All of us began the gambling journey with the same question in mind: How do odds work in sports betting sites? Knowing how to read and calculate odds is critical if you do not want to lose all your money gambling. However, it is also the beginning of a long journey.
Parx Casino, Pennsylvania’s largest land-based casino, is currently working to lead the online gambling industry to become one of the leading sports betting sites. To achieve this, สมัครคาสิโน offers excellent odds on all the sporting fixtures available on the platform. However, without the knowledge on how to take advantage of these odds, the opportunity to make a significant sum from the website might pass your by.
Thanks to the firm’s recent technological advancement and competition from other gambling firms, Parx casino recently founded its new Sportsbook app on its sports betting website. The app now allows users to place their bets on live sporting events. The app offers several casino games for its users to play. Some of these include:
Blackjack,
Roulette, and
Video poker
Betting Formats
There are three basic formats which bookmakers use to present odds on sport betting sites: fractions, Decimals, and American format. While they all look and are calculated differently, they mean the same thing. Odds represent the probability of an event happening.
Calculating betting odds in sports betting sites
Knowing how to correctly tabulate the probability of an event is the first step to assessing the value of a bet. Once you figure out how you can calculate probability, it is very easy to turn that figure into odds. Odds help a bettor to determine how much to wager on a particular bet and which odds have better value than the rest.
Decimal Odds
Of the three odds formats listed above, decimal odds format is the most straightforward to deal with. Decimal odds only require you to multiply the odds of your selected team by the amount you want to wager to figure out your potential winnings.
For instance, if Rangers and Penguins are set to play later in the day and the odds available on Parx casino is as detailed below, how would you calculate the probable win?
Rangers 2.40
Penguins 1.65
In the above scenario, Rangers are the underdogs, while Penguins are the favorites. The latter is always represented by a smaller decimal number than the former. To calculate your potential winnings by betting $100 on Rangers:
100 x 2.40= $240
Conversely, wagering the same amount on Penguins, your potential winnings will be:
$100 x 1.65 =$165
American sports betting sites odds format
American odds have a positive or negative sign in front of each three-digit number. The signs indicate the underdogs and the favorites. The sign also indicates your potential payout. The negative sign indicates the favorite in a fixture, and it depicts how much you should wager to win $100. Positive signs indicate the underdog and depict the amount you stand to win if you wager $100.
For instance, if Rangers and penguins have the odds provided below:
Rangers -130
Penguins +110
To win $100 by betting on the Rangers (favorites), you are required to wager $130. Conversely, if you bet $100 on the underdogs, you would win $110.
If you wagered $40 on Rangers, your calculation should look like this:
$130 stake= $100
$40 =?
40 x 100 = 130x (cross multiplication)
X = 4000/130
X= 30.77
By wagering $40 on Rangers, your implied win is $30.77. Your return would, therefore, be $70.77 by adding the original wager to your winnings.
Fraction odds format
The fractional odds format is mostly used in UK-based betting platforms and on horse racing events. If, for instance, the fraction odd for Rangers were 1/3 the number 1 indicates the number of times the book expects an outcome to fail while the other (3) shows the number of times the book expects the outcome to succeed.