How To Calculate Sports Betting Odds
Let’s start with the fact that online sports betting is legal in the Philippines. Filipino bettors are serviced both by domestic online PAGCOR sportsbooks and the best online sports betting Philippines sites, as well as, international online sportsbooks licensed in the UK, the Caribbean, and elsewhere.
Sports odds are at the core of making informed betting decisions. As such, understanding them can improve players’ wagering strategy significantly. In turn, they will make more successful bets. With that in mind, every punter in the Philippines should become familiar with the sports betting odds before placing wagers on sporting events.
Hopefully, this article will help the readers understand what the odds in betting are. Further, it will deal with different types and how they can be displayed on the Philippines wagering websites. Lastly, the readers will learn how to calculate the potential payouts depending on which formats they use. But first, what are the odds?
What Are Sports Betting Odds
Simply put, sports odds represent the likelihood of a particular result in a sporting event. Further, every event offered by the bookmaker comes with the probability of different outcomes. These are generated through an algorithm that takes different factors into account like winning probability, the likelihood of money being placed on a certain team, etc. The idea is to create an offer that will attract different users to proportionally bet on different outcomes.
How Do Betting Odds Work?
Now that the betting odds meaning has been covered let’s see how they work.
In essence, they tell you how much money you can get by placing wagers on specific outcomes. In that sense, the lower number means you have a bigger chance of winning on a betting slip, but the reward is also lower. They can be divided into 3 categories, long, short, and even.
- Long – This type signifies that a certain event is less probable to happen. As a result, bettors could have a higher payout than is the case with short odds.
- Short – The bookmakers in the Philippines give these odds if a particular event is more likely to occur than otherwise. However, know that the potential return is less in amount compared to the previous type.
- Even – The sportsbooks give even odds if a particular outcome is equally probable to happen or not. Choosing to bet on an event with even odds means you can expect the reward amount to be around the same as the money you staked.
Types of Sports Betting Odds
So far, you got familiar with the generalized odds meaning and their types based on the probability of winning. In addition, there is typology based on their format. Thus, sportsbooks differentiate between fractional, decimal, and American formats. There are other formats as well, but these are the ones you will come across when gambling on betting sites in the Philippines.
These formats are characteristic of different countries. For instance, the UK most commonly uses fractional. Further, the decimal format is typical for European countries, whereas the American format is for US players. Nonetheless, the biggest brands in the Philippines include all formats on their platforms. In that way, they appeal to a larger number of customers.
Now, take a look at how odds numbers are represented with respect to different formats:
Fractional Odds
The fractional format comes in the form of two numbers divided with a slash, e.g., 9/1. You would pronounce this as ‘nine-to-one’. This format is more complicated than the other two in terms of determining winning probability, the potential payout, etc. Fortunately, bettors in the Philippines can take advantage of the odds betting calculator.
Decimal Odds
Decimal format is common in European countries. As the name suggests, the probability or reward multiplier is expressed through a decimal point. The number signifies the potential return, the stake included, for a $1 equivalent bet.
American Odds
American format, also known as Moneyline, is represented with the ‘+’ and ‘-‘ symbols. The former indicates an underdog, while the latter is a favorite. Numbers following these signs show the amount punters need to stake in order to receive a certain amount.
The amount one can receive is always $100 equivalent, in the case of favorites. When it comes to underdogs, the odds numbers show the potential return for every $100 equivalent you wager. For example, If you bet a $230 equivalent on a favorite team with a -230 and the betting slip goes through, the total payout is a $330 equivalent ($230 + 100$).
Betting Odds – Calculate Your Winnings from the Fractional Odds
There are two techniques to calculate betting odds and determine the potential returns when it comes to fractional format. Let’s say the value is 4/1. In essence, for every $1 equivalent bettors stake, they would receive a $4 equivalent.
Another method to calculate the potential payout is multiplying your wager by the left-hand number or numerator. Then, you should divide the result by the right-hand number or denominator. The number you get represents the potential return. This comes in handy when you see values like 15/4, 11/3, etc.
What to Do With Decimals?
The decimal format is fairly simple. So how to calculate odds with decimals and determine the potential return? All you need to do is multiply your stake by the given odds. Take a look at the following examples:
- A winning betting slip at 2.6 returns a total of a $2.6 currency equivalent for a $1 equivalent bet (stake included)
- A winning betting slip at 2.6 returns a total of a $7.8 equivalent for a $3 currency equivalent staked (stake included)
- A winning betting slip at 2.6 would return an $18.2 equivalent for a $7 equivalent staked (stake included)
How to calculate the Payout from the Stake
When it comes to decimals, you should multiply the stake by the continental odds. Your original stake is included in the payout. To calculate the payout for the fractional format, you should multiply the stake by the left-hand number. Then, divide that number by the right-hand one.
Finally, you will receive a $100 equivalent per favorite bet in the case of Moneyline. Naturally, it has to be successful. On the other hand, the payout amount is specified by the sportsbook when you bet on an underdog.
Final Thoughts
What are the odds in betting? According to this research, sports odds are a starting point for making more informed betting decisions. Therefore, looking at them can help a great deal. For starters, you can get a good idea of how likely it is for team A to win, lose, or for a match to end in a draw if possible.
Further, you should get familiar with different types based on the probability of an outcome. Finally, choose the format that suits you the most. We also think learning to calculate the potential return is useful. You can use an online calculator for free. What is more, some bookmakers provide their customers with this tool, so it isn’t necessary to do all the math by yourself unless you are eager to.
You should always remember that these numbers are engineered in a way to incentivize users to bet on different outcomes. In other words, they try to take into account the user’s preference in a specific area along with the actual probability of the match’s outcome. So, if you have extensive knowledge of the sport and you are up to date with all that’s been going on within both teams, always trust that knowledge.
FAQ
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1️⃣ How to Calculate Betting Odds Probability?
- To calculate Moneyline probability when betting on a favorite, add 100 to positive odds. Then, divide 100 by the result. If you bet on an underdog, subtract 100 from negative odds and divide negative odds by the result. To get an implied probability for the fractional format, do this: the top number/ (the top number + the bottom one) x 100. The formula for the decimal: (1/ odds) x 100.
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2️⃣ What Is the Formula for Calculating Odds?
- In order to generate odds, sportsbooks use different algorithms that take various factors into account. The idea is to produce balanced sports odds that will attract bettors to play on different possible outcomes. Moreover, the final multiplier also takes into account the portion of the money that bookies will get for hosting. So, depending on how much the operator is keeping, you will see better and worse deals.
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3️⃣ How Are Live Betting Odds Calculated?
- Wagering platforms featuring live betting sections use odds compilers to change the odds and prices as the game progresses.
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