Reading and Understanding Betting Odds
Newcomers to the world of online sports betting may look at odds and be rather perplexed by how confusing and complex they seem but this should never deter them from enjoying the fun of sports betting. Gaining a simple understanding of how odds work and how to read them is all that is needed for successful betting and with experience will come a better knowledge and even more success.
The best way to learn is however to get first-hand knowledge by getting started right away. There are many online sportsbooks for Canadian bettors to place safe and reliable bets. Betting smart will help bettors place better bets while they learn more about how the odds work.
Once the different odds formats are understood bettors must look at them in relation to the type of bets associated with them. Each type of bet has a different role and pay out. Some have better pay outs than other and some have better odds of winning than others. The goal is to place bets that pay out well on types of bets that have the better odds of winning. This way there will be more profit involved after the cost of the bet and if the odds are good then there is more of a chance to win.
How to Read the Betting Odds
There are three major types of formats that odds are displayed in. these are decimal odds, fractional odds and American odds. Canadian bettors will typically come across American odds which are displayed in a format featuring plus and minus signs.
These represent whether the team is favoured to win or an underdog and they are accompanied by a value which is what must be bet or what can be won. The tricky part is that the value is always calculated to fit in accordance with a CA$100 bet or win.
If the odds read as follows, Team A -150 and Team B +200 it means that Team A are the favourites to win and an amount of CA$150 must bet to win back CA$100 and Team B are the underdogs that need a CA$100 bet in order to win CA$200.
Fractional and Decimal Odds Formats
The simplest of all odds formats and one that is quite common at almost all online sports books, even Canadian friendly ones, is fractional odds. No deep knowledge of fractions is needed as even though they appear hard to understand at first glance, they are not. Each team will have a fraction and the one with the lesser value is the one favoured while the higher value represents the underdog. Just like the American odds, the lesser value needs a higher bet to win and the lower value wins much more than the bet.
Decimal odds are used less often at Canadian online sports books and may appear quite complex. The odds are displayed in decimal format but to determine what the pay out may be, it is important to calculate it based on a set value much like American odds using the value of CA$100. The value can however be a much smaller number.