Understanding betting odds and bet types is fundamental to successful sports betting. Odds represent the probability of an outcome and determine your potential payout. This guide will explain different odds formats, how to read them, calculate payouts, and understand all major bet types available at sportsbooks.
1 Understanding Odds Formats
Sportsbooks display odds in different formats depending on your location and preference. The three main formats are decimal, fractional, and American (moneyline). All formats represent the same probability, just displayed differently.
Decimal Odds
Most common in Europe, Australia, and Canada. Shows total payout including stake.
Bet €100 = €250 total return (€150 profit)
Fractional Odds
Traditional format in UK and Ireland. Shows profit relative to stake.
Bet €100 = €150 profit + €100 stake = €250 total
American (Moneyline)
Used in USA. Positive shows profit on €100, negative shows stake needed for €100 profit.
+150: Bet €100 = €150 profit. -200: Bet €200 = €100 profit
| Decimal | Fractional | American | Implied Probability | €100 Bet Returns |
|---|---|---|---|---|
| 1.50 | 1/2 | -200 | 66.67% | €150 |
| 2.00 | 1/1 (Evens) | +100 | 50.00% | €200 |
| 2.50 | 3/2 | +150 | 40.00% | €250 |
| 3.00 | 2/1 | +200 | 33.33% | €300 |
| 5.00 | 4/1 | +400 | 20.00% | €500 |
2 Basic Bet Types
Understanding different bet types is essential for building a successful betting strategy. Each bet type offers different risk-reward profiles and suits different betting styles.
Moneyline
Pick the winner of the match
Point Spread
Bet on margin of victory
Over/Under
Bet on total points scored
Parlay
Combine multiple bets
Futures
Long-term outcome bets
| Bet Type | Description | Difficulty | Best For |
|---|---|---|---|
| Moneyline | Simply pick the winner | Easy | Beginners |
| Point Spread | Bet on margin of victory with handicap | Moderate | Experienced bettors |
| Over/Under (Totals) | Bet on total points/goals scored | Moderate | All skill levels |
| Parlay | Combine 2+ bets for higher payout | Hard | Advanced bettors |
| Futures | Bet on season/championship outcomes | Very Hard | Long-term players |
3 Advanced Bet Types
Advanced bet types offer more specific betting opportunities and can provide better value if you understand the sport and markets well.
Props (Proposition Bets)
Bets on specific events within a game (e.g., player stats, first goal scorer, etc.)
Example: Player X to score 2+ goals, Team Y to score first
Live Betting (In-Play)
Place bets while the game is in progress with odds that change in real-time
Example: Bet on next goal, next point, momentum shifts
Teasers
Similar to parlays but with adjusted point spreads in your favor (lower payout)
Example: Move spread by 6 points, combine 2-6 teams
Round Robins
Automatically create multiple parlays from a group of bets
Example: 3 bets = 3 two-team parlays automatically
4 Calculating Payouts
Knowing how to calculate potential payouts helps you make informed betting decisions and compare value across different sportsbooks.
Decimal Odds
Odds: 2.50
Stake: €100
Total Return: €250
Profit: €150
Formula: Stake × Odds = Total Return
Fractional Odds
Odds: 3/2
Stake: €100
Profit: €150
Total: €250
Formula: (Stake × Numerator) ÷ Denominator = Profit
American Odds
Odds: +150
Stake: €100
Profit: €150
Total: €250
Formula: (Stake × Odds) ÷ 100 = Profit
| Stake | Decimal 2.00 | Decimal 3.00 | Decimal 5.00 | Total Return |
|---|---|---|---|---|
| €10 | €20 | €30 | €50 | Includes stake |
| €50 | €100 | €150 | €250 | Includes stake |
| €100 | €200 | €300 | €500 | Includes stake |
5 Understanding Implied Probability
Implied probability is the percentage chance of an outcome as suggested by the odds. Understanding this helps you identify value bets and make smarter decisions.
Decimal: 1.25
Very likely
Decimal: 2.00
Even chance
Decimal: 3.00
Moderate
Decimal: 5.00
Unlikely
Decimal: 10.00
Long shot
Formula: Implied Probability = (1 ÷ Decimal Odds) × 100. For example, odds of 2.50 = (1 ÷ 2.50) × 100 = 40% implied probability.
6 Betting Strategy Tips
Successful betting requires more than just understanding odds. These strategies can help you make better decisions and improve your long-term results.
Shop for Odds
Compare odds across multiple sportsbooks to find the best value
Find Value
Bet when your probability estimate exceeds implied probability
Manage Bankroll
Never bet more than 1-5% of bankroll per bet
Keep Records
Track all bets to analyze performance and improve
Avoid Parlays
Parlays have high house edge - use sparingly
Self-Check Test
You scored out of answered questions ( question not answered)
Your answer: (Incorrect) (Correct)
Not answered
Correct answer:
Conclusion
Understanding odds and bet types is fundamental to successful sports betting. Whether you prefer simple moneyline bets or complex parlays, knowing how odds work and what each bet type offers helps you make informed decisions.
Key Takeaway: Start with simple bet types like moneylines and totals. Learn to calculate payouts and understand implied probability. As you gain experience, you can explore more advanced bet types. Always shop for the best odds and never bet more than you can afford to lose.
Remember that sportsbooks build in a margin (vigorish), so long-term profitability requires finding value bets where your assessment of probability exceeds the implied probability from the odds. Practice responsible betting and enjoy the process of learning.