Millions of bettors enjoy online sports betting regularly. That is why sports betting is making an important element of the gambling industry today. There are several aspects to becoming a successful punter. It involves thorough research, planning, and a deep understanding of the sport you’re betting on. The most crucial thing, though, is to comprehend how betting odds work. Do you know how to convert decimal odds to American odds? In this article, we will teach you how to compute them in various formats at trusted online betting site.
What are betting odds in online sports betting?
It’s very important to understand the probability of winning before you start betting, be it casino gambling, sports betting, or any other form. It would be absurd to consider placing a wager without a thorough understanding of the many types of betting odds. Do you want to be successful and win real money? If so, then you must have the ability to read and analyze the various formats of betting odds linked with them.
Bookmakers use betting odds to show the possibility of a given outcome in a sporting event. The three basic forms of sports betting odds are:
- Fractional odds or the British odds (2/1)
- Decimal odds or the European odds (3.0)
- Moneyline odds or the American odds (+200)
In terms of rewards, there is no difference between the three because they are essentially various ways of delivering the same thing. This means that any betting odds can be transformed and presented from a chance (% probability) of an event occurring.
Take, for example, football match betting.
You will be given the option of choosing between a home win, a draw, or an away win. Each of these three scenarios will be assigned a numerical value depending on its likelihood.
However, betting odds can be applied to anything with a predetermined outcome. Thus, you can frequently see it presented in television, music, and politics, and most especially sports.
Betting odds do not only show the likelihood, but they also assist punters in calculating their possible winnings from a wager.
What are sports betting odds?
Simply said, betting odds show the likelihood of a specific occurrence. In addition, sports betting odds can be in a fractional or decimal form. These representations will tell us how much money we could be able to win if that particular outcome occurs.
Decimal Odds to American: How to read betting odds?
Your potential winnings are expressed as fractional odds in respect to your bet. So, if you bet the number on the right-hand side, then the number on the left side reflects the potential profit. Later on, we will discuss each betting odds type and how to convert the decimal odds to American odds.
Decimal Odds
Without a question, decimal odds are the most popular type of odds in the world. Million of punters preferred this type of format because converting them to probabilities and calculating profits are very easy. The decimal odds show the overall profit from a single unit bet. They always have a higher value than 1 since it always includes the unit stake. Decimal odds include numbers like 1.50, 5.00, 10.75, and so on.
Interestingly, decimal odds are popularly called European odds in Singapore. It is because Singaporean punters are also accustomed to betting with fractional odds. Their betting odds are displayed in fractional formats on all major online sports betting sites. In addition, they are also most prominent in a land-based and online sportsbook in Singapore. Also, the decimal value of the fractional odds plus one is the decimal value of decimal odds.
When playing at the best sportsbook in Singapore, you will often see decimal odds. As we mentioned, most top online betting site allow you to select between multiple betting odds forms. So, you don’t have to be worry if you prefer the operator to present the odds in alternative formats.
How to calculate decimal odds and convert them to American odds?
In decimal odds, calculating the payout is quite easy. All you have to do is multiply your bet by the decimal odds to get the total amount you’ll be playing for.
If you want to figure out how much money you’re going to make, use the following formula:
Profit = (Odds x Bet) – Bet
whereas, your total payout will be:
Total Payout = Bet x Decimal Odd Number
To help you clearly understand what decimal odds are, we will give you an example with a real money wager. We’ll use the odds from the game between Liverpool and Manchester United. At least twice a year, these two most successful clubs in English football history meet and play. So, the odds for either team to win are usually relatively comparable.
Let’s say that the sports betting decimal odds for a Liverpool to win are 2.00. It implies that if you risk $100, then you will win a total of $200. In addition, your profit will be $100.
On the other hand, the decimal odds for a draw are 3.60. So, if you bet $100, then your earnings will be $260. While the odds are 3.50 for a Manchester United win. If you wager $100, then your profit will be $250.
Keep in mind that these are simply hypothetical chances. Therefore, their value may alter over time.
How to convert decimal odds to American odds?
To convert decimal odds of 2.00 or greater, you need to follow this formula:
American Odds = (Decimal odds -1) * 100
To convert decimal odds that are between 1.01 and 1.99, you need to follow this formula:
American odds = -100/ (decimal odds -1)
Fractional Odds: How to convert decimal odds to fractional odds?
Also known as UK odds, fractional odds are perhaps the oldest type of betting odds in sports betting history. Countries like the United Kingdom and Ireland are the ones who mostly used this type of sportsbooks odds. This is because the United Kingdom is one of the most developed online sports betting markets in the world. This type of betting odd is first used in horse racing. However, it eventually became the official betting odds system for all sports not just in the UK, but all over the world.
Furthermore, the fractional odds are the simple representation of the profit that you will get for betting a certain amount. Usually, these British odds are displayed with a “slash” (/) or a “hyphen” (-).
However, calculating your prospective profit may not appear as easy as using decimal odds. Then again, you will encounter these odds on the majority of the best new betting sites in Singapore.
How to calculate your potential winnings using fractional odds?
The top Asian bookies presented you with a fractional odds of 6/1 (six-to-one). It means you’ll win $6 for every $1 you gamble, plus you will get your money back. In this case, money back means the amount you wagered on.
To put it another way, this is the ratio of the amount (profit) gained to the initial bet. It only implies that you will get your stake ($1) plus the profit ($6) for a total payout of $7. So, if you bet $10 at 6/1, you will receive a total payment of $70 ($60 profit + $10 bet).
You can calculate your total payout, by using the following formula:
Total Payout = [Bet x (Numerator/Denominator)] + Bet
Whereas, the numerator/denominator represents the fractional odds.
For example, you are betting $20 on Liverpool to win with the odds of 5/1 against Arsenal with 1/5. If you win, then you will receive a total payout of $120.
Total Payout = [20 x (5/1)] + 20
Thus, your earn $100.
How to convert decimal odds to fractional odds?
To convert decimal to fractional odds, you need to subtract 1 from the decimal representation. For example, your decimal value is 3. Then, your fractional odds will be 3 – 1 = 2. This is commonly expressed as 2/1.
If you find converting decimal odds to American odds a bit overwhelming, you can use an odds converter. There are many odds converters available online. So, you don’t have to compute the odds on your own.
American Odds: How to convert decimal odds to American odds?
Also known as Moneyline odds, these type of betting odds is typically used by sports betting companies that welcome bettors from the USA. These odds reflect how much the punter would need to risk to win. It also tells you how much the winnings will be when you bet $100.
Understanding American odds?
Among the types of sports betting odds, these are probably the easiest to learn. In addition, you don’t have to make any computations.
There are two types of American odds:
- Favorites
- Underdogs
A negative (-) sign represents the favorite, while a positive (+) sign for underdogs. The number is the amount you must wager to win $100 if you bet on the favorites. So, when you placed $100 on the underdogs, then the number shows the amount of profit you will earn.
American odds that begin with a + are known as positive odds, whereas those that begin with a – are referred to as negative odds.
What happens if the Moneyline odds are positive? The higher the number in the Moneyline, then the less likely the event will happen.
For example, a +500 underdog has a greater probability of winning than a +900 underdog.
Also known as negative odds, these betting odds begin with a − sign and follow the opposite formula. Thus, the higher the number’s value, the better the odds of the bet winning.
For example, the Asian bookmaker provides a -750 for the favorite. It has a greater chance of winning than a -400 favorite.
How to calculate the American odds?
Let’s pretend the Miami Dolphins are -120 favorites to win this Thursday game. Similarly, you can place a winning wager of $120 on them. It also means you’ll get your original stake back as well as your winnings of $100. To summarize, you will be paid a total of $220.
When betting on an underdog, the positive number shows how much you would win if you put $100 on the line.
As an example, let’s pretend the Buffalo Bills are +240 underdogs in a Sunday matchup. And you’ve put a $100 bet on them. Likewise, if the team wins, you will receive $240 in earnings in addition to your original stake.
How to convert decimal odds to American odds?
To convert positive American odds:
You need to multiply the decimal value minus one by 100. For example, the decimal value is 3. Then, you will get (3 – 1) * 100 = 200.
To convert the negative American odds:
You need to divide negative 100 by the decimal odds minus one. For example, the decimal value is 1.2. Then, you will get -100 / (1.2 – 1) = -500.
Sports Betting Odds FAQs:
Is it possible to change the odds format on an online sports betting site?
Yes, you certainly can. The majority of Sportsbook in Singapore allows you to choose between decimal, fractional, and American betting odds formats. This function is usually found on the site’s main page or set menu.
Who sets the odds for sports betting?
Traders or odds compilers employed by a bookmaker are the ones that establish the sports betting odds. The procedure requires extensive study, analysis, statistical comparisons, and other factors. After they set the betting odds, the bookies alter them to generate a small profit margin.
What is the most popular odds format?
The most popular odds format varies depending on where you are betting. However, decimal odds are the most common format used around the world. In Ireland and UK, the fractional odds are the most popular. While the Moneyline odds are the most popular in the United States.
