As known from:
Sky SportGoalTransfermarkt
VA
  • About us
  • The Wetten.com US Team
  • How We Rate at Wetten.com US
  • Responsible Gambling
  • Contact us
  • Writers wanted
  • Content Disclaimer
  • Affiliate Disclosure
US Online Gambling Sites » Betting Guide » Gambling Odds Explained – How Do Betting Odds Work

Gambling Odds Explained – How Do Betting Odds Work

Publish Date: 04/12/2022
Fact checked by: Josh Schwartz

A Brief Guide to Betting Odds

If you’re planning to join a bookmaker in the USA and start wagering your money on games, you’ll first need to understand odds properly.

Odds are an integral part of any wager, and they’ll tell you whether you’re dealing with a bet worth your money. That’s the only way to take advantage of betting odds comparisons and play to win.

With this guide, you’ll get gambling odds explained to you. Learning about odds is one of the main parts of gambling for beginners, so be sure not to miss out on it.

Key Takeaways

  • Betting odds show you how likely any one outcome is.
  • With betting odds explained, you learn how much money you can win on a wager.
  • All the best online gambling games come with odds.
  • This concept can be confusing for beginners.
  • You’ll have the foundations covered with our comprehensive ‘gambling odds explained’ guide.

Sports Betting Odds Explained

If you’re new to betting, the best thing to do is start by having gambling odds explained to you. You must understand sportsbook rules if you want to engage with one.

Odds are a massive part of that knowledge, and you must have the betting odds explained in detail. They show you how likely an event is, your potential winnings, as well as allow you to gauge how good a US sportsbook bonus from a No.1 bookie is.

To figure it out, though, you will first need to understand the types of odds, their representation, and how they relate to probability. Let’s take a look.

Gambling Odds Explained in a Nutshell

Any US online casino guide, or any other guide for that matter, will mention specific numbers to tell you how quality odds a bookmaker sets.

The higher the numbers are, the more you can win relative to what you stake. The odds will also be lower if an outcome is more likely – you can earn much more if you bet on the side that is expected to lose. There’s a fine line between risk and profit, and bettors walk it all of the time.

Odds are often referred to as the value of a wager – the price can be ‘on’ or ‘against.’ With odds ‘on,’ you can win less than the amount you stake (plus, of course, the amount you wagered), and vice versa for odds ‘against.’

Alternatively, odds can be ‘even money,’ where a victory returns exactly the original stake, plus the amount in profit. See, having betting odds explained to you is not so bad afterall.

Different Odds Formats

As you can see, having the basics of betting odds explained is quite straightforward. It becomes slightly more complicated, though, when we take different formats of odds into account.

For example, some US gambling online sites may choose to show their odds in one way, while the No.1 bookies for horse betting in the US may use another method.

Whenever you join a gambling app with real money involved, you must understand how they show you the odds. All new betting sites in the USA have three possibilities when it comes to odds formats.

Moneyline/American Odds

This type is the most common in the US. Understanding it is a bit tricky because it comes in two forms – you’ll find it as either a positive or a negative number.

A sports betting moneyline, if positive, shows you how much you’d win if you wager $100. If there’s a minus before the number, it tells you how much you’d have to stake to win $100.

For example, a daily fantasy sports site can place odds of +150 on a game. In that case, if you wagered $100, you’d win $150 plus the $100 staked initially.

Alternatively, if a website states that the odds are -150, you’d need to stake $150 to win $250 in total. An even-money wager is expressed as +100.

Decimal Odds

These are the most prevalent in Europe, Canada, and Australia. Decimal odds are also the most straightforward of formats, expressed as a single positive number with up to two decimal places. A decimal odd shows you how much your total payout will be, including the original stake.

For example, if the odds are 2.25, and you wagered $100, you’d win $125 and receive a return of $225. In case of even-money bets, you’ll see betting odds of 2.00.

Fractional Odds

Fractions are the traditional UK format, and it can be a bit tricky. You’ll find them, for instance, in a ‘the best betting strategy for the UK’ article guide.

They also show you the potential profit, and you calculate it by adding your original stake. For example, if you had odds of 3/1, you’d win three times what you staked, plus your stake back. In the same way, 1/1 is even money.

It gets more complicated when you have another number involved. For example, if you see 6/4, you have to bet $4 to win $6 plus your stake ($10 total return), which is 1.50 in decimal odds.

As a rule of thumb, whenever the first digit is higher than the second, that’s an ‘odd against.’

Great betting bonuses

Bet365
1.
4.6/5
Get $150 in Bonus Bets Win or Lose when you bet $5!
Virginia
Players from Virginia accepted
Requirements (WR): 1x Bonus, Min. Deposit: $10
Go to Bet365
Get bonus now
Subject to meeting qualifying criteria. Minimum wager $5. Minimum odds -500 or greater. $10 minimum deposit. Paid in Bonus Bets. Bonus Bets wager excluded from returns. New customers only. Available in app only. Max. prize, game restrictions, time limits and T&Cs apply. Deposit required. Bonus Bets wager excluded from returns. T&Cs, time limits and exclusions apply.Gambling Problem? Call 1-800-Gambler 21+
BetMGM
2.
4.6/5
Up To $1500 in Bonus Bets Paid Back if your First Bet Does Not Win
Virginia
Players from Virginia accepted
Min. Deposit: $10
Copy
Get bonus now
T&Cs apply, 21+
FanDuel
3.
4.5/5
Bet $5 Get $200 in Bonus Bets If Your Bet Wins!
Virginia
Players from Virginia accepted
Requirements (WR): 1x Deposit, Min. Deposit: $10
Go to FanDuel
Get bonus now
T&Cs apply, 21+
Caesars
4.
4.5/5
First bet back as a bonus bet up to $1000
Virginia
Players from Virginia accepted
Requirements (WR): 1x Deposit
Copy
Get bonus now
T&Cs apply, 21+
DraftKings
5.
4.5/5
Bet $5, Get $200 in Bonus Bets Instantly!
Virginia
Players from Virginia accepted
Requirements (WR): 1x Bonus, Min. Deposit: 5
Go to DraftKings
Get bonus now
T&Cs apply, 21+

What is Probability?

In the simplest terms, betting has you predicting an outcome of an event and rewards you with money if you guess correctly. There are several possible outcomes for each event. Here, you’ll have betting odds explained to you in detail. Betting odds and gambling odds are explained in the same way.

So, at the beginning of this ‘gambling odds explained’ guide, let’s start with this – odds present the likelihoods of each of these outcomes.

How do you calculate probability using betting odds, though? In the case of fractional odds, math is quite simple. Let’s take a look at an example.

For odds of 9/1, you calculate the possibility in the following way: 1/(9+1) = 0.10.

So, there are 10% chances that the event will happen. For other representations, you can use an online tool to convert odds into fractions.

Varying Odds for the Same Outcome

In many cases, you’ll find that different bookmakers set different odds for the same event. The most prominent reason for that is the difference between betting markets. Needless to say, these are many in the age of the internet.

Depending on the market, bookies will be willing to offer more or less for the same event. Let’s go through the most popular ones to have betting odds explained well.

  • Straight bet – a single wager on an outcome, determined by moneylines or point spreads (make sure to read a sports betting point spreads explained guide).
  • Futures – as the name suggests, you can place a bet on a future event that hasn’t even started yet. Not the best for your sports betting bankroll management, though.
  • Parlay – this wager links two or more bets; you must guess every result you wager on to win a parlay. The odds tend to be quite high, though.
  • Round robin – a series of parlay bets – super risky, super rewarding.
  • Teaser – you can combine bets on two games and adjust the point spreads; the returns aren’t super-high, though.
  • Over/under – if a game seems to be promising an extraordinarily high or low score, but you’re unsure of the exact numbers, gambling over/under allows you to make a guess and bet on it.
  • Props – props have a lot to offer if you want to focus more on a particular event than on the entire game.

Pro tip: If you’re tempted to try out all of these, but aren’t ready to invest, you may take advantage of another method. Many No.1 casino promo codes give you free bets – you can win, but you can’t lose.

Alternatively, if you’re big on casinos, you could play US online slots with real money and invest your winnings in the bet. Be sure that you check the online gambling withdrawal options and the ways you can use the money, though!

Either way, stick to safer bets if you’re a newbie, at least until you develop a reliable betting strategy to ensure profits.

Implied Probability

Finally, we have to mention that not everything is down to understanding the numbers and simply putting them together. No gambling odds explained guide would be complete without discussing implied probability.

Implied probability suggests the chances of an outcome, and they’re linked to gauging whether a bet has any value. When having betting odds explained to you, this point is crucial.

Why does this matter? It doesn’t if you’re a recreational bettor only there for the thrill and have money to lose. However, anyone looking for consistent profit should only place wagers when there’s value involved.

Value exists in the cases when the odds are higher than you think they should be, and implied probability helps you to decide whether it’s the case.

Let’s take a look at an example. Imagine a match between two teams of identical standards, and the bookmaker gives them the same chances of winning, placing the odds at 2.00. (Of course, in practice, they’d never do that, but that relates to another topic).

These odds tell you that 50% is the implied probability. There would be no point in placing your money on either team in this case. However, if you’ve been following the teams closely and you’re aware that one is more likely to win, value exists.

This explanation is super-simplified, but for the sake of this betting odds explained guide, try to remember it. Don’t place wagers if your chances of winning are at, or less than, 50%!

What Other Betting/Casino Guides & Strategies Are Available?

Remember, the quality of the odds will depend on the bookmaker you choose. Check out our online casino ratings for an objective and transparent comparison.

We take an in-depth look at USA online casinos, from the best NJ gambling sites to Pennsylvania online gambling establishments.

After all, any punter worth their money will tell you – sportsbook register half the battle is won with a high-quality bookie.

Conclusion

As you can see, having gambling odds explained to you is a crucial part of a sports betting how to. Understanding these nifty numbers is vital for becoming a successful bettor.

The guides help you to find the best websites for gambling on sports and put your money to good use. Moreover, they help you understand how sportsbooks make money – critical if you want to be in with a chance!

We hope that this review has given the foundations of betting odds, explained simply to you. Use it as a starting point for your journey towards sports betting explained. Now, as long as you’re gambling at legal age, go and make the most of your wagers.

Enjoy sports betting with these top providers

Bet365
1.
4.6/5
Get $150 in Bonus Bets Win or Lose when you bet $5!
Virginia
Players from Virginia accepted
Virginia (US) Lottery Board
Bet now
Subject to meeting qualifying criteria. Minimum wager $5. Minimum odds -500 or greater. $10 minimum deposit. Paid in Bonus Bets. Bonus Bets wager excluded from returns. New customers only. Available in app only. Max. prize, game restrictions, time limits and T&Cs apply. Deposit required. Bonus Bets wager excluded from returns. T&Cs, time limits and exclusions apply.Gambling Problem? Call 1-800-Gambler 21+
BetMGM
2.
4.6/5
Up To $1500 in Bonus Bets Paid Back if your First Bet Does Not Win
Virginia
Players from Virginia accepted
PayNearMe
Skrill
PayPal
Virginia (US) Lottery Board
Bet now
T&Cs apply, 21+
FanDuel
3.
4.5/5
Bet $5 Get $200 in Bonus Bets If Your Bet Wins!
Virginia
Players from Virginia accepted
Prepaid Card
PayNearMe
PayPal
Virginia (US) Lottery Board
Bet now
T&Cs apply, 21+
Caesars
4.
4.5/5
First bet back as a bonus bet up to $1000
Virginia
Players from Virginia accepted
E-Check
PayNearMe
PayPal
Virginia (US) Lottery Board
Bet now
T&Cs apply, 21+
DraftKings
5.
4.5/5
Bet $5, Get $200 in Bonus Bets Instantly!
Virginia
Players from Virginia accepted
PayPal
VIP Preferred
Play+
Virginia (US) Lottery Board
Bet now
T&Cs apply, 21+
Read Also
Spread Betting Explained: What Is A Spread Betting Bet?
Spread betting in sports is one of the most popular forms of ...
Sports Betting Point Spreads Explained
Making money with sports bets is far from easy. It takes an ...
Bet365 Promo
Sports Betting Explained – What is Sports Betting?
This article will demystify sports betting, and give you the information you ...
Sports Betting Bankroll Management Explained
“Don’t bet what you can’t afford to lose” is an adage that ...
Gambling Over/Under – What is Over/Under in Betting?
Sports betting is a fun, adrenaline-filled avenue of gambling. It's also one ...
Get the best deals per mail and grab our amazing and free ebook
teaser-ebook-white-paper-us
Winning Bettors aren’t born, they’re trained. Sign up now for our free eBook and Newsletter with the best deals on the web. Submit your email to receive our wetten.com US eBook and regular newsletters with exclusive bonus offers via email. Unsubscribe at any time.
Top Betting Sites
Top Betting Bonuses
Bet365
4.6/5
BetMGM
4.6/5
FanDuel
4.5/5
Caesars
4.5/5
DraftKings
DraftKings
DraftKings Review
4.5/5
Bet365
Bet365 Bonus
Get $150 in Bonus Bets Win or Lose when you bet $5!
T&Cs apply
4.6/5
Subject to meeting qualifying criteria. Minimum wager $5. Minimum odds -500 or greater. $10 minimum deposit. Paid in Bonus Bets. Bonus Bets wager excluded from returns. New customers only. Available in app only. Max. prize, game restrictions, time limits and T&Cs apply. Deposit required. Bonus Bets wager excluded from returns. T&Cs, time limits and exclusions apply.Gambling Problem? Call 1-800-Gambler 21+
BetMGM
BetMGM Bonus
Up To $1500 in Bonus Bets Paid Back if your First Bet Does Not Win
T&Cs apply
4.6/5
FanDuel
FanDuel Bonus
Bet $5 Get $200 in Bonus Bets If Your Bet Wins!
T&Cs apply
4.5/5
Caesars
Caesars Bonus
First bet back as a bonus bet up to $1000
T&Cs apply
4.5/5
DraftKings
DraftKings Bonus
Bet $5, Get $200 in Bonus Bets Instantly!
T&Cs apply
4.5/5
Our Team
Josh SchwartzMark Lewis
Josh Schwartz
Josh Schwartz
Editor
Mark Lewis
Mark Lewis
Editor
Get the best deals per mail and grab our amazing and free ebook
Winning Bettors aren’t born, they’re trained. Sign up now for our free eBook and Newsletter with the best deals on the web. Submit your email to receive our wetten.com US eBook and regular newsletters with exclusive bonus offers via email. Unsubscribe at any time.

21+ and present in VA. Gambling Problem? Call 1-800-GAMBLER.

This site is using Cloudflare and adheres to the Google Safe Browsing Program. We adapted Google's Privacy Guidelines to keep your data safe at all times.
Virginia Town HallCloudflareSSLco² neutral
Close
Our Sports Pros recommend these awesome sports betting sites this week:
BetMGM
BetMGM Bonus
Up To $1500 in Bonus Bets Paid Back if your First Bet Does Not Win
T&Cs apply, 21+
Promo Code:
Go to BetMGM
Get Bonus
FanDuel
FanDuel Bonus
Bet $5 Get $200 in Bonus Bets If Your Bet Wins!
T&Cs apply, 21+
Promo Code:
Go to FanDuel
Get Bonus
Bet365
Bet365 Bonus
Get $150 in Bonus Bets Win or Lose when you bet $5!
T&Cs apply, 21+
Subject to meeting qualifying criteria. Minimum wager $5. Minimum odds -500 or greater. $10 minimum deposit. Paid in Bonus Bets. Bonus Bets wager excluded from returns. New customers only. Available in app only. Max. prize, game restrictions, time limits and T&Cs apply. Deposit required. Bonus Bets wager excluded from returns. T&Cs, time limits and exclusions apply.Gambling Problem? Call 1-800-Gambler 21+
Promo Code:
Go to Bet365
Go to Bet365
×
Your Promo Code:
The bonus offer of was already opened in an additional window. If not, you can open it also by clicking the following link:
Play now