Football Odds: How Do Betting Odds Work?
If you are a football fan, you can now bet on your favorite game while sitting on the couch at home. Parimatch allows you to bet on all kinds of soccer matches in Nigeria, thanks to our sports betting platform. But if you don't know how to read football odds, betting can be a daunting task for you.
Especially for you, we have compiled this complete guide so you can learn how to determine the odds of soccer betting at Parimatch. Let's explore odds meaning and all their nuances for real examples, which are always available on our website.
What Are the Football Odds?
First, let’s answer the question "What is the meaning of odds?" The numbers represent the probability that exactly what you are betting on will happen. Betting odds in football refer to the likelihood that your chosen team will score or win.
The higher the possibility that a certain event will occur, the higher the probability of your winning. Thus, betting odds determine how high the chance of a particular outcome of a match or game is.
If the expectation of winning a well-known and strong team is high, then your winnings will be less since the chances are small. But if you place a bet on a less popular outcome of a game or match, then the winnings will be greater. In this case, the chances are much higher. So, to learn how to read soccer odds, you need to know the difference between chances and odds.
Let's assume that the possibility of a certain outcome of a match is 25%. Based on this, the probability that an event will occur is a 1 in 4 chance. Mathematically, this is represented as 1:4.
Betting odds could be written in different ways, at Parimatch we use the most convenient and clear decimal odds. You may also meet fractional, American, and Asian types of odds. Let's talk in more detail about each of the odds systems.
Perhaps you should learn the basic concepts first? Then check out our soccer betting guide.
CHECK OUT PARIMATCH SOCCER ODDS!
How To Understand Football Odds at Parimatch?
We usually use decimal odds at Parimatch as they are the easiest to read. Let's take a look at how do bookmakers calculate odds.
Take the match between Gibraltar and San Marino as an example. Gibraltar has lower odds (coefficient) of 1.31. And San Marino has them higher at 8.60. Also, the chance of the match ending in a draw is 4.90.
Thanks to the odds, you can understand the prospect of winning for each team. To calculate the possible outcome as a percentage, you must divide 100 by the odds. In this case, the probability of Gibraltar winning is over 76% likely, while the victory for San Marino is only 11% probable.
Based on these data, we can conclude that in this scenario, Gibraltar is the favorite and the strongest team that is most likely to win. And the higher odds of San Marino make it clear that this team is likely to lose. Thus, the difference between the odds gives you an idea of how much one team's strength is superior to the strength of the other in the match.
On top of that, you can determine how much money you can win after placing the correct bet. To find this value, you need to multiply the winning amount by the coefficient and then subtract the amount of your bet from the result. For example, if you place a 10,000 NGN bet on Gibraltar, your profit will be 3,100 NGN. The odds are not high here, so your winnings are not that big. But if you place a winning bet on San Marino, the profit will be 76,000 NGN. But this situation is less likely.
We hope you now have a better understanding of how to read football betting odds better. Now let's find out how the decimal system works compared to the fractional and American ones.
Explore betting markets on Parimatch
What Are the Formats of Betting Odds?
Decimal odds
Decimal odds are indicated by one digit up to two after the decimal point. This form is the simplest and it is quite easy to place bets on decimal numbers. Let's take an example.
Assuming there is a 25% chance that Manchester United will beat Wolverhampton Wanderers, the decimal odds will be 4.00. This means that the chance that the Wolves will win over Manchester United is 75%, which is 1.33.
Next, we will look at other examples of decimal odds to clearly understand how odds work in football.
Fractional odds
Let's take the same commands as in the previous example. With a 25% chance of Man U winning over Wolves, the fractional odds look like this: 3/1 or 3:1. That means 3 versus 1. If you take just 4 chances, then 3 of them are against Manchester United and 1 for them: 3/1.
American odds
American odds are as follows: -200 or + 200. The “-” sign means that the team will win and the “+” sign that it will lose. In case the number has a “+” sign, this is the number of your winnings if you bet $100. And if the odds with a “-” sign are the amount you need to bet to win $100.
How Do Decimal Odds Work?
To solidify your knowledge of decimal odds, let's find out how to read soccer odds 1X2:
- This is a three-way bet called 1X2 or a win/draw/win bet. Based on this, "1" is a win, Wolverhampton Wanderers, "X" is a draw, and "2" is a win for Southampton FC.
- The probability of a victory for the Wolves is 1.83, that is, 56.6%. If you bet 10,000 NGN on Wolves to win, you can win 18,500 NGN, which is 8,500 NGN of net profit.
- The chance of a draw in this match is 3.55, which is 28.2%. This means that if you bet 10,000 NGN, you can win 35,000 NGN while making a profit of 25,000 NGN.
- If The Saints win at 4.50 odds, your chance of winning is 22.2%. With this outcome of the match, betting 10,000 NGN, you will win 45,000 NGN, having received 35,000 NGN profits.
How to Calculate Probability in Football Using Odds?
Odds could be an indicator of how likely the possibility is for a certain outcome of a match. By calculating the odds for specific cases, bookmakers clarify what development of events in the match is possible. We already know that the higher the number, the less likely this will happen. It also works in the opposite direction — the lower the number, the higher the likelihood that the event will occur.
To determine the probability you need to take your soccer bets and act in the opposite direction. For example:
The odds of Urawa Red Diamonds winning the match against Oita Trinita is 2.03. You need to take 100, divide by 2.03, and then the probability of winning Urawa Red Diamonds is 49.3%. The teams have a 29.85% chance of a tie, while Oita Trinita has a 28.99% chance of winning.
How Do I Calculate My Football Betting Winnings?
Decimal odds are the easiest and most common method to calculate your winnings at the correct bets.
In order to calculate your winnings, you need to multiply the amount of your bet by the coefficient, and then subtract the bet from the total amount, so you will get the amount of profit.
If you made a bet in the 30,000 NGN, with the odds of 1.54, your chance of winning is 65%. Thus, if you win, the payout amount will be 46200 NGN. This is the total sum of your winnings.
Now, from the total, you need to subtract the stake of 30,000 NGN, and we get a profit of 16,200 NGN.
Consider the match between FC Porto and FC Famalicao:
If you decide that FC Porto will win, the odds will be 1.24, which is an 80% chance of winning. If you place a bet of 10,000 NGN, then if you win, you will receive 12,400 NGN. By subtracting your bet, you win 2,400 NGN.
And if you bet on FC Famalicao at 10.00 odds, you have a 10% chance of winning. And if FC Famalicao wins you will receive 100,000 NGN and a profit of 90,000 NGN.
If you are already confident in your knowledge of soccer odds and are ready to bet, you need to learn about soccer betting strategies. We have prepared a comprehensive football strategies guide for you to use the best odds.
What Is The Difference Between Football Odds And Betting Markets?
Are you asking what are odds and betting markets are different? The answer is simple. The odds are the numbers themselves that make it clear with what probability this or that event will occur in the match. As far as the betting markets are concerned, these are the categories of bets you can place.
Parimatch offers the widest selection of sports betting in Nigeria. We always follow all sports events around the world, so you can bet not only on soccer but literally on any sport you prefer. Now that you've figured out how to read the odds, let's see what betting markets exist. Let's start with the most popular ones:
- 1x2 bets
Some football cups and tournaments cannot do without a winner, but soccer can also be a draw. Such bets are presented as 1X2, where “1” is the home win, “2” is the away win, and “X” means a draw.
- Double chance betting
You can bet on a match that will win, lose or draw. In this case, you have the opportunity to bet on two of the three outcomes. For example, you think that the team will win or there will be a draw. If one of the events you predicted takes place, your bet will win.
- Handicap bets
Handicap bets assume a handicap is given to one team. This means that points are deducted from their score. This means that to win, the team must defeat the opponent, even if their points are subtracted from the final result.
- Total bets
Here you can place a bet on the total number of goals in the match. This type of bet is also called "over/under" or vice versa. Your task is to guess more or fewer goals will be scored during the match.
Together with Parimatch, you can place even more varied bets. Discover the full range of possibilities in our article on the soccer betting markets.
Are the Odds Different In Pre-match Football Betting and In-Play Betting?
If you are betting on a match before it starts, this is a pre-match bet. This way you bet on the outcome of the match before it even starts.
In this type of bet, all odds are fixed. And bets are accepted no later than 2 hours before the start of the match. Now your bet will not change during the game, no matter what happens on the field.
Consider the match between Crystal Palace and Manchester City:
If you bet 10,000 NGN at Crystal Palace at odds of 11.00, you will win 110,000 NGN. Regardless of what happened during the match, if Crystal Palace wins, the win is yours.
Live bets depend on the actions taking place during the game. For example, if one Manchester City player is removed from the field at the beginning of the game, then the odds on the victory of Crystal Palace will decrease, as it becomes easier for them to win.
If you wagered 10,000 NGN on a pre-match bet on Crystal Palace then you will win 110,000 NGN. But if a player of the opposing team is sent off the field, then the odds will drop to 8.00, because the chance of Crystal Palace winning has increased to 12.5%. Thus, those who made live bets will potentially receive only 80,000 NGN.
It also works the other way around. If you place live bets, you can watch what is happening in real-time and can change the bet. Players place pre-match bets based on the team's previous behavior. And live bets allow you to take into account what is happening directly during the game.
In addition to real football, you can also place bets on virtual football at Parimatch. If you don't know how it works, we have prepared a tutorial on virtual football betting for you.
Why Use Parimatch for Football Betting?
Together with Parimatch, you have the opportunity to make all possible bets on football, with the most competitive odds in the world. And our platform for betting on PC and mobile devices provides comfortable use of the service wherever you are, at home at work, or with friends.
Find out more about why Parimatch is the best online soccer betting site in Nigeria.
Still not sure? Here's what Parimatch has to offer:
- The best selection of soccer matches in Nigeria
- Wide range of popular betting options
- Modern user-friendly website and the best football betting app
- Safe funds
- Simple deposit and withdrawal process
- Friendly customer service available 24/7
Final Thoughts
Now that you know exactly what are the odds in football betting, you can predict the outcome of the match or the game you want to bet on.
At Parimatch, you can place bets on any kind of event, whether it be a victory of a certain team or the number of goals scored, or the number of corners. All these events can happen with different probabilities, and the odds are a mathematical representation of all these events.
Do not forget that each bookmaker bets different odds, because they have different information about the matches. Thus, they show which events are more possible and which are less.
At Parimatch, we offer the highest soccer betting odds in Nigeria, thanks to our deep knowledge of the world of sports.