Types of Betting Odds
Odds on bet exchange, any individual or that a bookmaker offers is usually termed as betting on fixed odds. Gambling with fixed odds requires effective knowledge of the odds during placing wagers. The category includes various wagers, where prices are radically determined at the starting point of the game.
Types of odds
There are mainly three varieties of odds that are widely used.
- – Fractional odds
- – Moneyline odds
- – Decimal odds
Fractional odds are a favorite of bookmakers across Ireland and the United Kingdom. These odds are primarily used in placing bets on horse racing. These odds are used to quote the total amount that is to be paid to the person placing the bets, in case he wins. The total amount won stands directly relative to the stakes of the bettor. It is also important to note that traditionally, fractional odds are used along with the least common denominator.
American bookmakers also prefer moneyline odds. These odds result in two possibilities – the quote figured in the odds can either turn out positive, or even negative. These odds usually refer to those odds that eventually straight-up the outcome of any betting game without any consideration to point spread.
Positive figures related to moneyline odds
When the quoted figure turns out to be positive, the related odds usually quote the amount of money that would be the winning price of the wager on $100. 4/1 fraction odds would eventually be quoted to be +400. On the other hand, ¼ fraction odds cannot be determined as positive figure.
Negative figures related to moneyline odds
When the quoted figure turns out to be negative, then moneyline odds turn out to be quoting the amount of money that should be wagered in order to win $100. ¼ fraction odds would eventually be quoted to be -400. On the other hand, 4/1 fraction odds cannot be determined as negative figure.
Decimal odds are also known as European odds. They come in handy for correct translation due to their simplicity. They follow definite specification method of standard odds. You can easily identify a decimal odd since they are bigger than integer, 1. In addition, there are no signs to precede them.
Decimal odds cater to exploit relation between payout of bets, the winnings and the stakes. Winnings are considered to be the amount that any bettor wins along with certain amount of stake or wager. On the other hand, pay-outs are considered to be a sum total of stakes and winnings.