you want to know the implied probability, we can use the formula 1 divided by 7.5 multiplied by 100. This gives you an answer of 13.33%. Similarly, if the odds were 2.5 then we take 1 divide by 2.5 and multiply by 100. This gives us a much higher probability of winning at 40%.
Calculating Payouts on Decimal Odds
The best mobile sports betting sites will have competitive odds on a variety of markets and events. If you want to calculate the payout on your bet, decimal odds are perhaps the easiest to decipher. Unlike fractional odds where you have to use a formula to calculate your payout, with decimal odds, you simply add a monetary value to the odds display. For example, if the odds were 4.50, simply add Dollar sign to the front of the value to make it $4.50. What this means is that for every $1 wagered, you could potentially win $4.50 from the bet.
The Easy Way to Convert
As you can see, the higher the number, the lower the probability of winning and the more you stand to win on a successful bet. Not all online sports betting Canada sites offer markets in decimal format though. While some have a handy button to instantly convert the odds into whatever format you prefer, in some cases, you are going to have to convert yourself.
If you are faced with having to convert fractional odds to decimal odd, there is a simple equation you can use. Simply take the first numerator, divide by the denominator and add 1. For example, if you have odds of 35/5 the equation would be 35 divided by 5 +1 which equals 7 or decimal odds of 8.00.