You have probably come across the term ‘odds’ for an upcoming football match in the Premier League or the Champions League. Ever wondered what odds mean?
To put it quite simply, odds represent the probability of a specific outcome in a football match or any other sport. They determine the potential payout for a bet placed on an outcome. Hence, odds are probably the first thing you take into consideration when placing a bet, as it will determine how much you could end up winning.
Odds are mainly used in three formats, depending on the region or the sportsbook determining the odds. The formats are decimal, fractional and moneyline odds.
In this detailed guide, we will explain what these three formats of odds in football are and give you some examples of how they work.
Decimal odds are the most common form of odds used in Europe for football and many other sports. They are also known as European odds, digital odds and continental odds. Apart from Europe, these forms of odds are also the most popular in India, Australia, New Zealand and Canada.
Decimal odds are presented in the form of a decimal number and are quite easy to understand. They are denoted in a value higher than 1.00, such as 1.50, 1,75, 2.50, 5.40, etc.
Imagine there is an upcoming Premier League match between Manchester City and Manchester United.
The odds offered for Manchester City to win are 1.60 and the odds offered for Manchester United are 3.00. Imagine you want to bet INR 100 on either of the teams winning.
Here is how your potential profits would look in decimal odds
- Manchester City to win (1.60 odds) – You will win INR 160 (INR 60 of profit and INR 100 of your original stake)
- Manchester United to win (3.00 odds) – You will win INR 300 (INR 200 of profit and INR 100 of your original stake)
Decimal odds are by far the easiest to understand and we recommend using them on all your football betting sites.
Fractional odds are mostly used in the United Kingdom and Ireland and are a bit more complex to understand when compared to the relatively simple decimal odds. Fractional odds indicate your potential profit relative to the stake you have entered if your bet ends up winning.
There are three factors to consider in fractional odds bet.
- Numerator: It represents the potential profit you can make for every unit of currency you stake.
- Denominator: It represents the number you need to stake to earn a potential profit.
- Stake: It is the amount of money that you would be betting
Fractional odds are calculated with a simple formula: Potential profit = (Stake x Numerator) / Denominator.
Fractional odds could look like 2/1, 5/4, 7/2 and anything resembling this formula.
Take the example of Manchester City v Manchester United Premier League clash for example.
The odds on United to win are 5/2. If you are willing to bet INR 100, you will end up with a profit of INR 250 on your original bet.
This will be calculated as follows:
- Potential profit = (INR 100 x 5) / 2 = 500 / 2 = INR 250.
Do note that the formula above does not include your initial stake, but only calculates the profit. Your total payout will be INR 350 (INR 250 in profit and INR 100 original stake).
Moneyline odds are most commonly used in the United States. Moneyline odds can be found in both positive and negative denominations.
They are denoted in a value that’s higher than 100 and can be either positive or negative, such as +200 or -150.
Positive numbers will indicate a potential profit that you could earn on a INR 100 bet. Negative numbers indicate how much you will need to bet in order to end up winning a sum of INR 100.
To understand how moneyline odds work, we will consider the same example of a Premier League contest between Manchester United and Manchester City.
Manchester United have the odds of +200. Manchester City have the odds of -150.
Betting INR 100 on Manchester United (Odds of +200): You will receive INR 200 (profit + original stake) and this is an example of a positive moneyline odds betting.
You would end up receiving INR 300 in total if your bet is successful (INR 100 stake + INR 200 profit)
For Manchester City though (odds of -150), you will have to wager a sum of INR 150 in order to win a profit of INR 100 (plus your original stake of INR 150 back). This is an example of negative moneyline odds betting.
You would receive INR 250 in total if your bet is successful (INR 150 stake + INR 100 profit).
Which Odds Should I Use?
Though all the odds are easily available and have their merits and demerits, it is always recommended to use decimal odds because of the relatively simple calculations they offer.
Decimal odds are also the most common form of odds used by online betting sites in India, making it the odds with the easiest accessibility.
Even if a bookmaker is offering odds in the fractional or moneyline format, there is likely to be an option to convert them into the decimal format by changing the settings of your account.