Online bookmakers, Bookies, punters and other gamblers are always surrounded by only one thing and it is the betting odds. The ubiquitous odds of the betting world can be seen on the booking coupons and on the online booking sites. But what are these booking odds and why are the bookies and the punters worried about them? Well, a booking odd is a number that tells one how much one can win on the given stake. A higher odd means a lesser chance of winning. The online bookers are generally concerned with three types of betting odds. The bookmakers offer the odds depending on the market they are targeting and the odds can be decimal, British or American. Most of the online bookmakers allow the punters to choose their own odds as well as the format.
Let us take a look at each of the three different types of betting odds one by one.
1.) Decimal odds: This is the most common and popular format. The odds in this format represent the number of units that the bookmaker is ready to pay out on each unit staked. This odd is presented in the format of 2 decimals or 3 decimals. The example given below will explain things a little more clearly:
You put a bet of $200 on match with Arsenal against Chelsea and the football betting odds are 1.50. So, the payout will be $200 X 1.50 = $300. So you stand to make a profit of $100 (300-200). Almost a child’s play to calculate isn’t it. This is the reason why this format is the most popular.
2.) British odds: The British betting odds represent the profit that you can make if you win a particular bet. The bookmakers of UK prefer to use this format because they find it very easy to convert into decimal odds. The conversion from the British odds to decimal odds is done by adding 1.
For instance, you have put $200 on a match of Liverpool against Manchester United and the odds are placed at 4/5. Then the payout is $200 X (1 + 4/5) = $360. Therefore, you make a profit of $160.
3.) American odds: The American betting odds greatly differ from the other two formats because it is made up of two different types of odds viz. positive (200) and negative (-200). This odd is specifically used in America and is not very popular in European Soccer bets.
Knowing about the above three types of odds will help you in understanding the odds in a better way and you can put your bets in a prudent manner.
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