It is almost impossible to be a serious online bettor if you are unsure about betting odds and how they work, but luckily this is not a very difficult thing to do. You will need to have a handle on them if you are going to make any kind of profit from this fun pastime, but the good news is that as soon as you come to grips with the three main kinds of odds in use by sportsbooks around the world your payouts will start increasing at once!
The Three Main Types of Odds
The three chief types of odds that you will need to understand before you begin betting successfully online are decimal, fractional and American odds. The names indicate how the odds are written, and, depending on where you are betting, and what betting activities enjoy, you will need to be able to switch between them. Understanding betting odds and how they work will help you compare bets, place more winning ones, and, ultimately, go home with more money in your pocket!
Decimal odds are in particularly popular use, and you will find them at the majority of online bookmakers. They are very easy to understand, as they simply state how much money you will be able to get from a bet of one unit. Keep in mind that a unit can be one, ten or 100 stakes, a fact which is very easily checked on the site. The majority of decimal odds will run into two decimal places so that bettors will be able to understand more thoroughly the decimal betting odds and how they work, and will be able to accurately predict the returns of a successful wager. Decimal odds include the return of your initial stake as well, so a successful $10 bet made on a wager sporting 3.00 decimal odds will have you pocketing a total of $30 dollars, were you using dollars as your preferred currency, with a profit of $20 along with your initial stake of $10.
Fractional odds are very popular in the United Kingdom, but are by no means used solely by bookmakers from this country. It is also very simple to understand fractional betting odds and how they work when you know that, once again, they are figured from a stake of one unit. They do, however, express their meaning differently, and 2/1 fractional odds will pay out twice the unit stake. You would collect $20 on a successful bet with this fractional odds indicator.
American odds are totally different from these first two types, and are often referred to as money lines. They are based on a 100 stake, and can tell a negative or positive outcome. If it is written negatively, how much of a stake would be required to make 100 on the bet will be displayed, if positively how much of a profit you would make on a 100 stake will be shown.
Now that you have the basics on betting odds and how they work you can start exploring your online wagering options much more freely, and can put this knowledge to use when trying to find the best odds for whatever betting activity with Australian bookmakers you most enjoy.