If you want to place a bet, whether in a casino or online, you need to understand the odds. After all, your hard-earned money is on the line and you don’t want to go in blind. Having a solid grip on the three main types of betting odds, as well as how to interpret them, will help you make the most informed decision possible when placing your bets.
The three main types of betting odds are fractional (British), decimal, and American moneyline. Although they differ in their calculation methods and presentation formats, the odds are the same. Each one represents the probability of an event occurring, but the payout ratio is different.
Fractional odds are commonly used in the UK and Europe and are usually expressed as a ratio, like six-to-one. Decimal odds are used in most other parts of the world and are often expressed as a decimal number with a slash or hyphen. The American way of presenting odds is by using a plus or minus sign, so you can tell if the team you are betting on is an underdog or a favorite.
Understanding the odds will make your betting experience more fun and will help you win more bets. But it can be confusing at first because the odds can appear in different formats and require complicated calculations. Luckily, there are ways to simplify the odds and turn them into implied probabilities, which are easier to understand.