By Claire Edicson
Many bettors who are just starting in betting often feel overwhelmed in understanding betting odds because bookies present their odds in different formats. With that, newbies typically get confused and end up placing bets without understanding sports odds and making bad decisions — they either end up betting too big amounts or underestimate the risk of each bet. But you don’t have to suffer from that because the best sports betting Singapore platform makes it easy for you to understand these important details in sports betting.
What Are The Betting Odds In Sports Betting?
Sports odds in online sports betting represent two important things – the probability that an event will happen and your potential payout if your bet wins. The oddmakers are the one responsible on determining and setting these odds based on their statistical analysis, team form, and market trends. And you have done your research and interpret odds correctly, you will know your potential risks and rewards of placing bets.
Type of Sports Betting Odds
There are three main formats that sportsbooks are using around the world, but in Singapore, the bookies are primarily using decimal odds.
Decimal Odds
- Also called European odds or continental odds
- Commonly used in Singapore, Asia, Europe, New Zealand, Canada, and Australia
- Easy for spotting who is the underdog and favored team in the game
- Payout calculations: Stake amount x Odds = Payout
Example: $20 x 1.25 = $25 potential ROI
Fractional Odds
- A.k.a “UK Odds” and is commonly used on UK sports betting sites where as the upper number (numerator) shows your potential profit based on the lower number (denominator – stake)
- Total payout calculation: (Amount of bet (Numerator/Denominator) + Amount of bet.
Example: When you will be betting in an EPL match at Red18 Sports Betting Singapore at odds of 11/5, you will receive $11 for every $5 you bet.
American Odds
- Also called “Moneyline Odds” or “US Odds”
- Uses +/- signs to indicate the odds for the strong (favorites) and weak (underdogs) teams.
How To Convert Betting Odds To Implied Probability?
Implied probability is the estimated value of a result based on the odds provided by a sports betting Singapore site. Bookmakers adjust these probabilities to include their own profit margins instead of presenting authentic event chances.
How To Calculate The Implied Probability?
In this sample, the inferred likelihood in a 2.50 sports betting odds can be computed as (1/2.50) x 100 = 40%; and this suggest that the bookie considers that there is a forty percent chance that it’ll happen. Therefore, these decimal odds tell you the total payout (profit + original stake), whereas the higher odd means the lower implied probability.
Why Learning How The Odds Works Matters In Sports Betting Singapore?
As a punter, it will help you identify value bets by comparing the odds offered by different bookmakers. Added to that, it’ll help you manage the risk by knowing the implied probability first.
Wrap Up
You shouldn’t let your confusion hold you back from making profitable bets in sports betting. By knowing the basics and understanding how the odds work, you’ll be able to spot value and avoid overlooking bookmaker margins. Ready to bet and explore your options at the most trusted Singapore sports betting site today? Register now at Red18 and claim your sports welcome bonus offer.
FAQs:
Which Odds Format Best Fits For Newbies?
All of the odds are easy to understand, but the decimal odds stand as the simplest to comprehend among the other forms because of their easy payout calculation.
Can The Odds Change After I Place A Bet At Singapore Sports Betting?
Yes, there is a big possibility that the odds may change as the game is happening or while its happening. This happens because of different factors like injuries, betting trends, weather change, and other factors.
Why Sports Betting Singapore Platform Offer Different Odds?
Well, the betting odds in the same match may vary depending on both how bookmakers evaluate the upcoming match and their desired profit margin.
About the Author: Claire is a technology journalist with extensive experience covering emerging tech trends, AI developments, and the evolving digital landscape. Her experience helps readers understand complex technological advancements, and how they can be implemented in their everyday lives.
