Types of Sports Betting Odds Classification

What are odds? Is a common question among beginners when they start analyzing bets and following the bookmakers' odds boards.

In essence, odds refer to the ratio of the stake (the amount wagered) to the payout (the amount received if the bet wins).

To understand let's explore 5 basic ways to read odds in football betting.

Understanding Odds

Many newcomers to betting often wonder, "What are odds?" In English, the term "odds" carries various meanings:

What do Odds Mean in Football?

In football or sports betting, what does this term signify?

All betting firms agree that odds or new betting site odds are the ratios that players receive when they correctly predict the outcome.

Each set of odds provided by bookmakers differs and is calculated based on the teams' competitive abilities.

As a player, you have the right to choose any odds to place your bet and receive your payment.

Types of Sports Betting Odds Classification

To facilitate differentiation, players can categorize odds into 5 types: Malay, Indo, Hong Kong, European, and American.

Here is detailed information about each type of odds:

Malay Odds

For Malay odds, players need to calculate both their bet amount and their winning amount according to the bookmaker's figures.

There are two formatting types: negative (-) and positive (+) numbers, with money calculated as follows:

Negative: Winnings = (Bet Amount x Malay Odds) + (Bet Amount x 1.00)

Positive: Loss Recovery = (Bet Amount x Malay Odds) + Bet Amount

Indo Odds

Indo odds are a variant derived from Hong Kong odds, favored by many players.

If Hong Kong odds are greater than 1.00, the corresponding Indo odds will calculate similarly to Hong Kong odds.

Calculation methods for Indo odds involve both negative (-) and positive (+) numbers:

Negative: Winnings = Bet Amount + (Bet Amount / Odds)

Positive: Loss Recovery = Bet Amount x Odds

Hong Kong Odds

With Hong Kong odds, you only calculate your winnings with positive (+) numbers greater than 0.00.

Winning Amount = Bet Amount + (Bet Amount x Hong Kong Odds)

Loss Incurred = Bet Amount

European Odds

European odds display both the player's bet amount and winnings as stipulated by the bookmaker legit

Therefore, this bet always has odds greater than 1.00, calculated as follows:

Winning Bet = Bet Amount x European Odds

Loss = Bet Amount

American Odds

Lastly, American odds calculate based on Hong Kong odds as follows:

If Hong Kong Odds < 1.00, American Odds = -1 / Hong Kong Odds.

Example: If Hong Kong odds are 0.78, then American odds = -1 / 0.78 = -1.28.

These odds have three main stages: Open Odds, Live Odds, and Running Odds.

Expert Tips for Analyzing Odds

Success in betting with odds requires more than luck; it demands specific skills and experience.

Here are two crucial tips from Ontop88 for sports bettors:

Match Analysis: Analyze match-related information before evaluating odds rather than betting impulsively.

This information includes: player lineups, recent form, injury status, etc.

Probability Formula Application: Probability principles must be followed in betting, ensuring better chances of winning.

Important Considerations about Odds in Betting

In addition to the above, consider these tips on how to read odds at betting sites:

Odds typically end in 0 or 5 rather than other odd numbers. For example, if the odds are 1.34, round them up to 1.35 for easier tracking and calculations.

Avoid betting all your capital on a single match just because of high odds; instead, analyze calmly.

When it comes to sports betting, understanding and evaluating odds is essential for making informed and potentially profitable bets. Here are some of the most important considerations regarding odds:

1. Types of Odds Formats

Odds can be displayed in different formats: Decimal (European), Fractional (British), and Moneyline (American).

Each format expresses the probability and potential payout differently, so it’s important to know how to interpret them, especially if you’re using international betting sites.

2. Implied Probability

Odds reflect the bookmaker’s estimation of the likelihood of an event happening, known as the implied probability.

You can calculate it by dividing 1 by the decimal odds. For instance, odds of 2.00 imply a 50% probability. Comparing the implied probability to your analysis helps determine whether the odds offer value.

3. Value Betting

Value betting is when the odds offered by the bookmaker are higher than the actual probability of the event happening.

Identifying value bets requires comparing your estimated probability with the implied probability, and betting only when the odds are favorable. Consistently finding value bets is key to long-term profitability.

==> Learn some awesome what's a bookmaker here

4. Odds Movement

Odds can fluctuate based on betting volume, team news, or market sentiment. Tracking odds movement can give you insights into where public money is going and help you decide when to place your bet for maximum value.

5. Bookmaker Margins and Overround

Bookmakers include a margin to ensure profitability, creating a slight edge over bettors. This is often referred to as the overround, where the total implied probabilities exceed 100%. Understanding each bookmaker’s margin can help you find ones with lower margins, maximizing your returns.

Conclusion

Understanding odds in football betting is not as complex as it may seem, but it requires bettors to understand and distinguish between them.

Depending on the type of odds chosen, the method of reading and calculating the payout varies, so bettors should be mindful and discerning.