Know Your Odds

Do you know your odds?  Nevermind figuring out if the odds you’re being given are fair—what if you are so new to sports betting that you don’t understand the odds you’re getting at all?  Odds can be confusing if you’re a newbie, and to add to the confusion, there are several different ways odds can be expressed.  The four most common are fractional odds, U.S. odds, decimal odds, and Hong Kong odds. 

• Fractional Odds.  Fractional odds are used in the UK and sometimes in North America.  They are some of the easiest odds to understand, and are presented in a fraction format, as their name implies.  As an example, consider the odds 3/1.  That implies that you have a chance to make £3 for every £1 that you wager.  If the odds were 4/1, you could make £4 for every £1 you wager.  An even money payoff would be 1/1. 

• U.S. Odds.  As you would guess, these odds are usually used in North America.  They are expressed as positive or negative numbers greater than $100.  They are the amount of money you would have to wager in order to win $100.  So if you see odds of -300, that means you have to bet $300 to make a profit of $100.  Odds of 300 would pay you $300 for every $100 you bet.  This is the same as 3/1 fractional odds.

• Decimal Odds.  These odds are used throughout continental Europe, but not as often in the UK.  They are expressed as numbers greater than 1, using a decimal.  Decimal odds of 3.00 would mean you make $3 for every $1 you wager.  Odds of 1.50 imply you would make 50 cents per dollar you wager. 

• Hong Kong Odds.  These odds are used in Asia, as you would guess.  They are more or less the same thing as decimal odds, but they don’t include the amount you bet.  So for example, in decimal odds, 1.50 means 50 cents per dollar wagered, but in Hong Kong, it means you get $1.50 for every dollar you bet.  So 1.50 Hong Kong odds would be more profitable than 1.50 decimal odds (and also more challenging to win).  If you are betting in Asia, you will need to get this difference down, but if not, you probably will not be using them.

Depending on the online betting site you use, you may have the option of displaying the odds in whichever format you prefer.  This keeps things simple since you can just go with whatever is most intuitive for you.  Some sites may only display odds in one format though, so it is can be helpful to learn them all.  After a while, you will get a knack for converting bets from one format to another in your mind.  Things will eventually become intuitive to you.  Once your grasp on odds is solid, you will effortlessly be able to interpret them and make sure you are getting a good offer.