How do Betting Odds work

We'll start with the most important question - How do betting odds work?

In sports betting - we bet on a certain outcome of a game with real money. If our prediction is correct, we receive our stake back + make some money.

How much? This depends on betting odds. Odds are a comparison between one team and the other, based on their previous games, current performance, possible injuries and what outcome the bookmakers expect.

 In our tutorial - we have chosen this random basketball game:

team A odds to win 1,28  |  team B odds to win 2,78

Who is more likely to win? We have to choose one team. Our stake will be 5€.

In case team A wins, we receive our stake multiplied with odd 5€ x 1,28 = 6,4€
In case team B wins, we receive our stake multiplied with odd  5€ x 2,78 = 13,9€

As we can see, we'd receive much more if team B would win. The bookmaker has, before the game started, decided to make team A a favorite. This simply means, their current form is better, their key players aren't having any injuries, simply - they are more likely to win. This is why their odds are lower.

Remember the golden rule:

That's the bookmakers theory. But in reality, teams with higher odds - so called "underdogs" can easily win as well. And if that happens, we will win much more as if the favorite wins.

TYPES OF BETTING ODDS

There are American, Fractional and decimal (European) odds? We are always using decimal, as they are easier to understand. Others are being used mostly in the United states. Every bookmaker supports all kinds of odds format, so make sure you select decimal or European! They all mean the same, they just look different:

Decimal: 1,90, Fractional: 10/11, American: -110.

It's very easy to calculate your winnings if you're using decimal odds. Simply multiply your stake with the odds and you see what you get in return. If you deduct your stake, this is your pure profit from this bet.

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