As a sports gambler, you probably already understand every wager will come with its own set of odds. These odds are your payout for winning a wager.
However, what many sports gamblers don’t know is that there are different formats for explaining any wager’s odds. There are three types of betting odds formats you will see, and it all depends on which sport, which sportsbook, and which part of the world you are in.
At the end of the day, they’re all essentially the same. These numbers indicate a gambler’s payout in percentages for any particular wager. To explain further, let’s have a look at these three formats.
Fractional odds (British)
Fractional betting odds are most popular in the United Kingdom, especially in horse racing. This is the least popular format, as many find it difficult to compare them to other betting odds formats.
These present the number of winnings you would receive for a winning wager as related to how much you wagered in fractional form. So, when you see the fraction 10/1, you’ll know you can win $10 on a $1 wager.
If the odds are 1/10, you know you’d have to wager $10 to win one. And, as you can see, this also indicates the favorites and the underdogs.
Decimal odds (European)
The European decimal betting odds format is by far the most popular in the world, and that’s because it’s the simplest. The decimal number you see is the potential winnings any wager you place will pay out.
Simply multiply this number by your wager, and you have your winnings. So, if you saw Brazil’s odds to beat Germany in the World Cup were 2.2, and Germany’s were 3.1, you would know Brazil to be the favorite and German the underdog.
Also, you would know a $100 wager on Brazil would pay you $220, and a $100 wager on Germany would bring in $310. Another factor that makes this format so popular is because the winnings you calculate also include the original amount you wagered.
As with everything else in the world, Americans have to be different, and, of course, so are their betting odds. As a sports gambler, you are sure to see these odds next to every wager.
They are the (usually) three-digit number with either a plus (+) or a minus (-) such as -110, +300 or -400. Basically, these numbers tell us the payout on a wager based on a $100 bet.
The first thing to know is a minus (-) is a favorite, and a plus (+) is an underdog. Just as with the other formats, this is all about percentages, they’re just being formatted as a $100 wager.
Since the minus is the favorite, this number tells you how much you’d have to wager to win $100. And since the plus is the underdog, this number tells us how much you’d win if you wagered $100.
Therefore, a $100 wager at -110 odds will pay out $90. A $100 wager at +300 will pay $300. And a $100 wager at -400 will pay out $25.