Anyone who has ever dealt with sports betting has surely come to the conclusion that there are several different types of odds that sports bookmakers offer to their users. We must emphasize right away that understanding the different types of odds offered by sportsbooks and betting markets is extremely important, as you can use this knowledge to find the best offers.
There are three most famous types of odds offered by sportsbooks, which we will write about in detail in this article. In addition to them, there are also some less known and more local species. It doesn’t really matter which type of odds you prefer, as each type offers the same to its users. So it depends on your preferences and habits which odds you will use.
We believe it is extremely important for any sports bettor who wants to make a profit with their bets to know what the basic types of odds are.
Basic types of odds in sportsbooks
Three types of quotas are used, and their use depends on the region in which you reside. When sportsbooks find out from your IP address which region you come from, they automatically offer the types of odds that are most represented in that region. For example, if you come from the UK, you will almost certainly be offered decimal odds by default, but if you come from another part of Europe, you will be offered decimal odds by default. It goes without saying that reputable and quality sportsbooks always have the option to display at least these three types of odds in their offer.
The three most famous types of odds in the world of sports betting are:
- Decimal quotas (also known as European quotas),
- Fractional odds (also known as English odds) and
- American Odds (also known as Moneyline Odds).
In addition to these three, there are also Hong Kong, Indonesian and Malaysian types of odds, which are less well-known and popular especially in the regions after which they are named.
If you are new to the world of sports betting, then it is important that you understand all types of these basic odds so that you eventually recognize value when you see it.
Decimal odds in sportsbooks
Decimal (European) quotas are the most famous and widespread in Europe. The vast majority of popular European sportsbooks use them as a default type, and they are also popular in Australia.
As the name suggests, this type of odds is displayed with decimal numbers (1.20, 1.50, 2.30, 5.65).
Calculating potential profit when using decimal odds is extremely easy. You multiply the odds by your stake and then subtract the amount of your initial stake to get the net profit from the bet.
Let’s look at an example:
In a basketball match between the teams CSKA Moscow (1.50) and Real Madrid (2.48), each bettor who chooses to bet €100 on CSKA Moscow winning €100 can potentially earn €50. On the other hand, a punter who chooses to bet €100 on Real Madrid to win can potentially earn as much as €148.
In general, decimal odds are very easy to understand and adopt, bearing in mind that we use this type of odds almost exclusively. Interestingly, many professional players actually prefer this type of odds as it is the most practical.
Fractional odds (UK) in sportsbooks
Fractional (British) quotas are most commonly used in Great Britain and Ireland. This type of odds originates from horse racing and dog racing. For someone new to sports betting, fractional odds can seem very complicated at first, but they really aren’t. It is a simple mathematical equation.
When you see two numbers separated by a slash (5/1, 1/2, 7/4, etc.) at a sportsbook, these are fractional odds. The calculation is not complicated at all if someone explains it to you in the right way. When the first number is greater than the second, it means that the potential profit is greater than the invested profit, and the odds are greater than the decimal odds of 2.00.
Let’s look at an example:
In the basketball match between CSKA Moscow (4/9) and Real Madrid (11/8), each player who chooses to bet €100 on CSKA Moscow’s win can potentially earn €44 in net profit. On the other hand, a player who chooses to bet €100 on Real Madrid to win can make a potential profit of €138.
From this it can be seen that the odds on the favorite, expressed in fractional odds 4/9, means that for every €9 invested, the player earns €4. In general, fractional odds can be a bit complicated at first, but understanding this type of odds is important, especially if you want to bet on horse and dog racing.
American odds (American) in sportsbooks
This type of odds is most popular in the United States and Canada. Like fractional odds, American odds seem complicated at first glance, but are actually quite simple to understand.
If you ever see odds with + or – signs, know that they are American odds or Moneyline odds. This is the only type of odds that have a sign. These symbols indicate whether you are betting on the favorite (minus sign) or the underdog (plus sign).
The calculation of potential profit is, of course, dependent on the sign. If you bet on the favourite, then the odds represent the amount of money that needs to be bet to win €100. If you bet on the underdog, then the odds represent the amount you can potentially win with €100.
Let’s look at an example:
In a basketball match between the teams CSKA Moscow (-200) and Real Madrid (+148), each player who decides to bet €100 on CSKA Moscow can potentially earn €50 in net profit. On the other hand, a punter who chooses to bet €100 on Real Madrid to win can potentially earn as much as €148.
Although American odds look quite intimidating at first glance, they are very simple to understand and very logical. Once you master how to calculate these odds, you will easily convert them to decimal or fractional odds.
How to convert odds
Today, when you always have the Internet at your fingertips, converting any type of odds to another is quite simple, as there are a large number of free and paid converters available online. However, we believe it is important that every bettor understands how the formula works to convert one type of odds to another.
That is why we have prepared some simple mathematical operations for you, with which you can convert the odds very easily.
Conversion of fractional odds to decimal
The easiest way to convert fractional odds to decimal is to divide the first number of the fractional odds by the second number and then add 1.00. Let’s look at an example:
5/11 fractional odds is ((5/11) + 1) = 1.45 in decimal odds
Conversion of decimal odds to fractional
To easily convert a decimal quote to a fractional one, consider the following formula:
1.25 decimal odds is 1.25 – 1.00 = 0.25/1 * 4 = 1/4 in fractional
As you can see, you can convert any type of odds into another. The only question is whether you will do it yourself or use one of the free or paid programs available online. Ultimately, it’s important to know what odds exist and how they differ.What does the plus/minus sign mean in American odds?
American odds are the only ones that use any sign. Odds have + when betting on the underdog and odds with – are used when betting on the favorite. You can read more about how the profit is calculated at American odds in the article.