How to Read Betting Odds? An In-Depth Guide

Betting odds are a crucial factor that determines whether the prediction is favourable and profitable. But how do you read these numbers in the first place?

If you’re betting for the first time, then understanding how to read the betting odds is an obvious step to stake consistently. At Rocky Book, we will guide you through the entire process that goes behind it for successful online sports betting. This begins with learning different odd formats, key betting types and their odds, payout calculations, implied probabilities, and essential betting terminology. So, keep reading it till the end. 

Meaning of Betting Odds

A betting odd is a number that helps in determining the probability of an outcome. For instance, if you’re betting on India’s win, the odds shown on India’s betting markets imply the likelihood or unlikelihood of the result. Higher odds imply lower chances, while the lower numbers show higher probability.

Understanding Different Odds Formats 

• American Odds: 

This is the most straightforward betting opportunity. A plus (+) sign means underdog, which shows the profit on a $100 bet. Similarly, a minus (-) symbol indicates the favourite, showing you the exact stake amount to put across for winning $100. 

For example, a $100 bet on an underdog with +200 odds would result in a total payout of $300 ($200 + $100). On the other hand, a $150 bet on a favourite with -150 odds would imply a profit of $250 ($100 + $150).  

• Decimal Odds: 

Common in Europe and Australia, a decimal odd is a number with decimals in two places. Betting on decimal odds is pretty cut-to-the-chase, skipping any chances of losses. 

When placing your stake on decimal odds, you must know that it’s a simple multiplier for your stake. This brings you the total return, which is equivalent to the wagering amount plus any profit. For example, odds of 2.50 mean you’ll get back $2.50 for every $1 you bet.

• Fractional Odds: 

Often used in horse racing and the UK, it represents the potential profit on your stake. For example, 5/1 odds mean you would win $5 in profit for every $1 you wager.

Key Betting Types and Their Odds

• Moneyline Bets: 

It means betting on which team will win the game outright. The odds for a moneyline bet are pretty simple and indicate that you’ve won a bet if your team wins. 

• Point Spread Bets: 

This type of betting levels the playing field between a favourite and an underdog. The favourite must win by more than a certain number of points, while the underdog can lose by less than that number (or win the game) for the bet to be successful.

• Over/Under (Totals) Bets: 

On this bet, you are wagering on the combined score of both teams in a game. The sportsbook will set a specified number, and you bet on whether the actual combined score will be over or under that number. 

• Parlay Bets: 

A parlay combines multiple bets into a single wager for a higher payout. Crucially, all “legs” of the parlay must win for the bet to be a winner.

Calculating Payouts and Implied Probability 

• It is crucial to determine the betting odds to determine the safe wagering option. 
• You must also calculate the implied probability of an outcome. This is essentially the percentage chance of an outcome. 
• You can easily convert American, Decimal, and Fractional odds so bettors can switch between them and find the one they’re most comfortable with. Most online betting sportsbooks also provide this flexibility to convert the odds in different formats. 

Final Thoughts

We hope you found this blog useful. As you can see, understanding betting odds for any online sports betting is a crucial strategy to avoid major losses. With the above information, you must have now clearly understood the different formats, betting markets, and steps to calculate the final payout. 
Before placing your first bet on some best betting sites in India, it is wise to get safe credentials for online wagering. With RockyBook, a premier sports betting ID provider in India, you can get instant and legit IDs.