Do You Know How Sports Betting Math Actually Works?
3 minutes
Last Updated: August 10, 2024
Sports betting is more than just a game of chance. It involves mathematical principles seasoned bettors use to increase their chances of winning.
Seasoned sports bettors apply careful bankroll management, use betting systems, and track their bets with helpful tools like the William Hill bet tracker. But, these all rely on a fundamental understanding of sports betting math.
If you’re a beginner and have always wondered how the odds are calculated or how professional bettors make their decisions, this article is for you.
How Does Sports Betting Work?
Ever thought you could predict the outcome of a football match or a basketball game? That is what sports betting is all about.
Like betting on the stock market, sports betting is like planting a seed and watching it grow if you are right.
But here is the kicker, it is not just about guessing. Successful bettors know the game, study the players, understand the odds, and even analyze weather conditions.
It is a blend of intuition, information, and strategy.
What Are Odds in Sports Betting?
In sports betting, the odds reflect the probabilities in a game. They tell you the likelihood of an event, like the chance of rain on a cloudy day.
The event is more likely to happen if the odds are low, just like dark clouds often mean rain. On the other hand, high odds suggest an unlikely event – it is like betting on the rain on a sunny day.
Understanding odds is about playing with these chances, balancing risk and reward.
Types of Odds
Bookmakers use three different betting odds depending on the operator and the region:
- Decimal odds: Ever seen a number like 2.25? That is a decimal odd. If you bet $100 on these odds, you will win $225 (including your stake). When using decimal odds, you only need to multiply your stake by the odds to calculate your possible winnings.
- American odds: Positive numbers show how much you win on a $100 bet, and negative numbers show how much you must bet to win $100. -135 odds means that you must bet $135 to win $100, and +135 odds imply that on a $100 bet, you can win $135 or ($235 in total)
- Fractional odds: 5/1, 3/2 – with these odds, you will feel like you are doing math homework. A 5/1 bet means that for $1, you risk, you can win $5, and 3/2 means that for every $3 your risk, you win $2.
How To Convert Odds
Here is a quick guide on how you can convert different types of betting odds.
Decimal to American odds:
- If the decimal odds are equal to or greater than 2.00, deduct 1 from the decimal odds and then multiply the result by 100
- If the decimal odds are less than 2.00, subtract 1 from the decimal odds and then divide -100 with the result
Converting 2.50 into American odds = (2.50 -1) x 100 = 1.50 x 100 = +150
Converting 1.85 into American odds = -100 / (1.50 -1) = -100 / 0.50 = -200
American to Decimal odds:
- If the American odds are positive, divide American odds by 100 and then add 1
- If the American odds are negative, divide 100 by American odds and then subtract 1
Converting +250 into decimal odds = (250/100) + 1 = 2.5 + 1 = 3.50
Converting -350 into decimal odds = (100 / 350) – 1 = – 0.28 – 1 = 1.28
Decimal to fractional odds:
To convert decimal to fractional odds, subtract 1 from the decimal odds and then convert the result into a fraction.
Converting 5.00 odds = 5 -1 = 4 = 4/1
Fractional to decimal odds:
To convert fractional to decimal odds, divide the numerator by the denominator and then add 1 to the result.
Converting 7/2 odds = (7 / 2) + 1 = 3.5 + 1 = 4.5
American to fractional odds:
- If the American odds are positive, divide the American odds by 100, then turn decimal into a fraction and find the simplest form of the fraction
- If the American odds are negative, divide -100 by the American odds
Converting +250 into fractional odds = +250 / 100 = 2.5 = 2/5
Converting -350 into fractional odds = -100 / -350 = 2/7
Fractional to American odds:
- If the fractional odds are over 1/1, divide the numerator by the denominator and multiply the result by 100
- If the fractional odds are under 1/1, divide the numerator by the denominator and then divide 100 by the result
Converting 5/2 odds = (5/2) x 100 = 2.50 x 100 = +250
Converting 2/5 odds = -100 / (2/5) = -100 / 0.4 = 250
Conclusion
Understanding sports betting math is like unlocking a treasure chest of possibilities. Whether it is the simplicity of decimal odds or the complexity of converging American to fractional odds, you now have the keys in your hands.
With this knowledge, some wisdom, and a correct approach, you will have easier time converting numbers into winnings.
