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Summary: To be successful at online sports betting, it is important to have sound money management, discipline and a fantastic understanding of how the betting odds work. If you are a beginner, don`t lose heart! Discover the mantra of identifying betting value in this article. Keep reading!
Placing your money on a bet with a little knowledge of your favorite sports coupled with a bit of luck, might appear easy, initially. But truth to be told, winning in online sports betting is not that of an easy deal. Understanding and developing the ability to read odds is an essential step to become a successful sports bettor.
From analyzing how much money you want to wager to figuring out which bet offers the most value, it all begins with an immaculate calculative ability and understanding of the odds. And if you are planning to explore the horizon of online sports betting, be it casino gambling, sports betting, or any other type, it becomes even more essential. Why? Can you drive a car without learning the basics of accelerator, breaks and clutch? No, right? Similarly, it would be absurd to place your hard-earned money on bets without fathoming on the basics of betting odds and various other associated formats.
Betting sites all across the world lets their customers to bet on various sports events. However, they announce their odds using different methods and formats. For the beginners, the entire concept may appear a little tricky, but all you need is to have a bit of patience to wrap your head around it. So let`s start!
What exactly are the odds?
First things first! An odd demonstrate the probability or specifies which party has the best chance of winning; depending on which punters all over the world place their wagers.
Types of Cricket Betting Odds
Whether you are a novice or a pro when it comes to sports betting online, you will come across 3 different ways that online sports-books use to display odds:
American Odds- (+500)
Going by its name, the American Odds are the most popular in the United States. It is also known as Moneyline Odds and works differently for favorites and underdogs. The + and – symbols before the number indicates whether a team is an ‘underdog’ or a ‘favorite’. The calculation to determine the pay-out is also different for both the cases.
For instance: India is -110 to win a match against Pakistan, which means India is being a favorite. Placing a successful Rs.110 bet on them will get you Rs.100 winnings. Along with the winning amount, you will also get your betting amount back. And your total pay-out will be Rs.210.
When placing a bet on ‘underdog’, the amount that you will win would be higher, as the stakes are higher too. For e.g. If Pakistan cricket team has odds of +240 to win the match, in the above example. Placing a successful Rs.100 bet will yield Rs.240 winnings along with your initial money. Your total winning amount would be Rs.340.
Fractional Odds/UK Odds-(13/7)
With prices displayed as a fraction or in ratio, Fractional Odds are popular as British Odds, UK Odds, or Traditional Odds and are the preferred form for any European bookmakers. To break down into simpler words, the first number is the amount of cash that can be won by placing money worth the same as the second number indicated (9/1).
For example: One of the major sports betting sites like Betway list the following fractional odds for futures betting on the teams Sri Lanka & India to win 2019 ICC World Cup.
Sri Lanka- 9/4
From the odds, one can simply determine that India is the favorites, while the odds on Sri Lanka winning are longer. That is, one will win only Rs.10 on India against every Rs.11 to be the World Cup champions. But if one bets on Sri Lanka, he or she wins Rs.9 against each Rs.4, which might be a little less probable, but highly profitable.
Decimal Odds/ European Odds-(4.00)
Decimal Odds also known as European Odds, digital Odds and continental odds are popular in Europe, New Zealand, Canada and Australia, along with India. The reason behind their popularity is that they are somewhat easier to understand and work with. The underdogs and favorites can be easily spotted by just looking at the numbers. And if you are someone who would rather die than do calculation, this is the perfect way of placing wagers.
The decimal odds number represents the amount one would win against every unit wagered. The number displayed represents the total return one would get, including your initial stake. There is no need to add back your stake, which makes it much simpler and easier to calculate.
For example: If you wager Rs.500 on odds 1.91 and win, your return will be 500×1.91= Rs. 955. Note that this return includes your initial Rs.500 stake, so the profit is Rs.455.
If you are betting on a team that is likely to win (favorites) the odds will be a small number such as 1.23. But if you are betting on a team that is unlikely to win (underdog), the odds will be a larger number like 5.24. Regardless of the size of the odds, your returns will always be:
Stake x odds= return (including your initial stake)
How to convert Fractional Odds into Decimal Odds
Another thing that can give you even a better idea of odds is to know how to convert one form of odds to another. This can be extremely helpful when you have a large amount of betting data that has odds displayed in a format you are unfamiliar with.
In this section we are going to explain how you can convert “Fractional Odds” into “Decimal Odds”. To do this, we first have to convert any odds format to their implied probability, which will simplify the calculation for you:
CONVERTING PROBABILITY INTO “DECIMAL ODDS” FORMULA:
Decimal Odds= 100/implied probability
Let`s take an example. We think that Australia has a 75% probability of defeating Afghanistan. Now, to calculate our “decimal odds”, we will have to convert 75% into odds:
100/75= 1.33 (implied probability of 75% would return “decimal odds” of 1.33)
Converting Fraction Odds to Decimals
As “decimal odds” are easier to decipher, you can convert “fractional Odds” into decimal format. Convert a fraction odd into a decimal one by dividing the first number (numerator), by the second number (denominator) and then add 1 to the result.
Formula: first number/second number +1= decimal odds
For e.g. 6/1 is equal to 7.0. Divide 6 by 1 and add 1. You will have the resulting figure of 7.0.
Types of Cricket Betting
There are plenty of ways through which you can bet on cricket. The extensive range of choices is given below:
Excerpts :> Before placing an opening bet online, learning the essential basics are extremely important when it comes to odds. If you want to be successful in online sports betting, you must start getting the grip of betting odds, from today!
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