Sports Betting 101: How Bitcoin Betting Odds Work
November 2, 2017
The major obstacles that many potential bettors face are the odds presented on a Bitcoin sports betting site. Learning how to read sportsbook odds is the best way to overcome this obstacle.
Bettors can understand the science of the odds by knowing the principle behind these odds. It also pays to know the different odds formats found in online sportsbooks.
Principles of sports betting odds
Bitcoin sportsbook odds allow bookmakers to set the winning percentage for a team to win or for an event to happen. The percentage terms of the odds often come off as unnatural to some casino players. This is due to the fixed odds that every casino games present.
Games such as roulette have bets that offer a fixed chance of winning. There is nearly a 50/50 or about 47.37-percent chance that the ball will pick a red or black color.
In a sports match, there is no fixed percentage or odds. Team or players have unique strengths, attributes, and weaknesses. Because of this, it is not fair to give two teams 50/50 odds to win the game.
Sportsbook odds are set to give a realistic chance for a wager to win. Odds also allow bookmakers to set a fair price and payout rate for each bet.
3 Popular types of sports betting odds
The most common type of odds a player will find in Bitcoin sportsbooks like Anonymous Casino is decimal odds. These are usually easy to read and are used by most European, Australian, and Canadian bettors.
Decimals essentially show players the payout for the wager. Using the odds of 2.20 and $20 bet as an example, the payout for the wager is $44. Bettors gain $24 if they win this bet.
Wagers that have the lowest decimal odds indicate that these are very likely to happen or these are the favored team/player of the match. A bet with odds of 1.50 has a low payout rate where a bettor only gains $10 from a $20 wager.
US or American odds are centered around a $100 bet. These odds show how much a bettor needs to bet to win $100 or how much a bettor will win if he bet $100. Bitcoin sportsbooks like Bovada makes use of these odds.
In American odds, there are negative and positive numbers. Negative odds indicate that the wager is a favored team/player or there is a likely chance for the bet to win. Positive odds are for underdogs or bets with a low chance of winning.
If a bettor wants to bet on a wager that has negative odds such as -140, he needs to bet $140 in order to win $100. For positive odds like +130, bettors wager $100 to win $130.
Fraction bets are a staple on the UK market. These are closely related to American odds than decimal ones. Most sportsbooks such as William Hill offers these types of odds.
The top number of the odds is the payout rate while the bottom is how much a bettor needs to bet to win the payout. For odds of 7/3, for example, bettors wager $3 to receive $7. For odds of 1/8, bettors need to wager $8 to win $1.