Monday, 21 May 2012
Would-be punters who are new to online sports gambling may have browsed a few sports betting sites and seen long lists of cryptic numbers. The more timid may be thinking a career in rocket science seems rather inviting right now.
Three different conventions have been developed between the United Kingdom, continental Europe, and the Americas. As readers browse and wager at internet sportsbooks, they will come across all three, but have no fear. These numbers are not as complicated as they appear at first. JackpotFinder is here to help bettors understand and wager with confidence.
Bet365 uses Fractional odds, also known as “British odds”. This is the preferred notation in Great Britain and Ireland. (For whatever it is worth, this is also preferred by your present author.) This is what the reader sees when Bet365 states, for example, “20/21”.
The fractional odds are relative to the stake of the punter. If the odds are 20/1 (expressed “twenty-to-one” or “twenty-to-one against”), this asserts that the punter will win $2,000 profit on a $100 stake. Note that the winning punter always receives back the initial stake, so if the odds are 20/1, the punter should receive back $2,100.
Conversely, if the odds are 1/20 (“one-to-twenty” or “one-to-twenty on”), the better will only make $5 on the $100 stake. The bettor would then receive back $105.
When the odds are one-to-one, that’s also known as “evens” or “even money”. In fractional odds, this is expressed 1/1, and the winner of a $100 bet will receive $200 (including the return of his stake).
Bodog uses Decimal odds, also known as “European odds” or sometimes “continental odds”, which are preferred in Canada, Europe, and Australia.
Whereas Fractional odds make it easy to calculate how much the winning punter will win, the Decimal odds system makes it easier for the punter to calculate how much the winning punter will receive. The difference? The punter has already paid out his stake, and when he wins, he gets it back, so the amount received is the winning plus the stake.
Conversion is relatively simple. Just use division to convert the fraction and then add one (1).
So, if the fractional odds are 20/1, the decimal odds are 21.0. If the fractional odds are 1/20, the decimal odds are 1.05. When the odds are even money, they are quoted as 2.
For the sake of comparison and to illustrate conversion, readers will recall Bet365’s moneyline bet on the Colts is expressed as 20/31. We can convert this in three steps:
Thus Bet365’s 20/31 in decimal odds notation is 1.65. If you compare it with Bodog's Money Line bet, you'll notice that Bet365 has slightly better odds.
By default, BetUS uses “Moneyline odds”, also known as “American odds”. For convenience, users of this site can also toggle this, but Jackpot Finder will briefly explain it so when readers find it on other online sportsbooks, they have an idea what they are looking at.
Moneyline odds are typically (but not necessarily) used for Moneyline betting.
When the number is positive, it refers to the amount of money which will be won on a $100 wager. In the above example, a winning bet of $100 on the Titans, will result in a $100 win for the punter. Thus, fractional odds of 20/1 would be expressed as +2000.
When the number is negative, it refers to the amount which must be wagered to win $100. Thus, when the fractional odds are 1/20, it would be expressed as -2000.
Even odds can be expressed as either +100 or -100. The bet on the Titans above is in fact even odds.
We will convert both of Bet365’s Monely Line bets to demonstrate.
Again, remember Bet365’s moneyline bet on the Colts is listed as 20/31.
Because the Colts are expected to lose, we already know this number will be a negative. Therefore, we will follow these four steps:
Thus Bet365’s 20/31 in moneyline odds notation is -65.
Now, let’s look at Bet365’s Money Line on the Titans, shown as 27/20
Because the Titans are favored to win, we know this number will be a positive. Therefore we follow these simple steps:
Thus Bet365’s 27/20 in moneyline odds notation is +74.
Observant readers will have noticed that the sports betting lines at different online sportsbooks varied (check our latest sports betting odds for all major events). Not so much for it to really matter on a small bet, but enough for it to matter when large enough bets are made over time.
Smart bettors take advantage of this by hedging bets at different bookies. At this point, punters are no longer gamblers, but investors. The laws regarding personal income tax will even vary because the successful use of arbitrage assures profit and therefore the income is no longer covered by gambling law. Sports Arbitrage is an advanced topic which won’t be covered here.
