Odds play a role in every successful bet – and every wagering loss. They are the single constant factor when it comes to taking any risk in life. So it’s crucial you understand what kind of odds you’re up against before you can be successful in any kind of bet you make – be it on the casino floor or when you place a wager on the outcome of the next La Liga match or local horse race.
Those who have been placing wagers for a long time will find it easy to weigh up the odds and calculate the outcomes, based on a variety of factors that up the likelihood of a win, but for those new to all this, it can be overwhelming to look at what is out there. For a quick overview and how online betting NZ works, read on below.
International Betting Odds
In the UK and much of Europe, terms like fractional odds and decimal odds are used to determine the outcome probabilities. In America, moneyline odds are used.
Fractional odds: These can be tricky to work with in higher numbers. So, let us first consider the standard 6/4 bet. This bet shows that you need to pay in 4 pounds to win 6 pounds back (while getting your original 4 pounds returned to you). To calculate your win ratio simply consider: 6 divided by 4 equals 1.5. Which means that whatever your initial wager is, you can multiply it by 1.5 to predict what your profit will be. This formula will work on any fractional wager you may need to make.
Decimal odds: Commonly nicknamed European Odds, Decimal Odds are easier to work out when compared to fractional odds. For decimal odds you can figure it out easily. For example, let’s say your bet is priced at 3.50. So if you wager 10 pounds, you’ll get back 35 pounds, which includes your initial bet (so you actually only get back 25 pounds).
Moneyline odds: These odds are different to the above, in that moneyline odds include minus odds and plus odds. In minus moneyline odds, you’ll need to place a bet to cover the listed amount of a team – i.e.: -130 for the away playing team to win. You’d need to then place a wager of 130 dollars in order to win 100 dollars back (plus get your money back). In plus moneyline odds, say for +170 on the home favourites, you’ll need to bet 100 dollars to win 170 dollars.
Normally, when you have two choices only one of them will be right, and the other, will not be. However, sports bets and casino games have other built-in factors to consider which make it trickier to predict.
Players will need to calculate their team’s chance of winning when star players sit out matches due to injury, or a sudden rainstorm washes out a pitch before placing their bets. To put it into a mathematical formula like above, divide your odds by 100%. If your odds work out to greater than 40% then your bet is good. If not, then don’t make it.