Indonesian-style odds are quoted as a number with absolute value greater than 1 typically displayed to 2 or more decimal places. Once again using the same example from the NFL, the decimal odds would be displayed in this manner:. To convert European decimal odds less than 2. Using an online sportsbook means that you can bet on sporting events taking place anywhere in the world, which is fantastic, but a big disadvantage is that odds on some sites may be presented in a format that you are not familiar with. Juventus are ready to make a move for Paul Pogba in the next months, but they know they will need to offer players in exchange to get any deal off the ground. Linemakers know you want to bet on the favorite and don't think that they won't take advantage of this!
In real life, the Colts probably have less of a chance of winning and should pay more while the Bears are even more likely to lose than the odds reflect and should also pay more. Those are the basics to understanding odds. You must be able to read the odds listed in order to understand how much you will make on a bet.
The amount of cash that you make, your profit, is your payout. Some sports bets, such as those involving a point spread, usually pay approximate odds of 1: Each of these expressions of odds represents the same wager and payout. Notice that you get the same amount of cash back on both bets but that you actually make double on the second wager.
One element that many new bettors are not aware of is the commission that is paid by gamblers to bookies or sportsbooks. The commission is often referred to as vig, vigorish or juice. This part of sports betting is important because it alters your payout, lessening it.
Vig can be readily seen in point spread betting and when you bet on the favorite using the moneyline. What happens to the 10 cents? The same can be seen with the moneyline. The way bookies make their commission on the moneyline is they charge more than they should to bet on the favorite and undercut the payout on the underdog. Thus, the vig is often hidden, but it is there. Understanding the payout in relationship to the amount of money risked and the total return is important to be able to manage your bankroll and sports betting business.
When is it too late to make a bet? When the game is over. Which of these options, if any, has the highest expected value? To check double check our math Doing this we see:. The beautiful thing about sports betting, there are dozens of sites each with unique lines on the same game.
The ability to do this alone, combined with bonuses and promotions is enough for the average sports bettor to make some serious extra coin each season.
Remember our odds converter can do this math for you at the click of a button. The formula to convert American moneylines to European decimals odds depends if the moneyline is expressed using a positive or negative number. To convert a positive moneyline to European decimal odds take the moneyline, divide it by and then add 1. To convert a negative moneyline to European decimal odds take divide it by the moneyline without using the negative sign and then add one.
The formula to convert European odds decimals to American moneyline format depends if the odds are 2. To convert European decimal odds 2. For example, odds 2. To convert European decimal odds less than 2. For example, odds 1.
We hope you make good use of our sportsbetting odds calculator and our odds converter app on this page. Now, put your knowledge to the test and sign up with one of our great sports betting sites. Whether you're into baseball, football, basketball, or racing, you will find odds in all three formats and a great range of markets to wager on and with our handy sports betting calculator, things couldn't be easier!
From there, you divide the right-hand side — one — by the total figure — three — giving the answer of When looking to make a bet, speed is key, something that our sports betting calculator can help with. Input your type of odds, given odds, and total bet, and the betting calculator will handle the rest.
Moneyline odds sometimes listed as US or American odds probably rank as the most confusing odds format out there, largely as it appears to be used exclusively in North America. Yes, it is a bit complicated to understand, but that is the nature of the beast when it comes to moneyline odds. Finally, on European shores, decimal odds are often the preferred choice. Expected value is the total amount that a punter can expect to win or possibly lose when they place a wager on the same odds multiple times over.
Expected value is calculated by multiplying your winning probability with the amount you could win per wager, then subtracting the losing probability multiplied by the amount lost per bet.
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