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If you are planning to start betting—be it in a casino, sports betting, or any other

type—it’s essential to understand 💶 the odds. Placing bets intelligently requires having

a good grip on the main types of betting odds and the ability 💶 to read and interpret

their various formats.

The three main types of betting odds are fractional (British)

odds, decimal (European) odds, 💶 and money line (American) odds. These are alternate ways

of presenting the same odds and hold no difference in terms 💶 of payouts. This means that

the chances (or the percentage probability) of an event occurring can be converted and

presented 💶 in any of the odds mentioned earlier.

Key Takeaways The three main types of

betting odds are fractional (British) odds, decimal 💶 (European) odds, and money line

(American) odds.

These types are alternate ways of presenting the same thing and hold

no difference 💶 in terms of payouts.

British fractional odds are the ratio of the amount

(profit) won to the stake.

European decimal odds represent 💶 the amount one wins for

everyR$1 wagered.

Depending on the negative or positive sign, American money line odds

either indicate the 💶 amount one needs to wager to winR$100 or the amount one would win

for everyR$100 staked.

How British/Fractional Odds Work

Fractional odds 💶 (aka “British”

odds, “U.K.” odds, or “traditional” odds) are popular among British and Irish bookies.

They are typically written with 💶 a slash (/) or hyphen (-).

A fractional listing of 6/1

(six-to-one) odds would mean that you winR$6 against everyR$1 you 💶 wager and receive

your dollar back (i.e., the amount you wagered). In other words, this is the ratio of

the 💶 amount (profit) won to the initial bet, which means that you will receive your

stake ($1) in addition to the 💶 profit ($6), resulting in a total payout ofR$7.

Therefore, if you stakeR$10 at 6/1 and win, you get a total 💶 payout ofR$70 ($60 profit

+R$10 stake).

The total (potential) return on a stake can be stated as:

T p = ( S 💶 ( N /

D ) ) + S

Where:

Tp is the total payout

S is Stake

N/D is the numerator/denominator of

the fractional 💶 odd (e.g., 28/6)

Let’s posit that the following are the odds on the

three teams most likely to win the 2024 💶 NBA Championship:

Brooklyn Nets: 13/5

Golden

State Warriors: 9/2

Milwaukee Bucks: 7/1

It can quickly be determined that the Brooklyn

Nets are the favorites, 💶 while the odds on Golden State and Milwaukee winning are

longer. You would winR$13 against everyR$5 you wager on Brooklyn 💶 to be the champions.

Meanwhile, you'd winR$9 against eachR$2 you put at stake for Golden State to win, which

is 💶 a bit less probable. For Milwaukee, you'd winR$7 against eachR$1 bet.

In the above

example, if you betR$100 on Brooklyn to 💶 win, you could make aR$260 profit ($100 x

(13/5)) and get back your initial stake ofR$100, resulting in a total 💶 payout ofR$360.

However, if you wagerR$100 on Golden State to win, you could receive a profit ofR$450

($100 x (9/2)) 💶 in addition to theR$100 initial stake, leading to a total payout

ofR$550.

The potential profit for a Milwaukee win would be 💶 even higher because you

could make a profit ofR$700 ($100 x (7/1)). With the initial stake ofR$100 returned, it

would 💶 result in a total payout ofR$800.

How European/Decimal Odds Work

Decimal odds

(aka “European” odds, “digital” odds, or “continental” odds) are popular 💶 in continental

Europe, Australia, New Zealand, and Canada. These are a bit easier to work with and

understand. The favorites 💶 and underdogs can be spotted instantaneously by looking at

the numbers.

The decimal odds number represents the amount one wins for 💶 everyR$1

wagered. For decimal odds, the number represents the total payout rather than the

profit. In other words, your stake 💶 is already included in the decimal number (no need

to add back your stake), which makes its total payout calculation 💶 easier.

The total

(potential) return on a stake can be calculated as:

T p = S * D

Where:

Tp is the total

profit

S 💶 is Stake

D is the decimal odd

Let’s look at an example involving who might

have won the 2024 U.S. presidential election.

Donald 💶 Trump: 4.00

Joe Biden: 1.3

These

numbers represent the amount you could win against eachR$1 you put at stake. So, if you

💶 betR$100 on Donald Trump to be reelected as president, you could receive a total payout

ofR$400 ($100 x 4.00). This 💶 amount includes the initial stake ofR$100, resulting in a

net profit ofR$300.

Similarly, you could receive a total payout ofR$130 ($100 💶 x 1.3) if

you successfully betR$100 on Joe Biden. DeductingR$100 from this return gives you

theR$30 net profit earned.

Here we 💶 can see that the bookmaker correctly priced Biden as

the favorite to win the election. The higher the total payout 💶 (i.e., the higher the

decimal odd), the less probable (and riskier) it is for the listed candidate to

win.

How American/Money 💶 Line Odds Work

Money line odds (aka “American” odds or “U.S.”

odds) are popular in the United States. The odds for 💶 favorites are accompanied by a

minus (-) sign and indicate the amount you need to stake to winR$100. On the 💶 other

hand, the odds for the underdogs are accompanied by a positive (+) sign and indicate

the amount won for 💶 everyR$100 staked.

In 2024 the Supreme Court gave U.S. states

permission to legalize sports betting if they wish to do so. 💶 It is legal in 37 states

plus D.C., with other states either working on legislation or not considering it.

both 💶 cases, winners get their initial wager back in addition to the amount won. The

difference between the odds for the 💶 favorite and the underdog widens as the probability

of winning for the favorite increases.

Let’s understand this with the help of 💶 an

example:

Let’s say a betting website priced an NFL game between the Pittsburgh Steelers

and the Kansas City Chiefs with 💶 the following money line odds.

Steelers: +585

Chiefs:

-760

The bookmaker has offered odds of +585 for the Steelers, which indicates that the

💶 bookmaker has placed a much lower probability (about 15%) that the Steelers will win

the game. Therefore, you need to 💶 riskR$100 on the Steelers to make a potential win

ofR$585. If the Steelers can pull off the upset, you get 💶 back your initial stake

ofR$100 in addition to theR$585 you won, giving you a total payout ofR$685.

If you

decide to 💶 bet on the Chiefs—the team that, according to the bookmaker, has a higher

implied probability of winning the game—you would 💶 need to betR$760 to winR$100. If the

Chiefs are victorious, you winR$100 with a total payout ofR$860 (initial stake ofR$760

💶 + profit ofR$100).

In this matchup, there is a big difference between the two odds,

indicating a much higher probability of 💶 the Chiefs winning the game.

What Are 7 to 2

Odds? Seven to two odds imply that everyR$2 wagered could win 💶 youR$7 if the bet is

successful. With fractional odds, the number on the left expresses how much you win,

while 💶 the number on the right reveals how much you need to stake.

What Does +200 Mean

For Odds? When odds are 💶 expressed with a plus (+) or minus (–) symbol followed by a

number. They are American money line odds; for 💶 example, +200 signifies the amount a

bettor could win if wageringR$100. If the bet works out, the player would receive 💶 a

total payout ofR$300 ($200 net profit +R$100 initial stake).

What Does It Mean When

Odds Are Negative? Negative numbers (in 💶 American money line odds) are reserved for the

favorite on the betting line and indicate how much you need to 💶 stake to winR$100—you

generally need to put down more to winR$100 on the favorite. Conversely, positive

numbers are attached to 💶 the underdog and refer to the amount you could win if you

betR$100. You stand to make more money on 💶 positive odds, but the chances of a win are

lower.

What Are Vegas Odds? Vegas odds are used in sportsbooks. American 💶 money lines

are used and include a point spread and the total number of points the bookmaker thinks

will be 💶 scored. This allows bettors to bet over or under the bookmaker's score, and

indicate what they believe the difference in 💶 points will be.

The Bottom Line

If you are

planning to enter the betting world, it is important to be able to 💶 understand and

interpret all types of odds well. You need to be familiar with the conversions between

the different formats 💶 of odds, the conversion of odds into implied probabilities, and

the differences between the true chances of an outcome, as 💶 well as the odds on display.

Only then can you place a well-educated bet.

If you or someone you know has 💶 a gambling

disorder, please call the National Problem Gambling Helpline at 1-800-522-4700, or

visit ncpgambling/chat to chat with a helpline 💶 specialist.

vocational rehabilitation success stories.