Are you planning to step into the gambling world? If yes, then you must be aware of the term betting odds. A person who has an understanding about the odds can easily predict whether the bet is worth pursuing or not. The first thing that you need to know is that there are three types of odds: decimal, fractional, and American (moneyline). These all types are used to represent the probabilities of the different outcomes. Let us try to study the math behind these bettings odds below:
1. Decimal odds:
Decimal odds are famous in various parts of the world including Canada, Australia, New Zealand, and Europe. It is easier to understand and work with. You can spot the underdogs and favorites instantaneously just by having a look at the numbers. This betting odds tells you the amount a person wins after betting $1 each time. Decimal odds does not represent the profits you earned but lets you know about the total payout. The total payout using the decimal odds can be calculated by using the following formula:
Total payout = Decimal odd number x Stake
2. Fractional odds:
Fractional odds are popular among the Irish and British bookmakers. It is usually written with a hyphen or slash and is used by some largest bookies in the world. The fraction 6/1 implies that you have chances to win $6 over a bet of $1. You also get back the money you used for wagering if you win the bet. It is also defined as the ratio of the profit earned to the initial wager. This means that you will receive your $1 as well apart from receiving the profit. So, you will get a total payout of $7. If you bet $10 at 6/1, then you will receive a total of $70 after winning the bet.
3. American (Moneyline) odds:
As the name suggests, this odd is quite famous in the US states and best US online casinos. The odds for favorites are provided with a minus sign and it represents the amount of money you need to wager to get a chance to win $100. On the other hand, the odds for underdogs comes with a positive sign, which represents the amount of cash you won after betting $100. In both of these cases, the bettor receives his initial betting amount back in addition to the money won.
TO SUM UP
Entering the betting industry is not easy if you don’t have any understanding about the betting odds. If you want to increase your chances of winning at casinos by predicting the right results, then you have to focus on learning about the different mathematical odds. These are not at all difficult to understand. All you need is to pay some time and attention while studying these odds. Check out the above points to know how decimal, fractional, and moneyline odds work in the gambling.