When it comes to gambling, some people just want to enjoy it for the fun of it. These people may have never entered a casino and want to see what is so great about it when the opportunity presents itself. They do not even care if they will win or lose in most cases. Yes, winning is great, but losing a bet is not the end of the world.
On the other hand, some people are very serious about winning. They never place a bet or wager if they haven’t analyzed and predicted the potential outcome and implemented the appropriate strategy. If you consider yourself one of these people, you know all about odds and probability. But, do you know how these are calculated? Well, if you don’t, keep reading this article to find out.
What are the main types of odds?
Before we go into any further detail, you need to know that there are three main types of betting odds. Some people call them three ways of expressing odds, but it is the same thing. Each of these types can be converted into another one. Most importantly, do not forget that there is a difference between odds and probability. The former tells you how much money you can get from each bet and informs you about the specific odds of a particular outcome occurring. On the other note, probability only states the likelihood of something happening. So, what are the three main types of odds? There are fractional, decimal, and money line ones, and here is everything you need to know about each of them.
What are fractional odds?
Fractional ones are also known as traditional or British odds, and they are primarily used by British and Irish bookies. It shouldn’t be too difficult to recognize these since they are always written with a hyphen or a slash. So, what does it mean if we say that odds are 7/1? The latter number represents your bet, that is, how much money you can invest, which is $1 in this case. The former number states your profit if you win. So if you make a bet at 7/1 odds, you will earn $7 plus the initial investment, which is $1 in this case. If you invest $20, you can earn $160 ($140 + $20). When it comes to choosing the best ones when betting, you should always go with the most favorable ones, that is, the ones that can provide you with the highest profit.
What are the decimal odds?
This type is more widely used since it is common in Europe, Canada, Australia, and New Zealand. Generally speaking, people feel more comfortable with these since a single glance tells them everything they need to know. The main difference between decimal and fractional odds is that the stake is already included in the final payout. We have already explained how it works with fractional ones and the calculations you have to do. Well, these don’t exist in decimal odds. So, if someone’s odds are 2.5 and you invest $100, the payout will be $250 (stake included).
What are money line odds?
Lastly, there are money line ones or American odds. As you know, these are almost exclusively used in the US, so you probably already know how these work. On the other hand, if you are a foreigner and the + and – signs confuse you, here is a short explanation.
We will take an example of a sports match between two teams. Every game has a favorite and an underdog. The odds for the former are always followed by a – sign, while the other one’s include a + sign. You can learn who the favorite is just by looking at these signs.
Now the minus sign tells you how much money you need to put it to win $100, while the plus one informs you how much you can win for every $100 you invest. For example, if one team’s odds are -650, it means that you need to bet $650 to earn $100. If you win, the total payout will be $750.
If the other team’s odds are -450, it mean that you need to put in $100 and potentially win $450. However, don’t forget that you need to sum up the profit and the stake, which would make the payout $550.
How to increase your chances of winning?
Lastly, now that you know the difference between the three types of odd and how they work let us give you some tips on boosting your chances of winning. If roulette is your favorite game, then these tips are for you. First things first, if you want to play it online, you need to find the best online casino. No, you should not go with the first website that pops up. Instead, take some time to investigate the games and bonuses they offer, read other players’ comments, inquire about the payment method, the stats they offer, and so on. These are some vital pieces of information, and you can learn more about them on the UFABET website.
Next, you need to know what the roulette odds are. You can easily calculate this by firstly dividing 36 with the number of square you bet on and then subtracting 1 from the result you get. If you want to further boost your chances of winning, you should always go with the outside bets. This may not be very exciting, but these pay out more frequently, which is an excellent choice if you are a novice and still learning the ins and out of the game.
Lastly, you should carefully choose between roulette games. Your main options are American and French variants. The latter one is more favorable for players since the layout of the number is balanced, and it only has one zero pocket. Plus, there are some additional rules you will probably enjoy, and the house advantage is significantly lower than the one in the American version of the game.