Are you planning to start betting on sports? If yes, then it is a good decision to make some money as your side income. But, do you know how to make money with betting? You might probably be hesitating to answer this question openly because, like many others, you have no idea. Well, betting is not a cup of tea that is easy to make and drink though. It is related to money and you can lose it too instead of winning. But, the purpose is not to change your decision about betting. It aims to aware you that you must know how to calculate betting odds. Odds are the predictable outcomes that bookies offer. Consequently, you have to use them for placing bets and if you go wrong, you lose. There is no rocket science after betting, but a simple way to follow the odds properly to make profitable wins.

How many betting odds are there?

Understanding the odds is the primary factor that you cannot deny. In any situation, you must have accurate information and awareness about them. Whether it is a casino or sports betting, they are always essential to read and understand. There are mainly three types of odds.

Moneyline or American odds

Decimal or European odds

Fractional or British odds

These odds are mainly used in these regions so they are mentioned with their names. However, these odds present the same thing differently, and there is also no difference in payouts. So, you can bet by choosing any odds you prefer.

How to read and calculate odds in 2021?

Let’s get started with the Moneyline odds first

These odds are obviously popular in the United States. These odds show the predictions with the signs of plus and minus. The minus sign represents odds for the favorite team. And the plus sign represents odds for the underdog team. When you place a bet of 100 dollars on favorites, then it indicates the amount you need to wager to make 100 dollars net profit. But when you place a bet on the underdog, it indicates the amount that you can win for every 100 dollar wager.

So, the basic approach of these odds is clear. These odds will provide you with the winning amount along with your wager amount.

Now understand to calculate winning payout with an example using Moneyline odds.

If the odds are like:

Miami Heat +400 (underdog)

Golden State Warriors -450 (favorite)

So, now if you bet on the favorite, you have to place a wager amount of 450 to win the stake back of 100 dollars. If the team wins, you will get the wager amount back along with the profit you have made. So the total payout will become 550 dollars.

Similarly, if you bet for the underdog, you have to place a wager amount of 100 dollars to win the 400. If the team wins, you will get the winning amount that is 400 plus your wager amount 100. It will become in totaling as 500 dollars.

Fractional odds

You can see them like 4/2 or 4-2 and the bookies announce them as 4 to 2. However, these odds are considered as the popular and preferred odds throughout the world. But, mainly are used in Britain and Ireland. If these odds are 4/2, then it means that you will win 4 dollars for every 2 dollars wagering. It is basically the ratio to win on a particular sport by placing the bet with fractional bets.

You will also receive the wager amount with the profit with these odds. This means, that you will get 4 $ as profit and 2 $ as your initial stake. Overall, you will get a payout of 6 $ upon winning the bet. Therefore, if you bet for 10 $, then your payout would be 60 which includes the profit that is 40 and the stake that is 20 dollars.

In order to calculate the payout for the fractional odds such as 4/2, it is a simple calculation. You simply need to multiply the wager amount to divide the numerator with the denominator. This means that if you win the bet, then you can get 100×4/2=200 dollars.

Decimal odds

These are also known as digital odds and are popular among Canadians, Australians, Europeans, and kiwis. You can understand these sports odds a bit faster than the Moneyline and fractional. You can instantly spot the favorites and underdogs with these odds that will be shown as:

Warriors 3.00

Lakers 2.3

You can calculate the amount with these odds to win for placing a bet of 1 dollar. But, these odds will represent the total payout including your wager amount. So, how to calculate betting odds using decimal numbers?

It is quite simple and faster as you only have to multiply the wager with the decimal odds. If you bet on warriors, then you what will get for 100 initial stakes is 100×3 = 300 including your wager. But, if you bet on Lakers and upon win, you will get 100×2.3 = 230 including wager. This is the simplest way to calculate odds with the decimal odds.

To Wind Up

You can see how to calculate betting odds using all three odds. It is really uncomplicated to determine the payout with examples. So, now using this information you can start betting to make real cash from your favorite sports event.