Betting Odds Explained: How to Read Betting Odds in the US

The probability is “implied” because it’s derived from the odds rather than real-world factors like team performance or player statistics. Different sportsbooks and regions use different odds formats, but they all represent the same thing—the likelihood of an outcome and potential payouts. Converting odds between these formats allows for easier comparison across different betting markets. If you decide to bet on the Chiefs—the team that, according to the bookmaker, has a higher probability of winning the game—you would need to bet $760 to win $100. If the Chiefs are victorious, you will win $100, for a total payout of $860 (initial stake of $760 + profit of $100).

You will use the odds to determine whether a wager is worth making or it is a wager best left alone. After all, you’d be calculating the potential payout of any wager based on a combination of not just your stake, but also the relevant odds. Indeed, it is this clear understanding of odds, among other things that set apart bet winners from the rest. As a final note, converting betting odds is easy enough with the right formula, or the right tool.

American to Decimal

• Experienced bettors may prefer fractional or Moneyline formats depending on where they bet.
• This odds format is popular in the UK and is mostly used by British punters.
• So, odds of 1/10 mean there is a 1 chance in 10 that golfer X will make the cut.
• Whether we are seasoned bettors or just starting out, having a comprehensive understanding of these formats is essential for making informed decisions.
• Because circumstances change in the leadup to a given event, bookmakers are constantly adjusting the odds to reflect the new reality.

The overround is the built-in profit margin sportsbooks add by making the total implied probabilities of all outcomes exceed 100%. This ensures the house makes money over time, even on 50/50 bets. With fractional odds, it’s all about how much you need to bet to earn back a return. But if the fractions are confusing, many US sportsbooks allow you to switch odds formats in your account settings. Betting odds are the core of sports betting, determining both potential payouts and the likelihood of specific outcomes. To place informed bets, you need to understand how these odds are presented and how to read them correctly.

Fractional Odds to Decimal Odds

As of 2024, with other states either working on legislation or not considering it. Moneylines are especially common in lower-scoring sports like baseball (MLB) and hockey (NHL), where a single point or goal can drastically change outcomes. A moneyline is the simplest form of sports official22bet.com wager—just pick the winner.

The second number (denominator) represents how much you need to bet to earn that profit. Each format displays the same underlying probabilities and payouts differently, so knowing how to interpret them ensures you can compare odds effectively. This page breaks down how each odds type works, how to read them, and what they mean for your bets. Make sense of decimal odds and figure out how to convert them to fractional odds. Read on for an in-depth understanding of how betting odds are calculated and what they mean.

Fractional Odds (UK Format)

Here we can see that the bookmaker correctly priced Biden as the favorite to win the election. The higher the total payout (i.e., the higher the decimal odds), the less probable it is that the candidate will win (in the bookmaker’s opinion), and the riskier the bet is. Fractional betting odds are common in English speaking countries, with the United Kingdom using fractional odds as the default setting for most gambling sites. So, it is important to consider them as a probability in addition to the chances when discussing how betting odds operate. The above table shows you how the probability determines the odds by highlighting each team’s likelihood of winning the AFC East.