How to read or understan Betting Odds

It's hard to be a serious sports investor if you are still in the dark when it comes to understanding betting odds. To lay your bets with any prayer of a profit it is critical to know the main types of betting odds, how to understand them and above all, how to play them correctly. Without that knowledge, it's hard to be anything more than an idle punter throwing away money as a way to pass the time of an evening at the pub. Fortunately, understanding betting odds can be as simple as getting a good grip on the three main types of odds in use.

The three main types of odds that you will see when you place a bet are fractional, decimal and American. The names describe how the odds are written. Depending on where you are playing and what sports you are betting on regularly you may have to be comfortable switching between odds formats. However, understanding betting odds will make it easier for you to compare bets, place bets properly and go home with money in your pocket.

One of the first things that any punter should master is how to read betting odds. Odds are not presented in a uniform matter across all settings. Different bookmakers use different odds, and the American sports of course have their own way of writing things as well. The three main odds types in use are decimal odds, fractional odds and American odds which will all be covered briefly below.

Let's begin with the most common version of odds currently in use. Decimal odds, also known as European odds, express the amount of money which will be returned to the punter on a 1 unit stake. 1 unit can refer to 1 pound, 10 pounds or 100 pounds, so be sure you know which your bookmaker is using before you place your bets. For an example of how to read betting odds with a decimal odds system, if Manchester United is favoured to win at 1.60, then a £100 bet will give you back £160 in total.

Decimal odds are probably the easiest to use of the three systems. However, UK bookmakers also like to express odds using fractional odds. While decimal odds tell the punter how much total will be returned on a 1 unit stake bet, fractional odds tell the punter how much profit will be returned on a 1 unit stake bet. Using the same example as above for how to read betting odds in the fractional system, the £100 on Manchester United would be written as 3/5 for Manchester United, as from your £100 you would receive £60 back in profit from the bet.

Finally, a punter who is playing both sides of the pond will need to understand American odds. American odds are also called money lines. Money lines can be written as positive or negative, as in +300 or – 250. When a money line is written with a positive indicator, it tells you how much would be won on a 100 stake. Our Manchester United example would therefore be written as +60. Negative money lines show how much you would need as a stake to win 100, so our Manchester United example would be approximately – 167.

Knowing how to read betting odds in the different formats will help you become a more sophisticated sports investor and prevent errors caused by ignorance. Learning to switch between the different formats will also ensure that you are able to make the best bets in any environment. Additionally, you will be one up on the average punter who may not have any idea how to operate out of his own narrow world.

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