Odds in betting parlance mean that an event has the likelihood of happening. It is the probability of an event happening. For example the probability of a coin landing on heads or tails is 50%. Odds are the way a punter earns his profits.
Bookmakers usually use any of the 3 major odds formats for the purpose of betting. These 3 forms are fractional, decimal and money line odd systems. The preference of using a particular odds system is based on the country of operation and the bookmaker's personal choice. The reason is not variation in profits but ease in calculation for the bookmaker.
The 3 types of odd intervention systems are:
1. The fractional odds system - This system expresses odds in the form of fractions like 1/4, 1/10 and so on. They show the payment you will earn which is relative to the amount you have wagered. For example, of you bet $20 on Team A winning a game at an odds of 1/4, it means you will get 1/4x20= 5. Your earnings from this will amount to$ 25. You earn the amount wagered and the payout.
2. The decimal odds system - The odds are reflected in the decimal format in this system. The decimal odds of an event happening is the decimal value of the fraction odd with one added to it. Therefore the fractional value of 5/1 is 6 and that of 1/5 is 1.20. As the decimal odds system is very easy to understand and work with it is also preferred by many betting exchanges for conducting their betting activities. An example of this odds system is Team B winning at odds of 2 on a $10 bet. The payout here will be 2x10 = $20. This system has the payout factored into the decimals.
3. The money line odds system - Also known as American odds these have their figure quotes as either positive or negative without any point spread consideration. For example a fractional odd of 5/1 is quoted as +500 and that of 1/5 as - 500. Even odds are quoted as 100 with the "- "sign not being displayed at
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. The positive figure states the profit you will make and the negative the amount you will have to wager to make an amount on the bet.
It is important for you to be well versed in all the betting systems as different bookmakers may use any of these systems. Knowing how to calculate using all the systems will not only increase your betting opportunities but also the chances of making profits.
Odds are constantly changed by bookmakers depending on the progress of the event or at times to tip things in the favor of another team. Odds against implies getting more than twice the amount bet. Evens are winning an amount equal to your bet. Example is taking home $2 if you bet $1 and win $1.Odds on is when you win less than double the amount you have bet. Short odds are chances of a high event occurrence and long odds are the chances that an event will occur are low.
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