When betting at online sportsbooks, you’ll come across different types of odds: fractions, decimals and American. They all tell you about the likelihood of an event happening, but in different ways. The available odds format usually depends on the betting site. Most offer multiple types and allow you to choose the one you prefer.
If you're unsure how betting odds work or which formats to choose, you’ve come to the right page. This detailed guide will provide all the details you need. You’ll also get tips for making the most of odds at online sportsbooks.
What Betting Odds Actually Mean
Before you understand any odds format, you need to know what odds actually tell you. Betting odds do two things: they show what a sportsbook thinks the chances of an outcome happening are, and they indicate how much you'll win if you make a correct prediction.
That first part is what people call implied probability. When a bookmaker sets odds on a game, those numbers reflect their view of each possible outcome. If the odds are higher, it means the sportsbook thinks there's a lower chance it’ll happen, and if it does, you’ll get more wins.
As for the different formats, it mostly comes down to location and habit. American sportsbooks use moneyline odds because that's what bettors in the US grew up with. The UK sticks with fractional odds, especially in horse racing. Most of Europe went with decimals because they're the easiest to work out quickly.
How to Read Betting Odds
Want to bet on a specific event? Once you reach your sportsbook, browse the website, and you can view the odds for any event along with each means.
Most betting sites make sure to offer lots of markets. Let's say you want to bet on a football match. You’ll find markets for predicting goals, fouls, corners, yellow and red cards in the first half, or the final score. The site will offer odds on each of them based on how likely they are to happen.
When you want to read the odds, simply select the event you want and take note of the numbers. They come in three forms: fractions, decimals and American. These basically mean the same thing. It’s just different ways to show how likely an event is to happen. The available option depends on the sportsbook. Best part? Most sites let you switch between formats.
How the Different Odds Formats Work
As we've mentioned earlier, you’ll find fractions, decimals and American odds at online sportsbooks. Let’s get into more details about how each works:
American Odds
As for US odds, the first thing you will look at is whether the number has a positive or negative sign in front. For example, you can see odds of -150 or +150. That little plus or minus tells you a lot. The team or player with a minus sign is usually the favorite. Meanwhile, those with a plus sign are the underdog.
The number shows how much you would win on a $100 bet. Let’s say, for example, you want to place a bet on an NBA match. Here’s the odds:
Los Angeles Lakers -150
Golden State Warriors +130
In this case, you’ll need to bet $150 on the Lakers to win $100. For the Warriors, a $100 bet would return $130 if they win. You don't necessarily have to always place a $100 bet. All you need to know is how the ratio works, and you can apply it to any amount you want to wager.
Fractional Odds
As the name suggests, this type of odds appears as fractions. So, you’ll get to see numbers like 7/2, 9/2 or even the likes of 15/1. Your stake is the bottom half of these odds, and the upper half shows your potential winnings (profit).
Let's say you want to bet $50 on a 7/1 payout. You multiply $50 by 7 to get your potential winnings, which comes out to $350. Add your original $50 stake back, and your total return is $400.
Most sportsbooks offer futures using fractional odds. You’ll see it for Super Bowl winners, horse racing, golf and race events.
Decimal Odds
Another type of odds format is the decimal. This option is quite common in Europe. All we’re really doing here, in this case, is converting the fractions into decimals. With decimals, you simply multiply your stake by the decimal odds to get your total payout. This is the most simple type to calculate.
Here, the team option with the lowest number is the favorite. On the other hand, an option with higher figures is an outsider.
An example would be, betting on a Manchester City vs. Liverpool match. Say the odds will look like this:
Manchester City: 1.8
Liverpool: 2.1
The favorite in this case is Manchester City winning against Liverpool. If you bet $100 on a Manchester City win, the potential return will be a total of $180. In other words, you’ll get a profit of $80 since your wager amount is included in that figure.
How to switch between odds formats
Most sportsbooks allow you to use the odds format of your choice. All you need is to toggle between whichever one works best for you. You don't have to use whatever the site decides to give you by default.
This option is usually easy to spot. Check for a settings menu, a dropdown, or display preferences in your account settings. You can then click to toggle between decimal, fractional and American odds.
For some sportsbooks, once you prefer a certain method, it will remain in effect each time you log on. Some sites will always go back to default at the start of each new session. In that case, you'd have to make the change again then.
Unsure where to find it? A quick look at the sportsbook's help section should point you in the right direction.
Tips for Using Odds as a Bettor
Want to maximize your betting odds at online sportsbooks? Some expert tips can come in handy. Check them out below:
Stick to the format you know best: No need to try to force yourself to read odds in a format that confuses you. Most sportsbooks let you switch between decimal, fractional, and American. Just stick to the one you find easiest and leave it there.
Always calculate your potential return before placing a bet: You don't want any surprises when your bet settles, right? Then, you should always check for your potential returns. Most sites show you once you enter your stake amount.
Shop around for the best odds: You’d agree that different sportsbooks offer different prices for the same event. So, it makes sense to compare odds on multiple sites before choosing one.
Don't let big odds cloud your judgment: It can be tempting to go for a huge payout with long odds. But be careful. When the odds are high, that outcome is expected less often. Learn to compare the probability and not only how big the potential return is.
Track your bets over time: Try to monitor things like your bets, odds, and outcomes. It’s a great way to see how to improve and how you can find the best value.
Conclusion
When you're betting at online sportsbooks, the odds are one of the first things you look for. They show the likelihood of an event happening. You can also use them to calculate your potential payouts.
Odds come in different formats at sportsbooks. These include fractions, decimals and American. Each of them still tells you the probability of something happening. They're just different ways to read it. The available options usually depend on the sportsbook. Most offer all and allow you to choose your preferred option.
Want to make the most of your time betting on odds? Use the format you know best and always shop around for the best prices.
Betting Odds Format FAQs
What are the three types of betting odds?
The three main odds formats you’ll find at sportsbooks are fractions, decimals, and American. They all tell the same likelihood of an event happening in different ways.
Which odds format is the easiest to understand?
Decimal odds are usually the easiest to get your head around as a new bettor. You just multiply your stake by the decimal number to get your total return.
Can I switch between odds formats on a sportsbook?
Yes, most online sportsbooks allow you to switch between different odds formats. You’ll find the options to change between fractions, decimals and American in your account settings.
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