Football Betting Odds – The Fundamental Concept of Sports Wagering

What Are Betting Odds in Football?

The simplest representation of what betting odds mean is the potential winnings for a given outcome. This is their truest meaning. Whenever you see a regular 1X2 bet, your inner Archimedes can quickly work out how much quid you'd take home for a win just by looking at the numbers.

Some other concepts are also implied by betting odds but don't necessarily represent them. Probability, for example, is so closely intertwined with odds that they are commonly mistaken for each other and used interchangeably.

Moreover, there are different formats for presenting lines which represent specific nuances. While it is not necessary to know the details of how fractional, decimal, and moneyline odds are converted, it is vital to understand how to use them. There is no better way to start the learning process than to discover how betting odds are set.

How Betting Odds Are Determined and What It Means for Punters

For football matches, betting odds are prepared by the bookmakers, of course. Usually, they hire odds traders, who are specialists with experience in setting 'the line' or 'the price', which are just different ways of referring to the odds. However, not all sportsbooks rely on a designated odds trader for some (or all) markets. Instead, they outsource their lines from other bookies or betting platforms like SBTech.

The best football bookmakers work with fixed-odds betting and have several objectives to satisfy when they prepare a line:

How Do Betting Odds Work?

There are three types of betting prices: fractional, decimal, and moneyline. If you are wondering which betting odds are the best, keep in mind that each type serves a slightly different purpose. They all represent the same lines, but it is a matter of preference which one you use. Thus, if you are wondering how betting odds pay out, the next few paragraphs are for you.

American Odds Are All about the Benjamins

We don't always use American prices, but when we do, it's in a public setting, and we fake a Yankee accent as well. Because sometimes all it takes is to be a bit outlandish.

These lines are also known as 'moneyline', and they come in two types: positive and negative. The first is the life of the party, while the second quietly broods in the corner. Here is how positive and negative moneyline betting odds look like:

• Positive American moneyline - These lines represent how much a punter will win by betting £100. Positive lines also represent the underdog of the game
• Negative American moneyline - This is reserved for the favourite in the game. It represents how much a bettor should stake to win £100.

How to Convert Odds from One Format to Another

Now that we know how odds are prepared and what each type represents, true power feels ever closer than before. By learning to convert betting odds from one kind to another, you can master the arcane art of gambling.

Converting fractional odds to decimals is so easy that even some large apes can do it. However, if you have no access to the endangered species or the Internet, you might as well learn to do it yourself. To convert fractional lines to decimals, divide the numerator by the denominator and add one. Here is how it looks: 4/5 + 1 = 0.8 + 1 = 1.8.

There are two ways to convert American moneyline odds to decimals:

• Positive American moneyline to decimals. To get the European number, divide the odds by 100, and then add one. Here is how it looks for + 450: 450/100 + 1 = 4.5 + 1 = 5.5.
• Negative American moneyline to decimals. To convert negative American odds, imagine a bright light emanating out of your psychic core, and – actually, just forget about the negative sign, then divide 100 by the moneyline and add 1 to the result. Here is how it looks for - 450: 100/450 + 1 = 0.22 + 1 =1.22

How to Calculate the Actual Probability and the Bookmaker's Commission

This is a bonus skill, but many punters highly value it. It is always good to know whether the bookie is charging a fair commission or is stealing alms from orphans. Besides, once you know how much the commission is, the probability in betting will also be clearer. This is an important part of how betting odds work.

Defy and Play the Odds to Rise above Them

How do odds work in betting? You should have a very clear idea about this by now. You should be able to easily find the best betting odds to win the Premier League, and from there, the sky is your limit. Or at least the max betting limit of the bookmaker.

Frequently Asked Questions