When it comes to betting on sports, there are three major types of odds formats that you need to know about. Those three types are the decimal one, the fractional one and the American one. The majority of sportsbooks allow their members to choose the type of odds they want to see. Even so, it’s still a good idea to take a quick moment to understand how all three work.
Here is a look at how the three different types of betting odds formats work.
The Decimal Format
The most popular and widespread type of betting odds format is the Decimal format. You simply multiply the odds with the stake in order to determine the potential weddings.
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For example, if you wanted to bet on the Chicago Blackhawks to beat the Minnesota Wild on the moneyline, the odds might look like this: 1.75. Therefore, if you were willing to risk $100 on Chicago then the calculation would be $100 x 1.75. The potential payout would be $75 net profit. The Decimal format is easy to understand and is usually the default form at the best sportsbooks.
The Fractional Format
The Fractional format is still very popular in the British countries. The odds are displayed in fraction form and it isn’t difficult to do the transformation to Decimal or American format as well. Using the same example we relied on above, the Blackhawks at 1.75 odds in decimal form would be listed at 3/4 in fractional form.
It isn’t as easy to do the math when breaking down potential payouts with fractions. However, it is easy to translate the fraction form as long as you understand how the odds work.
The American Format
The American format is the most popular option nowadays. It might seem complicated at first glance but it really isn’t. The odds will look a little different based on whether you are the favorite or the underdog.
The favorite will be listed at a negative odds value that could look something like this: Cleveland Cavaliers -200. This means that in order to potentially win $100 you have to risk $200. On the flip side, if the Cavaliers were hosting the Toronto Raptors then the Raptors odds could be +180. This means that for every $100 that you risk you can potentially win $180. It’s important to remember that the odds are listed based on the idea that every wager is $100. However, you can manipulate the potential wager amount in order to understand the odds.
For example, if you change the amount wagered to $10 then the potential winnings for betting on the Raptors would be $18. The American format is a little more complicated than the Decimal and Fractional format but it still isn’t very difficult to understand once you have taken the time to understand how it works.