At the time of sports betting at online casinos, it is necessary to know the odds in sports betting or Odds to bet, the types of odds and their definition.
It is considered one of the most important words in the sports betting sector; it is part of the betting dynamic's daily turn.
Regardless of cricket betting, horse racing, baseball game and football betting, this term is the most important prerequisite to getting started with sports betting with an online casino website.
What are betting odds
The odds represent numerically the probability that the result will occur in a sporting event; it is tied to statistics of favoritism and fitness, as well as a theoretical profit from the online casinos.
When it comes to poker odds, the meaning changes radically since, in this game, the "odds" determine the probability a player has of improving a hand.
Does that depend on the size of the fees?
When setting the odds, online casinos consider numerous details. This is the case of the teams that play, the statistics and probability or the amount of money that bettors enter in that market.
There is no doubt that taking advantage of the odds' modification is a highly recommended strategy since it will allow us to place bets with more excellent value.
Example of modifying the odds in Sports Betting:
- In a football match between Barcelona Vs. Real Madrid, Suppose you bet on Barcelona's victory and a few hours before the game, it is confirmed that your star player will not be in the starting eleven.
- In this situation, the online casinos may increase the value of the quota for Barcelona's victory; if the bettor considers that the absence of the player does not affect the result of the same, he can take advantage of the best quota and bet more.
Classification of quotas
Quotas can be classified according to their value and can be divided into different types.
- Very low odds: 1.01 to 1.10
- Low odds: 1.15, up to 1.40
- Average odds: 1.40 to 1.99
- Good Odds: 2.0 to 2.5
- Excellent odds: 2.5 and up.
Logically, low or meager fees are more likely to occur; however, they are not profitable.
Types of betting odds
There are three types of odds in sports bets, and they are adapted to different markets:
- Decimal quota
- Fractional Fee
- American fee
- Decimal quota
It is a known decimal. It is also known as European quota; it represents the most common and standard variety in Latin America; it is the most common in Peru and Colombia.
It is represented by an integer or decimal number, while to know the profit, you simply have to multiply the amount bet by the quota and, finally, subtract the investment made in the bet.
Examples of decimal odds in a well-known online bookmaker between a Champions League match between Manchester City vs. Real Madrid be Manchester City win @ 1.72 or Draw @ 4.40, or Real Madrid win 4.3. To know the profit offered by these fees, the following formula is followed:
- (Amount staked * odds) - Amount staked. For example, if we bet S. / 1000 on Manchester City, the odds of 1.72 would be: (S / .1000 * 1.72) -S / .1000, it would give a profit on the bet of S./720.
Fractional fee
The fractional fee is also known as the English fee and is widely used in England and the entire United Kingdom.
The possibilities of an event are represented in fractions. The bettor's win's value is represented by the value bet by the fractional odds presented by the online casino.
How to know what the profit obtained through fractional odds is?
Multiplying the amount bet by the result of the fraction presented in the online casino's odds. In the same Champions League event between Manchester City vs. Real Madrid fraction.
- Example: S. / 1000 (bet on Barcelona) * (18/25) would give us a profit of S /. 720
American fee
The American quota is very common in the United States and Central America; the principal characterizes it; it can be positive or negative.
Negative values ​​indicate the amount that will have to be wagered to obtain a profit of S. / 100 (units). For example, in the same event in the Champions League on different online casino sites, the victory of Manchester City Vs. Real Madrid has an odds of 139; this formula will have to be followed:
- Amount Bet (S./100) * 100 / -139 (Odds) will result from S./72 for every 100 invested.
If, on the contrary, we find a bet with a positive value, for example, +330 on the victory of Real Madrid, we will have to make a small variation in the formula to know the benefit.
- The amount we bet (S / 100) * 330 (Odd) / 100 will profit on sports bets of 330.
Odds
Odds are the odds that a bookmaker or online casino offers, represented numerically, to place a bet.
Odds are one of the most important concepts in sports betting, and you always have to be very careful to find the best odds to bet and enjoy the bonuses that a reputed online bookmaker or online casino has.