Reading the betting odds correctly is the key to making big money from sports betting. The odds indicate the amount of returns you will win by betting in favor and against the odd. Odds also indicate the probability of happening of that event on which bets are placed. The odds represent the implied probability. It is kind of bait given by the bookmakers to let bettors decide if they should bet on the odd or not. The golden rule is that you must bet on the odd only when the actual probability of the event is higher than implied probability. It increases the chance of winning the bet while keeping the money from getting lost in vague stakes.
Types of betting odds
The betting odds are presented in three ways:
The odds read say either -3.5 or +3.5. The positive odd is mostly on the underdog’s team side. It indicates the number of points the team should win or lose by in order to let the bettor make money. The decimal odds can be derived from fractional odds too.
Fraction odds simply read as 4/1, 2/1, 3/1 and so on. The probability of the happening of an event is determined by = (4/(4+1)) *100. Thus, if the odd says that team A is going to win 4/1, it means that the probability of the event is 80%. Thus, for every 1$ invested, you will win $4 if you place the bet on the odd. Similarly, if you go against the odd, you are actually favoring the underdog, the payout will be more and probability will be less in this case.
Implied probability in American Odds
American odds are simpler to read. These are presented in the form of moneylines. The number goes like +100 or -100. The plus hundred is for the weaker time which has more chances of winning. The odd of +100 indicates that if you put $100 at stake, the profit earned will be $100 on winning the bet. Thus, total earnings from this proposition will be 100+200=300 USD. The implied probability of this event is calculated as:
100 / (positive odds +100)
= 100/ (100+100)
= 100/200 or 50%
Odds are also presented by negative numbers in the American betting odds system. The odd of -130 means that a person will have to put $130 on the stake in order to win a profit of $100. The implied probability of the event will be calculated as
Negative odds divided by (negative odds -100)
This equals to in case of -130 as = -130/(-130-100)
Thus, if you are sure that the stronger team will win and the probability for it is 56.52% or more, then only should you place a bet on this odd.
Generally, going against the odd is riskier and therefore, comes with more payouts. The bettors need to be doubly sure of their decision while betting on the underdogs.
UFA games are full of ups and downs which create an opportunity for lots of betting. Learn reading the odds and calculating the probability in order to win lots of money off the betting.