Before you start placing bets on sports, it’s crucial to take a look at the different types of betting odds. There are 3 types of betting odds, fractional, decimal, and american. These all are similar in the outcome and do not alter the payout.
Fractional odds are represented as a fraction, with a slash (/) or hyphen (-). A 11/2 odds would.
Meaning you earn $11 for every $2 you put in. So if you put in $6, you would earn $33, plus the original $6 dollars, making a profit of $39.
If Team A has a 8/1 chance of winning the league, and Team B has a 4/1 chance of winning the league, team B has the better chance. Team B has the better chance of winning the league because the potential outcome isn’t as much compared to Team A, therefore making the bet on Team A is more risky.
Decimal odds are the most common types of betting odds worldwide. They are very similar to fractional odds, and it’s even easier to spot the underdog. Let’s say the Boston Celtics are playing the Los Angeles Lakers. The odds for the Lakers are 2.2, and the odds for the Celtics are 1.6. The Celtics have the better chance to win because they have the lower decimal. If one bet $10 on each team, a Celtics win would get $16, because you multiply the decimal odds by the bet you place. Therefore, a Lakers win would give $22.
American Odds are widely popular types of betting odds in the U.S, hence the name “American.” The projected winner of the matchup has a (-) sign next to their name, and the underdog has a (+) sign. The number next to the (-) sign shows the amount needed to place in order to make $100, and the number next to the (+) sign shows the amount won for every $100 placed.
An example of this would be:
Team A: +340
Team B: -250
One would have to bet $100 on Team A in order to obtain the $340, resulting in a payout of $440 if the bet is correct.
If you wanted to bet on Team B, you would need to wager $250, and a win would get you a total payout of $350, which is the original wager plus the $100 profit.
Hope this information helped you to understand the different types of betting odds.