What are the odds in betting? It is a numerical form of displaying the probability of an event, taking into account the subjective opinion of the bookmaker. Different countries use different forms of displaying odds, and it does not hurt to know about it for everyone who wants to be "in the know". What types of odds exist, what they mean and how to calculate the odds yourself? We tell you.
As we know, the ancestors of modern bookmakers' offices were operating successfully practically in every continent for many centuries, that is why there are a great number of methods of odds presentation. Nevertheless, only the three most popular types of odds are in use today: English, European and American. The article is devoted to their differences and similarities, advantages and disadvantages.
It is believed that the birthplace of bookmakers as independent companies specializing in betting in the "industrial volume" is England. It makes sense that this country gave the betting world its own kind of odds as well. English odds are extremely popular nowadays, which is largely due to the British gambling establishments, faithful to the traditions of their ancestors.
Almost all modern British bookmakers offer English odds in their line by default. English odds have a fractional writing format, such as 20/4. This quotation shows the ratio of the number of net winnings to the size of the bet. That is, with a £4 bet, your net winnings (minus the bet amount) will be £20.
How do I calculate these odds? English quotation 20/4 is similar to our usual odds of 6.0. To translate the English odds in the traditional for us decimal form, the figure in the numerator of the fraction divided by the figure in the denominator, and then add one to the resulting number.
Example: 20/4 = 20 : 4 + 1 = 6.
European odds came into being when the betting business started to migrate gradually from Great Britain to neighboring France from where it then spread all over Western Europe at a breakneck pace. At first, only British bookmakers operated in Western European countries. As time passed the British began to have worthy competitors in the face of French and German gambling establishments.
Most of the new offices considered the calculation with the English odds too complicated. Since the light came to our familiar European or, as they call it, decimal odds. Currently, the European odds are mandatorily (though not always by default) presented in all betting shops around the world without exception, and in many of them, he is the only one. European odds are written in decimal form - it is traditional for us values 2.0, 4.3, etc.
European odds are used by all online bookmakers in Russia. How to calculate the odds? If you multiply the stake (in rubles) by the odds, you'll get the sum the bookmaker will have to pay in case you win the bet.
The rarest and difficult to perceive are the American bookmaker odds, which were born in the USA a few years after the country's independence.
American odds quickly enough caught on in local gambling establishments. The main distinctive feature of the American odds is the presence of a "+" or "-" sign before the numerical figure. This sign allows you to determine which team is the favorite. A sign of the status of the favorite is the "-" sign.
Let's try to understand the American odds and calculate the odds using an example. Let's take the odds at -105. This quote shows that you have to bet $105 to get a net win of $100. The analog of these odds in the European system is 1.95.
Now let's look at an example of positive odds. Suppose we want to bet at odds +110, meaning we need to bet $100 to make a net profit of $110. That's how it is, the American system - senseless and ruthless. Luckily, nowadays only a few bookmakers resort to such odds, and they always offer English and European odds as an alternative