Have you ever wondered where betting odds come from? Why does the event you want to bet on have these odds and not others? Odds play a critical role in betting, reflecting the probability of a win or loss by numbers. By calculating them, you can determine how much profit you can get from your bet.
Please keep reading to learn everything about betting on soccer, how bookmakers set odds, and how to read these odds and calculate them.
Reading and calculating different types of betting odds
In the odds, you have information about how the bookmaker evaluates the winning chances of both teams. How to read betting odds?
The first thing to know is:
- Low odds – high chance of winning;
- High odds – low chance of winning.
Therefore, low odds for a team to win means that the bookmaker sees it as the favourite. Similarly, high odds indicate that a given team or player is not likely to win in a given event, according to the bookmaker’s predictions.
Since there are several types of betting odds, as well as various betting markets to choose from, we will look closer at the most popular odds types and explain how to read each of them.
American betting odds
These are also called moneyline odds. At first glance, they may seem quite strange because what is the deal with these pluses and minuses? However, once you get the hang of it, it’s a simple system for expressing the sum of your potential winnings.
Whether there is a plus or a minus in front of the number depends on how you will read the value. When there is a “+” in front of the odds, e.g., +220, it means that if you bet $100, you will win $220. When there is a “-” in front of the odds, e.g., -220, it means that for every $220 you bet, you will also win $100. The positive value depicts that the odds are “plus money”.
How to convert US odds to probabilities?
You will convert US odds to probabilities differently for plus and minus odds.
Let’s start with plus odds because it’s pretty simple. Here is the formula:
100 / (positive odds + 100).
Based on the example, you can quickly calculate that with odds +220, the probability is: 100 / (220 + 100) = 0.313. You can easily convert this result to a percentage: 0.313 x 100% = 31.3%.
This time in the calculations, you need to get rid of the negative values first to see the probability. Now, look at the unfavourable odds with the same numbers: -220. So it will be:
(-(negative US odds)) / ((-(negative US odds)) + 100)
Figure out how to bet on soccer and take advantage of such high odds when making your bets. Following the odds example, the calculation would be: (-(-220)) / ((-(-220)) + 100) = 220 / 320 = 0.686. Now all you have to do is convert to percentages: 0.686 x 100% = 68.6%.
Decimal betting odds
Decimal odds, sometimes called European odds, with estimating your potential win is a simple conversion factor that says your ticket will pay you the stake x the odds. So if you bet $100 at odds of 2.45, you count $100 x 2.45 = $245.
Turning decimal odds to probability
The formula for converting decimal odds to probability is straightforward:
One / decimal odds
For ease of use, the result can be multiplied by 100%. So if you have a bet with odds of 2.45, you are doing a quick split of 1 / 2.45 = 0.41. Then multiply 0.41 x 100% = 41%, and you already know that the winning chances are lower than 50% with such odds.
Fractional betting odds
They are sometimes called English betting odds because they are most popular in Great Britain and its former colonies, such as Australia. Unlike decimal odds, fractional odds express your net profit, so you don’t need to subtract your stake amount from the result when calculating your potential winnings.
So if you have a bet with odds of 4/6, you must bet 6 units to win 4. For example, when betting $60, you will earn $40. It’s essential to keep this in mind so that you don’t get confused when reading fractional odds.
Converting fractional odds to probability
Fractional odds can also be converted into probability. Here is the formula:
Course denominator / (course denominator + course numerator)
If you want to calculate winning probability in percentages, then you should multiply it by 100%.
Let’s say you want to check the odds in our example: 4/6. So you count 4 / (6 + 4) = 0.4. Then you can multiply 0.4 x 100% = 40%.
How to use odds converter in online soccer betting?
If you compare all three kinds of odds, you will notice that decimal odds are the easiest to calculate and provide the most precise results. On the other hand, American odds include plus and minus signs, creating some confusion during calculation. Hence, many gamblers prefer using decimal odds.
A convenient option might be using the Odds Converter, which allows you to relate any odds found on any betting site by converting it to the odds type you are familiar with.
Final words
Now that you know how soccer odds are calculated, you can start looking for the best online sportsbook to make your bets. The truth is that each bookmaker sets the odds individually. As such, they are slightly different at different bookmakers. To make profitable bets, you should always compare the offers and choose the best one.
The golden rule of betting is to calmly and thoroughly check the best solution. Bookmakers try to attract new players with the promise of a free bet, risk-free bet, or extra cash. Therefore, do not hesitate to try different options to find the best offers.