Martinez Tribune The website of the Martinez Tribune.
BY AUSTIN EVERETT
Betting can be rather confusing when you first start out. Sure, you can find individual odds for certain games on websites such as this: www.fanduel.com/sbk/nfl-picks, but how exactly do betting odds work?
The truth is that betting odds can be quite complicated, so it’s important that you know how it all works before you place your bet. Thankfully, with the start of the NFL season just around the corner, we’re here to help. Here’s our guide to betting odds and how they work.
Why Are Betting Odds Important?
First of all, let’s make one thing clear. Why do you need to know about betting odds? Well, it’s mainly so that you know what sort of profit you are going to get. There’s no point in placing a bet if you aren’t going to gain a lot from it. Instead, you need to place bets on things that the bookies are going to give you the best money for.
Now that we’ve got that out of the way, how do odds work?
The Three Main Types of Odds
Betting odds are generally written in one of two ways – fraction odds which look like 2/1 or decimals, which look like 3.0. Sometimes you will find some odds with a + or – in front of the number. These are known as moneyline odds.
Reading the Odds
Learning how to read the odds is crucial.
For instance, fractional odds can indicate how much you are likely to win depending on the stake that you put in. Look at the number on the left side of the fraction – this will tell you how much money you are likely to get if your stake is the number that’s on the right side of the fraction.
Let’s say that you put a $1 bet on a team to win. Their odds are 2/1. If your bet is right, then you’re going to get $3. You will profit by $2 and your original bet will be given back to you. Likewise, if there are 10/1 bets, then you’ll get an extra $10 for each $1 that you bet. You get the picture.
Decimal odds work a little differently. These will tell you how much you are likely to win but the number includes the stake.
Let’s take the 3.00 decimal that we mentioned earlier. If you bet $1 on a team that has 3.00 odds of winning, then you’re going to get $3 back if you win the bet. The profits are the same as the 2/1 fractional odds.
