Betting on sports is a timeless hobby. People have been doing it for as long as communities have been forming, which explains why online sports betting is now such a popular pastime. But, whether we like to believe it or not, the modern iteration of online sportsbooks is much different than what we could have expected a thousand, or even one hundred years ago.
Today, sports betting is all about mathematical and statistical analysis. In an era where statistics is so advanced, we can’t be shocked that live betting at Novibet has significantly improved from an odds perspective. But it is also worth bringing up that there is a vast difference in how these odds are calculated, depending on the region you are betting from. So, let us take a look at the three categories of sports betting odds.
Moneyline
The first iteration of betting odds that we have to look at is moneyline. Moneyline odds are based around the number one hundred, and they use positive and negative numbers to get the point across. The favorite team is assigned a negative number, and the underdog a positive one. These numbers indicate the amount of cash you have to wager in order to win $100 or the amount you will get for each $100 wagered.
At first glance, moneyline odds may seem complicated. But as you can see from our explanation, they are quite simple to grasp once you get right down to the brass task. Moneyline odds are most prominent in US-based sports betting websites. But as the industry becomes a global force, we may see them spread to other platforms as well.
Fractional
You can probably guess that fractional odds rely on fractions to determine which team has the higher chance of winning, and how much cash the player can get out of betting on them. In fractional odds, each team or athlete is assigned fraction points, where the top number represents the amount of cash you can get from a winning bet, wherein you’ve wagered a unit of the bottom number.
As an example, let us take a football team that has been assigned odds of 6/2. That means that for each 2 pounds wagered, the betting enthusiast is going to get a return of 6 pounds should their team win the game. The underdog in this situation would be the team whose fraction comes up to a greater total than the favorite. Fractional odds are most common in UK-based casinos.
Decimal
Decimal odds are most common in casinos based in European countries, specifically western European nations. It is fair to say that decimal odds are the simplest of the bunch, as they are the clearest when it comes to determining the favorite and the underdog. The underdog is always the side that has the higher decimal number assigned to them.
But what do the decimal numbers mean in this situation? Well, it is as simple as the decimal number representing the amount of cash you can expect to get for each Euro wagered. So, if a team has been assigned 2.4, and a bettor has placed a 5 Euro bet on their victory, they would get a return of 2.4 x 5 in the case the team wins.
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