Sports Betting Odds: What Are Its Various Types And Other Important Things To Acknowledge

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An intelligent bet requires a good deal of understanding of the betting odds. You need to understand how odds work in a casino or sports betting. Today, we will discuss online sports betting, its varied types, and other things you can consider.

A market study shows that the sports betting industry has set a record of $1.68 billion in Q3 2022. It means the industry has shown an 80.6% increase year-over-year. These numbers speak a volume for themselves and show the sports betting market is thriving compared to others.

Sports betting involves betting on sports like Football, Basketball, Tennis, Cricket, etc. However, before proceeding forward to betting, you must also know about the types of bets and bankroll management.

Types of Sports Betting Odds

You can bet on your favorite sports on any of the reputed sportsbook Singapore online casino like Maxim88 that offer sports betting in partnership with top-notch software gaming providers. You can also download the sportsbook betting app to bet on your favorite sport and get exciting offers.

Let us now check out the types of sports betting odds.

1. American Odds

These are quite popular in the USA and are known as the moneyline odds. They work differently for the underdogs and the favorites.

The amount of money the gambler must risk in order to get $100 is shown below. When wagering on the underdog, however, the payout for a $100 bet will be the positive figure.

The betting odds list lists American Odds as positive and negative. The negative numbers here are counterintuitive. These numbers indicate the player, team, choices, etc. The negative numbers will also represent the wager that is less for money. It displays how much you need to invest on the bet to generate a profit of $100. Positive odds indicate the underdog in the betting line that will let you know how much you will win for every $100 you will wager.

Let’s take an example of the NFL moneyline odds where the New England Patriots are -110 favorites against the New York Jets at +250. You can choose favorites and bet $110 on the game. Now, if the Patriots win, the total amount you will be taking home will be $210. It means $110 is your stake value, and $100 is the profit.

2. UK Odds or Fractional Odds

Sporting events involving horses often use the UK Odds, Traditional Odds, or Fractional Odds betting formats. The net amount returned to the bettor is given beside these odds. The betting odds are paid when the player wins, factoring in the stakes.

The listings are shown as a “/” or a “- .” Let’s take an example, you pick the team Manchester United, and another punter picks the team Bournemouth. Manchester United has the odds of 1/5, so you will see a payout of $1 for the $5 bet. It means a bettor can expect a payout of $6 if they are betting $5.

This is like the second number in the denomination is the wager, which you need to place to receive the first number’s profit. The fractional odds workout this way.

3. European Odds or Decimal Odds

Decimal odds betting is quite popular in Australia, Canada, and Europe. Most punters think decimal odds or European Odds betting is the easiest. You may place bets like this at the majority of online sportsbooks. Here, the odds are displayed in decimal format for the punters to bet in the UK and Europe.

In the decimal odds, the quoted figure is the exact amount the punter will get if they become the winner. The decimal odds are the same as the fractional chances rounded down to the nearest whole number, and the plus one value includes all possible outcomes.

Let’s use an example to get our heads around it. Two squads are competing: one from Wales and one from France. The decimal odds offered are 5.50 in Wales and 500.00 in France. You bet $10 for both teams or any of the teams. If you win the bet, the punters will receive $55 for Wales and $5,000 for France.

So, online sportsbook providers like Maxim88 can offer bets in any of the formats to the players. You can get the bets in any of the formats, so it is essential to compare which kind of bet suits you and thus convert them.

Why Bankroll Management Is Important In Sports Betting?

Succinctly put, bankroll management refers to the money you have allotted for wagering on sporting events. Bankroll management is necessary because of many factors:

  • You cannot bet the whole amount that is set aside for betting. You cannot pool it all if you have set aside $1000. If you want to avoid completely losing your money, you may stake 5% of the total betting amount.
  • Consistent with your betting size will not make you a debtor, and you will not lose the whole amount.
  • You will bet responsibly on the sports of your choice. It will also help you to play sports betting for a long time.
  • Your betting budget should cover a normal wager. However, you must increase your unit size substantially and not rapidly.
  • You can follow a budgeted and disciplined approach toward sports betting when opting for bankroll management.

Bet Via the Best Online Sportsbook!

Sport wagering has been around for a while, but picking the correct online sportsbook casino is essential. The Malaysian sportsbook casino Maxim88 is a reputed and professional online casino that offers sports betting, casino games, slot games, and fishing games. You can bet on sports like football, hockey, dog racing, golf, and more. Punters can play the games online by creating an account or downloading the mobile app for their Android and iOS devices. Which means you may enjoy the games anywhere, not just at home. The great thing is you can bet with cryptocurrency too.