If you are planning to start betting—be it in a casino, sports betting, or any other type—it’s essential to understand the odds. Placing bets intelligently requires having a good grip on the main types of betting odds and the ability to read and interpret their various formats.
If you’re new to betting, one of the first things you should do is learn how betting odds work. It’s critically important because it allows you to understand how likely an event is to happen, and what your potential winnings will be. At first, it may appear confusing. But read this betting odds explained guide to help to understand.
In betting, odds represent the ratio between the amounts staked by parties to a wager or bet. Thus, odds of 2 to 1 mean the first party (the bookmaker) stakes two times the amount staked by the second party (the bettor). For you to understand more clearly, we have explained it with an example.
Betting Example
To make all this information slightly easier to understand, here we will take a quick example of a bet on a cricket match.
If you were backing Mumbai Indians to beat Chennai Super Kings you might see the odds of that outcome at 1.50 (decimal) or 3/2 (fractional)
You can immediately work out how much your potential winnings would be if your stake was Rs. 100:
1.50 can be calculated as 1.5 * Rs. 100 stake – Rs. 100 = Rs. 50 winnings
3/2 for every Rs. 100 you bet you win – Rs.50 winnings
Remember, you will receive your original stake back as well.
Decimal Odds Versus Fractional Odds
One way isn’t better than the other but there is certainly a trend emerging towards using decimal odds. Traditionally, fractional odds have been used in the UK, especially at racecourses and on the high street. There are two key differences.
Generally, decimal odds are easier to understand. Based on this, there was a movement to attract more people to horse racing by making it more accessible to the average punter.
The second difference between the formats is that fractional odds only represent winnings, and do not include the returned stake compared to decimals which do include the stake. The transition from fractional odds to decimals largely kicked off with the growing popularity of betting exchanges.
For odds to change slightly, it’s really difficult to marginally increase or decrease the probability without creating large fractions. These are hard to compute for the punter and are not a great way of showing betting odds explained.
Now, you have understood how betting odds work. The next step is to find a betting exchange which is providing the best match odds.
Choosing a website with the best match odds:
A betting exchange is an online platform where gamblers can directly place bets against each other and set odds themselves as opposed to against a traditional bookmaker. Such exchanges give punters and bettors more control over their bets and eradicate any role played by bookmakers.
Here we will take a look at the trustworthy, secure and easy to use betting exchange. Skyexch is one of the leading betting exchanges in the world. Their match odds are very good as compared to the other exchanges.
While betting exchanges offer almost similar opportunities to place bets as opposed to a traditional bookmaker, there are a few differences as well. In a betting exchange marketplace, gamblers can purchase the odds they think will generate the best outcome or purchase the odds that are expected to lose. Skyexchange lets you do it.
To check out the detailed information about the skyexchange read SKYEXCH Review | Biggest Sports Exchange in India
