Guide: different types of odds - How odds betting works
Understanding odds and how they work is important if you want to try betting on sports and other events. This knowledge can be the difference between winning and losing. Whether you're playing for fun or more seriously, you're more likely to succeed if you have a good understanding of the odds.
What are odds?
Odds is a term that describes how likely a certain event is to occur. For example, when betting on a football match, it is the odds that determine how much you will win on your bet if your tip is successful.
High odds mean that the probability is small, and low odds consequently mean that it is more likely. The higher the odds, the more you win if the event you bet on comes true. Odds of 1.00 mean that the probability is 100%. If the odds are 2.00, it means there is a 50% chance of the event occurring. A €10 bet here gives you €20 back in case of a win.
The different types of odds
Odds are presented slightly differently around the world. In Europe, European odds are most common, although the British have their own systems. Americans (of course) have their own variations. In our odds section here at Bethard, you can choose how the odds are displayed, by going to the menu option Settings.
Let's take a look at what the different types of odds look like.
Fixed odds and floating odds
Fixed odds are set before a match starts and do not change depending on what happens. Floating odds change on an ongoing basis, depending on how many people bet on any of the match betting options.
A third variant is live odds. These change during the match depending on what happens on the pitch. For example, if a team scores, the odds of that team winning the match drop.
European odds
European odds are also called decimal odds. It is the most common system in European betting, and the most straightforward and easy to read. The number simply shows how much your stake is multiplied should you win with your bet.
Example: Let's say the odds on Manchester United to win over Tottenham are 2.60. If you bet €10 on Manchester United to win, you get 26 back.
English odds
English odds (also known as fractional odds) are written in fractional form, for example 2/3 or 7/1. The first number tells you how much you'll win on a particular bet, while the second shows the stake itself. Below we show how it works in practice:
Example: You bet 10€ on a winner at odds of 5/1. If the bet is successful, you receive a payout of 50€, i.e. the stake back plus a profit of 40€.
American odds
At first, American odds can be a little difficult to understand. Here, the odds are written as either a positive or negative number, for example +200 or -150.
In simple terms, a positive number shows how much you win if you bet €100. A negative number shows how much you have to bet to win €100.
Example: You bet €400 on the odds -400. If the bet is successful, you win €100 and get €500 back.
Popular markets to bet on
If you take a closer look at a match in the odds section here at Bethard, you'll find that there can be a variety of betting options, or betting markets as they are also called. Depending on the sport and league, there can be anything from a few markets to over a hundred.
The old classic string betting model with the three options 1x2, also called “moneyline” is the most popular one. There you bet on who will win or whether there will be a draw.
In addition to moneyline, there are quite a few markets that players like to bet on. Some popular options are:
- Handicap betting: Here, one team gets a virtual advantage, for example +2.5. If you bet on the team with -2.5 odds, this means that the team must win by at least 3 goals for you to win your bet.
- Total goals: A bet on how many goals there will be in the match. It usually applies to regular time, excluding any extra time.
- Winner: Unlike Matchwinner, you bet on which team will be the champion at the end of the season.
- Goal scorer: There are several variations of bets on goal scorers. Who will score the first goal or the last goal, who will score beyond these and many other options.
- Double chance: A bet where you play on two outcomes: 1x, 12 or x2. Also known as a half-guarantee, this is a good option for those who feel unsure.
Strategies – tips for a better chance of winning
At its core, sports betting is about making an educated guess about how a match or other sporting event will end. As a bettor, it's smart to choose sports and leagues that you know and have some knowledge of.
Below we give you some quick tips that can increase your chances of betting success.
Make sure you are well informed
Betting on sports you know nothing about is not a good idea. Therefore, you should concentrate on the sports and leagues you follow – it's important to be informed and know the participants. The more you know, the better chance you have of placing winning bets. Read the news, follow the matches, read the statistics and keep up to date with what's happening – form, injuries and suspensions can significantly affect the outcome of a match.
Concentrate on one or a few leagues
It is practically impossible to keep track of everything. It's easier to keep up to date if you stick to the same leagues all the time.
Your budget
Decide how much you can play for – set a budget and stick to it. One tip is to bet around 2-3% of your bankroll on each bet.
Play with a bonus
If you are a new customer at Bethard, you can use our welcome bonus. This way you get some extra money to play with.
Summary
Betting on sports is a fun and exciting activity. As a beginner, it can be easy to get lost in the odds jungle, so we at Bethard hope that this guide has given you some meat on your bones. If you want to read more about betting tips, you can find more tips in our article on football betting.
