Do you want to start sports betting? If yes, you must know about the decimal odds in betting. To place bets, you must have a good grip on different betting odds and the ability to understand and interpret their associated formats. There are three betting odds systems: American odds, Fractional odds, and Decimal odds.
Decimal odds are one of the most popular odds across the world. It is because they are easy to understand and maintain. Once you use them, you will become proficient in them. In addition, it offers two advantages. First, they easily convert to probabilities. Second, once you learn them, they are more intuitive. So, let us know more about them.
Decimal Odds Display
It is the simplest and easiest one out of all odds in your betting attempts. Here is an example of a display of betting odds:
|MATCHUP||Tampay Bay Rays||2.40|
How Do Decimal Odds Work?
Decimal odds, known by the names “European odds,” “Digital odds,” or “Continental odds,” are famous in Australia, continental Europe, New Zealand, and Canada. They are easy to understand in comparison to other odds. You can instantaneously spot the underdogs by looking at numbers.
The odds number shows the amount you win for each $1 bet. Numbers represent Total Payout instead of profits. In other words, the decimal number consists of your Stake. It makes the calculation of Total Payout easier. You can calculate the total return on a stake by using the formula mentioned below:
Total Payout = Decimal Odd Number x Stake
Reasons to Use
The biggest reason to use this type of odds is it makes the conversion to probabilities easy. Whether you work with a favorite or underdog, it is the same. Although converting American odds to probabilities requires different formulas for underdogs and favorites, it is the same for decimals. Another main reason to use is that they are based on betting $1 and scale up and down.
How to Determine Implied Probability?
To represent that implied probability remains the same around different odds representations, run the numbers again. The formula to determine implied probability is simple:
100/Decimal Odds = Implied Probability
So, let us use an example to test the formula:
For Los Angeles Lakers, 100/1.33=75.18%
For Phoenix Suns, 100/3.50=28.57%
The same numbers represent differently, but work out for all cases. If pushed, these are one of the quickest ways to move to the next bet.
Should a Bettor Move to Decimal Odds?
Many sports sites will show American odds by default. But you can switch to decimal odds. Moving to them is a personal preference. But this will save extra conversion steps if you seriously want to use math such as implied probabilities while betting.
While sports betting, you require a proper strategy. You must know the value of betting and prospective odds. The goal and rules should be clear. You can not bet on long-time established businesses without following valuable sports betting strategies.