If you are like me and have ever placed a sports bet on a fully licensed and regulated iGaming website, you may have noticed how the odds format displayed on those sites can sometimes vary.
At first, I was confused, but then I quickly realised that depending on where you are in the world and which websites you join to place bets on football or any other major global sport, will determine which default odds format you will see.
There are three main odds formats typically used on UK/US/Australian/Canadian/European sites. However, my research has also taught me that there are also Hong Kong, Indonesian, and Malaysian odds.
It’s just a visual representation to reveal the probability of an outcome occurring. With that said, here is a better explanation of the three different odds formats you will most likely come across when betting on any of today’s most trusted sites.
What are the three main sports betting odds formats, and why are they different?
On the vast majority of sports betting sites that I’ve come across, there are usually no more than three different odds formats. In fact, some sites I’ve visited only use one or two different odds formats.
The odds formats used vary in different parts of the world and are usually based on how that region’s standard mathematical systems were initially devised. Regardless of the odds format you use for any bets you place, the implied probability rate and payout would be the same.
I’ve found that sticking to one odds format makes life so much easier and that using a reliable odds calculator to calculate betting odds on trusted sites like Ask Gamblers helps me place far more informed bets.
Here are three main odds formats:
- Fractional odds – which are mainly used in the United Kingdom (England, Wales, Scotland, and Northern Ireland)
- American/moneyline odds – mainly used in North America, more so in the United States, but also in parts of Canada
- Decimal odds – mainly used in European countries, but also in parts of Canada and many other regions of the world
Examples of how the different odds formats appear
If the bet you are about to place comes with 2/7 fractional odds, it’s equal to -350 in American/moneyline odds and 1.29 in ‘European’ decimal odds. In this case, all three formats have the same 77.80% implied probability rate. In other words, with these odds, this type of bet stands a good chance of winning.
If the bet comes with 21/20 odds, it’s the same as +105 in American/moneyline odds and 2.05 in decimal odds, all of which have a 45.80% IPR, so there is almost a 50-50 chance of this outcome occurring.
If a bet you are about to place only has 100/1 fractional odds, which is +10,000 in American/moneyline odds and 101.00 in decimal odds), it has only a 1.00% chance of actually occurring. In other words, avoid placing too many longshot/outsider/underdog bets with high odds and low implied probability rates.
Here are a few more examples:
- 1/3 in fractional odds is -300 in American/moneyline odds and 1.33 in decimal odds = 75% implied probability rate
- 8/11 in fractional odds is -137.5 in American/moneyline odds and 1.73 in decimal odds = 57.90% implied probability rate
- 6/4 in fractional odds is +150 in American/moneyline odds and 2.50 in decimal odds = 40% implied probability rate
- 8/1 in fractional odds is +800 in American/moneyline odds and 9.00 in decimal odds = 11.10% implied probability rate
- 33/1 in fractional odds is +3,300 in American/moneyline odds and 34.00 in decimal odds = 2.90% implied probability rate
From my experience, some sites allow you to change how the odds are displayed on their website, just like you can often change the language displayed on a website. Look for the option that allows you to switch to your preferred odds format to make things easier for you when placing bets.
Decimal odds have been described as the easiest to understand, which I completely agree with. However, I was brought up in the UK, where fractional odds are used, so I don’t mind using either. In fact, fractional odds are considered the more difficult of the three formats.
Final thoughts
I must admit that when I placed my first sports bet online, it took me a while to get used to the odds, so I heavily relied on the AskGamblers betting odds calculator to figure out my potential winnings.
If you want to become a professional and turn those losing bets into winning bets, then I definitely recommend using this effective free tool.
Before betting, I would use the odds that were currently being offered by several famous online bookmakers, then input those odds into the calculator to see which company was, in fact, more generous.
I would then place a bet on the site offering the best odds to maximise my profits. I suggest you do the same, especially if you are looking for ways to make more strategic bets. I would also suggest gambling responsibly at all times by using any safer gambling tools that your website operator provides.
I’ve found that session time reminders work best for me when playing online fruitys. However, I also set a monthly deposit limit to ensure I never exceed my initial spending budget. Doing so takes a minute at most to sort, and it keeps things safe and fun.
