Nowadays, betting on football events is a popular pastime for many enthusiasts who enjoy gambling. You need to familiarize yourself with the concept of betting odds if you are a newbie to betting. Through this, you can assess the odds of an event happening and predict how many winnings you might make.
Odds are the ratio of the amounts staked by a party wager on a bet. A fundamental understanding of the odds gives you a significant advantage when placing wagers on football games. Given your current budget, you must determine whether your investment is worth your money and the odds of a successful outcome.
What Are the Fundamentals of Football Betting Odds?
Football betting odds display the amount you will collect on a winning wager and how likely a scenario will materialize. Hence, the greater the odds a bookie gives on a football game, the greater your potential return.
Bettors should understand the difference between “odds against” and “odds on” before placing a wager on a football team. Odds against implies that the possible payout is greater than the initial stake you made. However, with odds on betting, enthusiasts expect the possible winnings to be proportionally smaller than their initial wagers.
What Are the Different Types of Football Odds?
Football enthusiasts must familiarize themselves with three common odds formats: the American odds, the decimal odds, and the fractional odds. You’ll have to memorize the specifics of the three odds formats and how they work to become a professional football bettor.
At first glance, this may appear to be a challenging or even daunting task. However, you will soon discover how simple it initially appears. Below are the different types of football odds:
The American Odds
The American odds, also called Moneyline odds, are common with soccer punters from the United States. The odds may be both positive and negative at first. Therefore, this might initially be confusing when paying attention to the system.
The minus and the plus signs (-/+) on a football betting line show you whether you’re taking the underdog or the favorite. A negative number represents the betting favorite. The negative number represents the amount of money you must wager to get a $100 payout.
You will be taking the underdog when the number is positive. The figure represents the sum you can earn with a $100 wager. Keep in mind that this sum already incorporates the initial wager you have made. If you want to calculate your possible profit, the calculation appears like this: initial stake * (odds divided by 100).
The Decimal Odds
Decimal odds are by far the most common among the three options and the easiest to work with while placing bets. Most online bookies use this format for displaying odds, except for sites that cater exclusively to gamblers based in the United States.
Football bettors in Australia, Canada, and Europe have a long-standing association with this particular format. The key aspect of these odds is that the bookies display them with two decimal places, like 2.5, 2.0, 1.5, etc.
So how do you calculate your winnings with decimal odds? Decimal odds make it easy to calculate your potential return by multiplying your initial wager by the odds provided for the team you’re backing. You can determine your winnings by deducting your initial bet from the payout.
Gamblers can deduct one from the odds value to calculate the potential profit. Here is the equation: initial stake * (odds – 1). It’s also worth noting that 2.00 odds exist to show you get your profits equal to your stake plus your wager back as returns. Betting at 2.00 odds means that you mathematically need to win those bets more than 50% of the time to ensure your profit is guaranteed. The odds are AGAINST you if they exceed this threshold and ON if they are less than the value.
The Fractional Odds
Nearly every bookmaker in the United Kingdom uses the standard fractional odds format. Yet, gamblers hesitate to use this format since predicting the possible payout and profit could be challenging. Hence, decimal odds have started to replace fractional odds.
The fractional format may appear to be somewhat complicated. However, once you familiarize yourself with its workings, your betting experience will go off without a hitch. The odds are presented in fractions, like 5/1 (five to one), where football bettors might win five units for every unit they wager. You will use this formula: initial stake * (numerator/denominator).
What Football Betting Site Should I Pick?
Dafabet football betting site is the best exchange for competitive odds on football and all major sporting events. The site is becoming more popular as it has a user-friendly design, several betting possibilities, and numerous deposit and withdrawal methods.