According to statistica, the online gambling market that has now taken over the sporting industry will be valued at more than $94 billion in 2024. With its value at $46 billion in 2019, this means that the market is expected to grow in leaps and bounds. The online betting industry has also developed a strong partnership with one of the most popular games worldwide, football. The partnership is not just through advertising and sponsorships but also gamers’ immense profits in bets.
The promise of huge and easy wins is enough to have any gamer craving for a piece of the pie in online football betting. Unfortunately, not everyone who bets stands to make as much. It would help if you understood the sports betting industry’s basics to maximize your wins. For instance, odds are among the essential elements to understand as they are the reflection of your probability of winning.
The following are the types of odds in sports betting and tidbits on how they affect your winnings.
Fractional odds are also called British or UK odds since they are the most popular among Irish and British bookmakers. These odds feature a hyphen or slash like 6/1 or 6-1, meaning you will win $6 for every $1 you bet. This is in addition to recouping the $1 you placed as your wager. In other words, a fractional odd denotes the ratio to your initial bet that you stand to win.
For example, the betting site you choose might cite its fractional odds as 10/11 for team A and 9/1 for team B. This means that for team A, you will win $10 for each $11 you wager while for team B, you get $9 for every $1 you bet. In this instance, the clear favourite is team A, while team B is the underdog, thus the higher payout.
Moneyline odds are also called American odds since they are usually used by American bookies. The favourite team’s odds of winning a game have a negative sign indicating how much you should stake to win $100. A positive sign is used for the underdogs in the match and indicates how much you will win for each $100 wagered. In both instances, you will get back the amount you stake in addition to your winnings.
Let’s say that a bookmaker has listed the Moneyline odds of teams A and B as +585 and -760, respectively. You should bet $100 on team A winning for you to win $585 plus the $100 you wagered, making your total win $685. If you bet on team B, that is the favourite, in this case, you will bet $760 to win $100. This means you will win $100 plus the $760 you placed as a wager if team B wins the game.
Decimal odds are also called digital, continental, or European odds owing to their popularity in Canada continental Europe, Australia, and New Zealand. The numbers in decimal odds represent how much you can win for each $1 you wager. These numbers represent the total payouts you can get on an online betting site rather than the profits. Your stake on that site, for example, is already a part of the decimal number making it easy to calculate your payout.
If, for instance, the betting site lists the decimal odds of team A as 3.00, this number represents how much you can win for each dollar you bet. If you thus bet $100 that team A will win, this means you can win $300. The $300 includes the $100 you wagered, meaning you make a profit of $200. A high total payout is evidenced by a high decimal odd, but this means it is less likely for the team with this high odd to win.
Hong Kong Odds
These are used in Hong Kong, a former British colony. They thus closely resemble fractional odds and only differ in the methods of calculating profits and in that Hong Kong odds are in decimals. Your payout is calculated by multiplying the odds by your bet. If, for example, you place $100 on a team with odds of 100/0.5, this means you will win $50 plus the $100 you wagered if the team wins.
With the above guidelines, you now know what to expect when you place a bet based on different odds. The sports betting sector has recently gained a bad rap as contributing to gambling addiction. The sector has, however, instituted different measures to protect gamers from addiction and promote responsible betting. For example, the whistle to whistle ban stops betting company adverts during a game to protect vulnerable people and reduce irresponsible gaming.