Betting odds explained – Odds conversion
We are fully aware most people don’t understand odds or probability properly. We know our betting odds explained series is necessary for beginners. We hope you had a chance to read our other article on the betting odds explained subject. That article described the various ways odds are quoted worldwide. If you haven’t read it, we suggest you read that one before you continue with this article.
In the old days of sports betting one needed to be pretty good at math or fork out some dollars on a decent calculator. Today you can easily use an online betting calculator to switch back and forth between the various types of odds or simply switch between different ways of displaying odds at our online betting site of choice. As we have discussed before, sports betting odds vary with regard to location. There are US odds, fractional odds, Indo odds, decimal odds and Hong Kong odds and Malay odds. If you sign up with a huge online bookmaker operation chances are you easily can convert between the odds at their own site.
Betting odds explained – odds conversion – practical example
Now, when you are analyzing the available bet offers and studying up on a match you may come across strange looking lines that you don’t understand. For example: Let’s say in you have come across in-form Everton to be a rather large favorite in their match with a Blackburn side that wouldn’t even cut it in the Championship. You have found a gold mine of information and the data help you conclude that Everton is favored to win to the tune of 1.667 in odds. Unless you are well versed in the business this likely is confusing to you. Fortunately as mentioned there are a number of online sports betting calculators available.
Here is a simple breakdown of what a sports betting odds conversion would look like using the example above.
US version- Everton -150
Decimal Odds- Everton 1.667
Fractional Odds- Everton 2/3
Hong Kong Odds- Everton 0.667
Indo Odds – Everton 1.4993
Malay Odds Everton 0.667
Betting odds explained - Payout explanation
We continue with the example from above, and assume $150 is wagered. Looking at the US odds type; if you bet Everton to win and wager $150 you will win $250, which is your initial stake plus $100.
Looking at this from a decimal odds point of view you bet your stake times the line $150*1.667 = $250 in your pocket if Everton wins. Subtract the stake of $150 from this, and you are left with the net win that is $100.
Using the Hong Kong Odds shown as 0.667, multiply your wager $150*0.667= $100, this is the profit you will make wagering $150.
Malay odds work the same way as the Hong Kong odds in this example (you will know why if you have read our first article on betting odds explained.
For the Indo odds type simply move the decimal point over two spots and you are left looking at the same calculation as per the US odds style. It does really not have to be difficult.
Whatever method you choose to use, be sure that you are aware of what the line is and how much you want to win/bet. It is very easy to go wrong if you aren’t paying attention. Refer to our site when needed, our content is made for you.