In a betting game, it is essential for a player to have knowledge about betting odds and their evaluation procedure. For those who don’t know what betting odds are, they represent the probability of a particular result taking place in a specific game. In every betting event, there are certain outcomes all of which have some chances of happening, more or less.
Each betting fixture consists of bookmakers or bookies, who provide you with these odds and try to increase your winning chances. Same goes with the free online bingo games/free no deposit bingo games where best bets and information on the prize money are offered by bookies to help their customers win bonuses and jackpots.
There are mainly three types of betting odds presented by almost every bookie.
- Fractional odds – they represent the profit obtained as a return amount based on the single unit bet aligned with the total sum of money anticipated from this bet.
- Decimal odds – they constitute an easier method of total sum estimation received from a single unit bet when it’s successful.
- American odds – they are represented by positive (+) and negative (-) symbols which show the winning amount of money at 100 unit stake or sum needed to bet for winning those 100 units.
Now, let us see them in detail one by one.
Also known as British or traditional odds, they refer to the net sum of winning money based on the player’s original bet. As the name suggests, they are calculated by using fractions. You simply have to divide the first quantity by the second one and the result would be the winning amount excluding your original bet.
Suppose that your odds are 7/1. Then, if you win, you will get 7 times the bet money, you originally placed along the bet money itself.
They are frequently referred as European odds and represent an outcome in the form of decimals by dividing the probability percentage into 100. For example, if your winning chances were 20%, then decimal odds would be calculated by dividing 100 by 20, which gives the result as 5.0.
So if you have placed your bet with decimal odds of 5.0, then for each unit of your country’s currency, you would get 5 times the unit. Also, your initial bet amount would be included in decimal odds.
In American odds, or you can say money line odds, the (+) and (-) symbols are used to present the probability of a certain result of the game. The positive (+) sign presents the amount you can win for a particular sum of money you put at stake at the beginning of the game. The negative (-) sign shows the quantity required for betting so as to win your original stake.
Make sure that you have enough knowledge to start betting successfully and acquire maximum profit from a game. Search for bookies, who provide odds and munificent offers with minimum edge. Lastly, prepare yourself by gaining information on the betting events, statistics, previews, performances, etc. so that you can make the best choice for yourself when it comes to winning.