The odds on a bet represent the bookie’s calculation of how likely it is that the outcome being bet will actually happen, altered to take account of the number of people betting on a specific outcome. By studying the odds, a bettor can calculate how much they will receive as a pay-out if they bet a specific amount. Odds can be displayed in two different formats – as fractions (i.e.4/1) or as decimals (i.e. 5.00).
To learn how to recognize the best odds and in turn take advantage of them in any sport, lots of research and preparation can be involved. However, we have a great place for you to start your journey with our Sports Betting Strategy Guides.
How are Decimal Odds used in Sports Betting?
The first thing to note before considering the use of decimal odds in sports betting is that they don’t translate directly into fraction odds. 10.00 in decimals isn’t 10/1 in fractions, and most online bookmakers will allow individual users to set the format in which they see their own bets. It’s useful to learn how both systems work, however, since either might be prepared in different parts of the world.
To see even more decimal odds head over to our Odds Comparison Page. There you can see decimal odds offered for all major sports and leagues. You can even see how odds compare between different sportsbooks.
Using decimal odds is actually extremely simple, since the pay-out for an individual bet always equals the stake multiplied by the odds, with the original stake included in the final amount. An example would be a stake of £100 placed on Manchester City to win at odds of 2.64. If the bet is successful then the pay-out will be £264, which is 100 multiplied by 2.64. It should be noted that this includes the original stake, as do all pay-outs based on decimal odds, so the profit in this case was £164.
What anyone who has been more used to fraction odds has to understand is that any decimal odds of less than 2.00 are the equivalent of even money odds. This means that the profit on any money won back will be less than the original stake, albeit on a bet which is, as far as the bookmakers are concerned, more likely to result in a pay-out. An example of a less than even money win would be a horse which wins a race at decimal odds of 1.36. A bet of £10 would result if a pay-out of just £13.60, and a profit of £3.60. Forgetting that the stake is always included in the pay-out may lead bettors less experienced in decimal odds to mistakenly think that they are winning more than is actually the case.
Get More out of Decimal Odds with Bonuses
We mentioned earlier how studying different strategies is important to making money while betting decimal odds. Another strategy for increasing your odds and payouts while possibly minimizing your losses is to take advantage of promotions and bonuses.
Our Best Bonuses page shows you all of the best promotions and bonuses from the legal online sportsbooks near you. Through these deals you can get things like free bets, matched bets, or losses covered on your first bet. For instance, below you can find some of our favorite current promotions. Be sure to take advantage of any good deals as soon as you find them, they are known to expire regularly.
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