For beginners, betting odds can be intimidating. This article will explain the basics of betting, how they work and provide examples to help you start betting on 77betsports.
Betting Odds
The betting odds represent the likelihood of an event happening and how much money you can win by placing a wager. These odds reflect the bookmaker’s estimation of the likelihood of an event and are crucial for calculating payouts. On 77betsports you can find odds in different formats including fractional, decimal and moneyline. Understanding these formats can help you make informed decisions when betting.
Understanding Different Odds Formats
Decimal Odds
Decimal odds, which are easy to understand, are very popular in many countries. The odds are the total payout, including your stake, you will receive per unit bet 77betsports
.
For example: The decimal odds of 3.00 means that for every dollar you wager, you’ll receive $3 if you win. This includes the original $1 stake, so you will make a profit of $2 ($3 total-$1 stake).
Calculation:
Payout = Bet x Decimal Odds
Payout = 10 x 3.00 = 30
Profit = Stake x Payout
Profit = $30 minus $10 = $20
Fractional Odds
In the UK, fractional odds are used to show the relationship between the stake and the profit. These odds are expressed as fractions such as 5/1 (“five to one”)
For example: You will make $50 profit if you wager $10 on 5/1 odds (5 x 10). Your return will be $60 including your initial $10 stake.
Calculation:
Profit = Bet x (Fractional Odds).
Profit = $10 x $5 = $50
Total Payout = Bet + Profit
Total Payout = 10 + 50 = 60
Moneyline odds
Moneyline odds can be either positive or negative. Positive odds tell you how much profit can be made from $100 of stakes, whereas negative odds show you how much stake you have to make to win $100.
Example:
Positive moneyline odds (e.g. +200): A bet of $100 wins $200.
Negative moneyline odds (e.g. -150) To win $100, you need to wager $150.
Calculation:
Positive Odds Profit = Bet x Odds / 100
Profit = (100 x 200 / 100) = $200
Negative Odds Bet = (100 x Absolute Odds / 100)
Stake = (100×150)/100 = $150
What Betting Odds Represent Probability
The odds of a result are closely related to the likelihood that it will occur. The lower the odds are, the less likely it is that the event will occur. How to convert odds into implicit probability
Converting Decimal Odds into Probability:
Probability (%) = 100/decimal odds
Example: For 3.00 odds:
Probability = 100/3.00 = 33.3%
Fractional Odds and Probability:
Probability (%) = Numerator/(Denominator+Numerator)
Example: For 5/1 odds:
Probability = (1 / (5 + 1 x 100) = 16.67%
Moneyline Odds and Probability:
Odds are Positive: Probability = 100/(Odds plus 100) x100
Negative odds: Probability = Absolute Odds/(Absolute Odds+100) x 100
Example:
Positive Odds (+200). Probability = (200 + 100) * 100 = 33.333%
Negative Odds: Probability = 150/(150 + 100) * 100 = 60.00%
Calculating your potential winnings
It is important to understand how to calculate the potential payout of your bets. How to calculate your payout using different odds formats:
Decimal Odds
Payout = Bet x Decimal Odds
Profit = Stake x Payout
Fractional Odds
Profit = Bet x (Fractional Odds).
Total Payout = Bet + Profit
Moneyline Odds
Positive Profit = Bet x Odds / 100
Negative Profit = Bet x 100 / Odds Absolute
Example Bet Scenarios
We’ll look at some scenarios to show how different odds can affect your winnings.
Decimal Odds (4.00)
You place a $20 bet.
Payout = 20 x 4.00 = 80 $
Profit = $80 minus $20 = $60
Fractional Odds (7/2)
You place a $15 bet.
Profit = 15 x 7 = 105
Total Payout = 15 + 105 = 120
Moneyline Odds (+150)
You place a $50 bet.
Profit = ($50×150)/100 = $75
Total Payout = $75 + $50 = $125
Understanding Overround
The bookmaker’s profit margin is built into the odds. The bookmaker will make a profit, regardless of the result. Add the implied probabilities for all outcomes to calculate overround. This total will show the bookmaker’s profit margin if it exceeds 100%.
Example:
There are two outcomes that have decimal odds of 2,00 and 3,00:
Probability of 2.00 odds = 100/2.00 = 50%
Probability of 3.00 odds = 100/3.00 = 33.3%
Total Probability = 50 + 33,33 = 83.33%
The overround = 100% + 83.33% = 16,67%
The Key Takeaways For Beginners
Understand Different Odds Formats Familiarize with Decimal, Fractional and Moneyline Odds.
Understanding Implied Probability Using odds to gauge the probability of outcomes
Calculate your potential winnings:Know the payout and profit you can make.
Recognize Overround: Recognize how the bookmaker’s profit margin affects odds.
Conclusion
Understanding odds is essential for placing informed bets on 77betsports. You’ll have a better understanding of the betting world by learning how to calculate potential winnings and understand the bookmaker’s profit margin. A solid understanding of betting odds can enhance your overall betting experience, whether you are betting on sports or any other event.
