Types of bookies odds.
A odds in our conventional sense is the winning probability of a team (athlete) in percentage form, and the profit is equal to the sum of bet multiplied by the odds. But in different countries, there may be varying kinds of odds with different bookmakers. The major applicable ones used in most offices will be listed in this article.
Warning! The term “net gain” will be used in this article, which stands for a winning excluding the bet amount. Considering this amount as the return.
The European odds (Decimal Odds): we all know the mode of Odds (decimal) used by all European bookmakers. Now I will enlighten you on how it is calculated in details in this article.
The American odds (American Odds): As it is clear from the name, this type of odds is widely used in gambling establishments in America (mostly on sport games, as the British Odds may also be applied to races, which will later be explained in the article), as well as in several other countries (but you must be careful as there can be a change in the construction).
– In contrast to the European Odds, American Odds have several types and are treated differently. The only permanent condition is that odds is always not less than 100.
– The US negative odds. Means that the amount of the bet will be more than the “net gain” (winning without taking into account the amount of the bet).
Negative American odds shows how much you need to wager to get a net gain of $ 100. Of course, does not necessarily mean you have to wager so much, this example only shows how to calculate this odds.
For example: the “odds 120 means” that you need to wager 120 dollars to get a net gain of $100.
The American positive odds: All the same, but here the odds shows how much net gain you will receive with a wager of $ 100.
For example: +111 odds means that if you bet $ 100 you will receive $ 111 net winnings.
The American even odds (Odds 100): This odds shows that you will receive 1 to 1 profit from a bet amount (that is, if for example, you bet $100 on such a odds, then you will get 100 dollars of net profit). In general, the EVEN odds appears a decimal odds 2.0. It can only be positive.
To find out how much exactly you can win by betting on American Odds, you can convert it to a decimal (the bookie can round it down). This is done according to the following formula:
– The positive Odds (Odds + 100) / 100 = decimal odds
– The negative odds (odds + 100) / odds = decimal odds
– The even odds= Decimal odds 2.0
The British odds (Fractional odds): Widely used in the UK and in other countries that support fractional odds bookmakers system.
In fact, such a odds is a common mathematical fraction showing the ratio of net gain to the bet amount. Usually, if the odds is “low”, the first digit will be greater than the second. To make it clearer, Let’s turn to examples:
Match between Newcastle and Liverpool. Newcastle is given a 3/1 odds; this means that wagering one unit gives you 3. Giving Liverpool the odds5/6 mean wagering on 6 units will get you 5 units of net profit.
Calculating the net profit for the British odds is very simple, all you need is the result of dividing the odds fractions multiplied by the bet amount. For example, for a bet of $ 2 on a odds2/1, you will get 4 dollars of net profit (2 divided by 1 and multiply by 2).
In order to transfer the British odds to European, you need to add one to the resultant fraction. For example, the British odds2/1 is equal to the European (decimal) 3.0; (2 divided by 1 plus 1).
The Hong Kong odds: This form of Odds is fully consistent with the British Odds. But displayed as a decimal fraction for a better understanding.
Knowing the net gain on Hong Kong’s odds is very easy; you just need to multiply the bet amount by the odds.
Transferring the Hong Kong odds to the European as well is very simple; you just need to add one to it. For example, the Hong Kong odds0.8 is same as the European odds 1.8 (0.8 + 1).
Malaysian odds. A form of odds used in bookmaking shops in Malaysia. It is, in fact, a repetition of the American factor except for a few differences:
– Malaysian factor is always less than a unit, and only the even odds equals a unit.
Malaysia, as well as the American factor can be positive or negative, but is construed opposite:
– Positive: the net gain is less than the amount of the bet.
– Negative net gain is greater than the sum of the bets.
Net gain on the Malaysian factor is calculated by multiplying the bet amount by the odds.
Indonesian odds. This particular decimal odds appears to be just a modification of the American and Malaysian Odds created to facilitate understanding of its values:
– In order to transfer the Indonesian odds to the American odds; you simply need to multiply the Indonesian odds by 100 (or vice versa – to know the Indonesian; American odds needs to be divided by 100).
– In contrast to the Malaysian, Indonesian odds is always greater than or equal to (in the case of even odds) a unit.
In all other respects, it is the same as in the Malaysian Odds.