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What are Odds?
If the world of betting is a new world for you, surely the term “Odds” will be too. Briefly, an odd is a probability, a number that defines the value that is proposed for a given event.
In traditional bookmakers, these same odds are defined by their team of professionals who, through a series of pre-game factors and live, assign a value to the event, which is always updated and varies throughout the match. On betting exchanges, odds work in a different way as it is not the house that assigns the value to the odds, but the market and the weight of the money that force or not the rises. The community of bettors and their quantity has an influence on the movements and fluctuations of the market.
Types of Odds
Also known as European, they are the most common outside the American market.
Multiplying the bet amount by the odd, we get our return
Here, as the name implies, the odds are a fraction and our profit is calculated by stake.
Example: For a stake of €10 at an odd of 2/1: 10*2=€20 profit
How to turn fractional odds into decimals?
Examples: 5/2 = (5:2)+1 = 3.5
3/4= (3:4)+1 = 1.75
They are used by American bookmakers and are presented in the format “+” or “-“. When the odds are “+”, the value that follows is our profit with a stake of €100. If the odds are “-” it is how much we need to bet to win €100.
Example: +200 means that with a stake of €100 we would earn €200.
– 200 means we would need to bet €200 to win €100.
How to turn American odds into decimals?
If + is to add the value to 100 and divide by 100 (ex: +250 = (250+100)/100 = 3.5)
If – is to divide this value by 100 and add 1 (ex: -250 = (100/ 250) +1 = 1.40)