Betting Odds: How to Get the Most Out of Your Bets?

Sports betting is a great way to have fun. Along with this, you can also win money instead of doing it just for adrenaline. But is this possible in a game of chance where there are no clear rules?

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Well, the answer is simple: over a long distance, it is possible. For example, you can minimize the risks of losing and maximize the number and size of wins. Of course, you will have to improve your math skills, but this is very small compared to the possible prospects that you will get. In this article, we will explain what are odds in sports betting and go a little deeper into the theory of probability so that even beginners can master it. Another skill that will come in handy is arithmetic.

We hope these simple tips will help the attentive reader start choosing the best odds and making a steady profit.

Most Popular Types of Odds

Let’s start with the odds meaning. In a nutshell, odds indicate how likely a specific outcome is. For example, in some football match between Italy and England, the decimal football betting odds might look something like this:

Italy
2.3		 Draw
3.5		 England
2.55

These numbers mean that the bet (money that is bet on a particular outcome) will be multiplied by 2.3 if you will make high odds soccer predictions for the victory of the Italian national team, by 2.55 if you predict the triumph of another team, and by 3.5 in case of a draw.

However, this is just the tip of the iceberg. First, you have to remember that there are different types of odds writing. These are moneyline, decimal, and fractional odds. They are all interchangeable and convertible to each other.

All odds are indicated by bookmakers, who, by the way, are also sometimes prone to errors. This is important to remember if you often feel uncertain in some difficult matches because there is always a chance for an unexpected mistake for the favorite or for a brilliant game of the loser.

Decimal Odds

This is the simplest type of odds writing. This is why it is usually the default for the most popular betting platforms (like Parimatch.ng).

In short, these odds represent your potential profit on the bet amount. So, for example, if your bet of 10,000 NGN wins with odds of 2.55, your total winnings will be 10 000 × 2.55 = 25 500 NGN or 15 500 NGN of net profit.

When it comes to match analysis, high odds soccer predictions on the team mean the harder it is for that team to win. Thus, when you compare the odds, higher odds will be more characteristic of the underdog or, in general, mean a more unlikely outcome. In our example, England has a smaller lead (2.55 > 2.3), but a draw (3.5) is a much less likely outcome.

Decimal odds can also be converted to percentages. They can be used with all kinds of odds. The formula looks like this: (1 / Decimal Odds) * 100%. So, for our previous example, we will have (1 / 2.3) * 100%, (1 / 2.55) * 100%, and (1 / 3.5) * 10%. The percent value for the calculations will be 43% for Italy, 39% for England, and 28% for a draw, respectively.

Bookmaker’s Overround

But wait, isn't 43% + 39% + 28% = 110%? That’s right! This is also called the "overflow percentage" – the amount of money the bookmaker charges for their work, presented as a percentage. Generally speaking, it is more profitable to calculate the odds in advance and choose the bookmaker with the smallest overround. In particular, Parimatch (you can browse best odds here) is known for the fact that our bookmakers never inflate the overflow percentage and offers the most advantageous conditions for all sides of the betting process.

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Fractional Odds

Typically, this type of odds is used in the United Kingdom, so they are often referred to as UK odds. They are very convenient to use if one of the opponents in the match is likely to win by a wide margin. In some matches with clear favorites and outsiders, the odds may even be 4 to 1 (that is, the probability that one team will lose is 4 times higher than in the case of the other team). This odds ratio is usually written as "4-1" or "4/1". This means that a bet on an outsider will bring you 4 times the profit.

At the same time, decimal odds are still much more understandable when you need in-depth analysis. Here’s a guide on how to calculate sports betting odds from fractional to decimal in two steps:

  • First, you need to figure out the probabilities of the outcome of a particular match. This is easy to do with fractional odds – you add the denominator to the numerator and divide the denominator by that value. Multiply the result by 100%, and you're done! Thus, the 4/1 odds ratio will be (1 / (4 + 1)) * 100% = 20%;
  • Then you have to divide 100 by your implied probability to get decimal odds. For example, for a chance of 20%, your decimal odds will be 100/20 = 5. The result is rounded up for approximate numbers (for example, in the case of odds 3/1 or 7/1).

Moneyline Odds

This type of odds displays the probabilities of winning the underdog and the favorite. The favorite is marked with a minus (-), and the underdog is marked with a plus (+). The odds here can show two things:

  • In the case of (+), they show the possible amount of the winnings;
  • In the case of (-), they show the size of the bet to win the amount indicated by the bookmaker.

The more money you get from winning an outsider, the less expected that the team will win the match. Conversely, the greater the chances of the favorite winning, the larger the bet size should be. Here's an example:

  • Team A: -555
  • Team B +333

As you can see, Team A is the favorite here, and you have to bet 555 NGN to win 100 NGN. This brings your total possible winnings to 655 NGN. But if Team A loses, you will lose about 5 times more money than you could have won.

Team B is an outsider, so if you bet 100 NGN and Team B wins, you get 333 NGN with your bet back for a total payout of 433 NGN. If the odds are approximately equal, it is better to bet on the underdog. As for our example, the bets on the favorite are too high to ignore.

Calculating the Payout

Now we have found out what are odds in sports betting. Let's calculate your possible winnings for each type of odds.

Decimal Odds

Here, you have to multiply your bet by the specified decimal odds. The result means your potential total income for the particular bet. Just subtract your original bet from your winnings to find out your net profit.

Example:

100 000 NGN bet on 2.0 odds means 200,000 NGN in total winnings and 100 000 NGN of potential profit: 100 000 * 2 = 200 000 —> 200 000 - 100 000 = 100 000.

Fractional Odds

Here, you need to divide the fraction's numerator by the denominator and then multiply the resulting number by the amount of your bet. The result is your potential profit. Your total income is equal to your possible return added to your bet.

Example:

  • 100 000 NGN bet on a team with odds 4/7;
  • Your profit here will be 100 000 * (4/7) = 57 142 NGN;
  • Your total payout equals 100 000 + 57 142 = 157 142 NGN.

Moneyline Odds

This type of odds will require you to do some math.

For an underdog (+), your betting formula will look like this:

  • Initial bet / Odds = Bet / N, where N is your Net Profit.

For a favorite (-), it goes like this instead:

  • Odds / Initial bet = Bet / N.

Imagine a match where the starting bet is 100 NGN. It might look like this:

  • Team A: +300
  • Team B: -400

Team A is an underdog. Their win will bring you 300 NGN if you bet 100 NGN on them. As for Team B as a favorite, with the bet of 200 NGN, you can win an additional 100 NGN. Let’s bet 150 NGN on this one.

Calculations for Team A:

  • 100 / 300 = 150 / N;
  • It equals to: 100N = 45 000;
  • Or: N = 45 000 / 100 = 450.

Thus your possible profit, if you bet on the underdog, will be 450 NGN or 600 NGN (450 NGN plus 150 NGN of your bet) in total.

Calculations for Team B:

  • 400 / 100 = 150 / N;
  • 400N = 15 000;
  • N = 15 000 / 400 = 37,5.

This means 37,5 NGN of profit for this particular bet or 187,5 NGN (37,5 NGN + 150 NGN) in total returns.

Note that the (+) and (-) signs here indicate the status of the team as a loser or a favorite and shouldn’t be used in your calculations.

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Types of Frequently Used Bets

Also, we have to speak about the most popular types of bets representing the highest odds and attracting punters. The main thing about these types of markets it’s that they need further analysis and explanation, but each results in a great win. So, let’s take a deeper look at the issue.

Handicap Bets

This type of bet has a certain advantage applied by a bookmaker to the specific team. For example, let’s take football betting odds. A winning football team has to score at least two more goals than the losing one. (-2) goals here are a handicap that means that if you bet on a favorite, and they will win with just one goal ahead, your bet will lose.

Note the handicap is written in brackets after regular betting odds, for example, 2.05 (-2). All other calculations still apply as usual — the underdog is much more likely to win; therefore, betting on them will be much more profitable.

There are usually no draws in handicap bets. For example, if a team with a (-2) handicap wins with a 3:1 score, after calculation, it will still technically be a draw; therefore, you will lose your money.

Totals

This kind of bet involves predicting the total number of points, the number of penalties, and other countable values that are identified by the bookmaker in correct score odds. For example, you can place a bet on 3 goals in total. Sometimes, you can also bet on deviance from this score (for example, a bet on over or less than 3 goals).

Halftime/Fulltime Odds

The Halftime/Fulltime odds meaning is to predict a single or two outcomes on a single bet. Here you can predict the halftime outcome correctly with a total or correct score odds and then, optionally, add a guess of the total outcome of the match. If you guess right, your bet will be paid off.

This type of bet also might mean that you have to bet on two different teams at the same time. For example, betting for Team A’s leading for the first half and Team B’s winning at the end of the match.

How to Choose the Best Odds and Win Consistently

So, let’s find out how to apply all this knowledge?

  • Have a cool head. You can have your favorite teams and personalities, but if you see that they have no chance to win, just bet in favor of another team or browse best odds. Everyone plays to win, and it’s nothing personal — payout signifies your ability to predict events, not your loyalty to a particular team.
  • If the betting odds are nearly equal for both teams, take a deeper look at their game history. Just answer: have they ever met before? What was the usual outcome of those matches? What are the team compositions for this particular match? All these things can tell you something new about the possible outcome, even if their odds are pretty equal.
  • Take the time to calculate your profits and returns for every type of bet. For example, betting on a favorite will be safer if the initial bet is low. Handicap bets are usually safer for the bet on an underdog. You can also bet on the matches with clear favorites, although the profit will not be so big.
  • Practice your basic math! There is nothing more frustrating than having to make a quick guess and not being able to calculate the probability.

Conclusion

We hope we helped you to understand how to calculate sports betting odds. As you can see, there is nothing complicated in the odds and bets. To minimize risks, set some limits on your spending and act with confidence. After that, you just have to find trusted bookmakers (for example, Parimatch with its best odds) and start following your favorite sports. Build your list of both successes and failures, and analyze it in your spare time – and pretty soon, you will become one of the greatest bettors in Nigeria!

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