In betting parlance, odds are the probability of an event happening. It refers to the likelihood of an event occurring. 50% probability that a coin will land on its head or tails. The odds of a punter making his profit are 50%.
For the purpose of placing bets, bookmakers will usually use one of the three major odds formats. These three forms include fractional, decimal, and money-line odd systems. The country of operation and personal preference of the bookmaker will determine which odds system you prefer. This is because the bookmaker does not have to calculate complicated profits.
These are the 3 types of odd intervention system:
1. Fractional odds system – This system presents odds in fractions such as 1/4, 1/10, and so forth. These numbers show how much you will receive, which is proportional to the amount that you wagered. If you wager $20 on Team A winning at odds of 1/4, you'll get 1/4x20= 5. This will result in a total of $ 25 in earnings. The amount wagered is your earnings and the payout is yours.
2. Decimal odds system – The odds are represented in decimal format. The decimal probability of an event occurring is the decimal value the fraction odd plus one. The fractional value for 5/1 is 6, and 1/5 is 1.20. Many betting exchanges prefer the decimal odds system because it is easy to use and understand. Team B won at odds of 2 with a $10 wager. This will result in a payout of 2x10 = $20. The payout is calculated into decimals in this system. Vao Fun88
3. The money line odds system – Also known as American odds, these figure quotes can be either positive or negative and do not take into account point spreads. A fractional odd of 5/1 would be quoted as +500, and 1/5 as 500. Even odds are listed as 100, with the "-" sign not being displayed sometimes. The positive number indicates the profit you will make, while the negative represents the amount of money you have to bet to win the bet.
You should be familiar with all betting systems, as different bookmakers might use them all. You will be able to maximize your chances of winning by knowing how to use all systems.
Bookmakers can change odds based on the outcome of an event, or to tip the balance in favor of another team. If odds are against, you will win twice as much. Evens mean you win an equal amount to your wager. If you place a $1 bet and win $1, you will take home $2. Odds on are when you win less that twice the amount you staked. The odds of an event occurring are high with short odds. Long odds mean that the odds of it happening are low.
A live market odds intervention is an exclusive offering by some of the most advanced betting exchanges. They allow the bettor to make better decisions when placing bets and give them a greater chance to win. The betting exchange can intervene if stakes or odds exceed a certain level and adjust them to acceptable levels. All users will see this information on the exchange's homepage.
Learn all about betting odds so you know how to use them to your advantage next time you place a bet