Understanding Odds: Fractional, Decimal and Moneyline
In the world of sports betting, odds are everything. Bettors use odds to determine whether or not they should place a wager on a particular game or player. In this article, we will take a look at the different types of sports betting odds and how to read them.
Fractional Odds
Fractional odds are also known as British Odds, UK Odds, and Traditional Odds. They are expressed as a fraction, and typically look like this: 5/1. This means that for every $1 you bet, you will win $5 plus your original bet back ($1 + $4).
The beauty of fractional odds is that they offer a very simple way to calculate your potential profits or losses. To figure out how much you would win on a bet with fractional odds of 5/1, for example, just multiply your stake (the amount you bet) by the fraction on the left-hand side of the odds (5), then divide it by the fraction on the right-hand side (1).
Conversely, fractional odds of 1/5 would mean for every $5 you bet, you would only win $1 plus your original stake back.
Decimal odds
Decimal odds are expressed as a number followed by a decimal point and then a number. For example, 2.5 would be expressed as 2.50 in decimal odds.
The number after the decimal point is how much you will win if you bet $100 on that outcome. So, in the example above, if you bet $100 on the outcome and it wins, you would receive $250 (your original $100 plus $150 in winnings).
Conversely, if you bet $100 on an outcome with decimal odds of 2.00 and it loses, you would lose your entire $100 stake.
Moneyline (and point spread)
Moneyline odds are the most popular form of betting odds in the United States. In a moneyline bet, the gambler is simply betting on who will win the game.
For example, let's say that you want to place a moneyline bet on the New England Patriots to beat the Miami Dolphins. The Patriots are listed as -280 favorites, while the Dolphins are +240 underdogs. This means that a $100 bet on New England would net you a total of $28 if they win, while a $100 bet on Miami would net you $240 if they pull off the upset.
Point spread odds are used in sports betting to predict who will win a game and by how much. Bettors use point spread odds to calculate their potential payouts. The favorite team is typically given a handicap, or point spread, of a certain number of points. The underdog is given a head start of the same number of points. So, if the favorite is favored by 6 points, then they must win by 7 or more points for bettors who bet on them to collect; otherwise, those who bet on the underdog will win their bets. In most cases, the point spread odds will be listed alongside the moneyline odds.