What are the main types of odds?
There are different types of representation of odds, which depends on the country the bookmaker is and its profile. The predicted price by bookmakers’ traders can be represented by the most popular odd types:
- Decimal odds (European odds)
The easiest odd representation to understand and the most used in the world. The decimal odds are represented between 1.01 and 1000 (99% until 0,01% of probability).
If you place £10 on team A to win, with an odd at 3.00, if it is corresponded the profit will be £30 (that means three times the bet value), not being corresponded the £10 will be lost. If you bet £10 on team B, the favourite, with an odd at 1.50, in this case the profit will be £5, since the probability of team B to win is higher.
- Fractional odds (Ireland and Great-Britain)
It can exist some difficulty in understanding this type of odds but the most important for the bettor is that the representation is a fraction (for example 2/1) and it’s done by the following model:
A is the profit value;
B is the responsibility, the investment;
Som the most advantageous is always to find an A value higher than a B value, to obtain higher profits comparing to your stake.
If you bet £10 in team A win, with odd at 2/1, and the bet is corresponded, you’ll have a profit of £20, because the result of the division 2/1 is 2. So your profit was 2 times your stake.
- Moneyline odds (American odds)
It’s very common to find this type of odds in the financial marked in the United States and in Canada. The American odds are related with what the americans have to risk to bet on a certain event.
The American odds have a very different format from fractional odds, which is represented by a “+” or “-“.
Team A is with an odd of +200$ and team B is with an odd of -150$. So, the favourite team is team B. Why? Its odd, -150$, requires a bettor responsibility of 150$ to win 100$, but its winning probability is much greater. If team A wins, it’s a very profitable situation, since the bettor needs to bet 100$ to win 200$
The most used is the European one (decimal).
You’ll have a profit of £15.
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