All experienced sports gamblers know that to be successful you must have a good knowledge of not only what sport you’re gambling on (be it horse racing, football, tennis, basketball, or baseball) but also the type of odds that are being used.
Understanding the different odds systems and variances between pricing structures can be the difference between small and large wins. From traditional fractional odds, to decimal and onto specialised Asian odds, we’ll take a look at them all below.
Let’s look at what odds actually are. There are two types of odds: the bookmakers’ odds and the true odds. China to win their World Cup qualifier may be 2.00 to win at home at an online sportsbook but the ‘true’ odds – their chances – could be as high as 6.00. It’s your job as a punter to find the best prices.
A gambler with a good working knowledge of the odds systems would look at these odds, or ‘price’, and then see how likely it is for an event to occur. With hundreds of sportsbooks at their disposal, they can shop around and find the best value.
Comparing best odds between different companies is crucial for the bettor. Online bookmakers will offer odds based on what they think is the implied probability of an event occurring. They will then reduce the odds down, creating a guaranteed profit for themselves. Odds can change, especially if large bets come pouring in. But the amount of money gambled on an outcome has no bearing on the probability of the result.
Sports betting is a global business and has exploded on the Asian scene in recent years. There is a never-ending range of action and markets to bet on, with a dizzying amount of bets at the customer’s disposal.
The world is getting smaller, and this brings with it new betting possibilities for punters wishing to try their hand at something new. With so many sites based overseas, gamblers have a spread of odds to make sense of. Will it be a football bet with Fractional UK-style odds, American Football with the Indonesian style, or a tennis bet using Malay odds? The choices are endless.
Let’s look at some of the different types of odds systems available to see the betting odds explained in details. So how do odds work in the various betting systems?
Also known as ‘UK odds’, fractional odds show your return versus your stake, and expressed as a fraction. Fractional odds are used prominently at bookmakers based or licensed in the United Kingdom.
For example, a customer sees that Liverpool are playing at home to Chelsea in the English Premier League during the upcoming weekend. Liverpool are 11/10 to win, Chelsea 12/5, and the draw is 13/5. The customer places $10 on Liverpool to win. Liverpool romp home 4-0 winners (much to the chagrin of the Chelsea fans) and so the return to the customer is $21 ($11 payout + $10 staked).
With decimal odds, odds are shown in the format: 2.00, 8.00, 15.00 etc. Importantly, Decimal Odds will always include your original stake (a set unit of 1.00), whatever your currency. This is the big difference between Decimal and Fractional Odds.
For example, 2.00 would be a bet at even-money, or 1/1 in Fractional Odds. This equates to 1.00 x your stake, plus your 1.00 stake back. Backing a team at 4.00 would be a bet at 3/1 (3.00 x your stake plus your 1.00 stake back). Essentially, the 4.00 represents the total return, including profit.
For example, the Washington Redskins are at home to the New York Giants. The Giants are 1.95 and the Redskins 1.87. A $100 bet on the Redskins would bring home $187. The price includes your $100 stake and your $187 profit.
It’s worth noting here that most online bookmakers have the facilities to convert between Fractional and Decimal Odds, depending on what the user receives.
American Odds, otherwise known as US Moneyline or US, are a little more confusing. Here the market is set to a base unit.
In American Odds, anything written in negative is an odds-on favourite to win. Anything positive, meanwhile, is odds against for the underdog. Put simply, whenever there is a minus (-) you lay that amount to win a hundred units. Where there is a plus (+) you win that amount for every hundred units you bet.
For example, you bet $175 bet on a -175 favourite. A correct pick would yield $100 in profit. A $100 bet on +125 would win you $125.
Hong Kong Odds (HK) are similar to the Decimal Odds we covered above, but the original stake is not included. In that respect it’s more like Fractional Odds with the original stake taken out.
For example, a bet on match odds of 2.00 with a bet unit of 1.00 would return 2.00 x 1.00 (profit of 2.00) + 1.00 stake = 3.00. Decimal Odds would be listed as 3.00 for the same bet. These are very simple in comparison to the other forms shown on this page, and can be said to be easier to understand for the beginner.
Indonesian Odds (IND), otherwise known as ‘Indo Odds’, are quite similar to the American Odds, but divided by 100.
For example, instead of showing a selection at +175, the odds are displayed as +1.75. A bet of 100 units will win 175 units, or to put it simpler a bet of 1 unit will win the bettor 1.75 units. Similarly a bet at -1.75 means the bettor needs to stake 1.75 units to win 1 unit, plus your stake returned.
Malaysian or Malay Odds (MY) are shown as decimals, as per Hong Kong Odds. However, these can be displayed both positively and negatively. Malay odds of 0.75 will give the bettor a profit of 0.75x your stake. So for example, 100 units staked = a return of 175 units (winnings + stake together). Malay odds of 0 are the equivalent to an even-money bet where the Fractional Odds would be 1/1 and the Decimal Odds 2.00. They have a base unit of 1.00 instead of the 100.00 in US odds.
Therefore a favourite backed odds-on at -107 in US Moneyline would be 0.93 in Malay. In Decimal odds it would be written as 1.93, and 93/100 in Fractional Odds.
In Malay Odds, for a 1.00 unit stake the bettor would receive 0.93 back. If the Malay odds are negative it has a <50% chance of winning. Malay odds of -0.10 means you need only 0.10 to win 1.00, which is the equivalent of a 10/1 priced possibility in Fractional odds.
So, now that we’ve seen various betting odds explained, where will you go to find the top-rated prices and best deals?
There are certainly some great deals to be had for the customer. Shopping around and comparing the odds that you find is essential for finding value. It’s also worth having a handy Odds Conversion chart on your desktop. This helps you calculate odds easily if your Asian betting site doesn’t deal in Malay or Hong Kong Odds.
And finally, do your research. You can find the best odds at our recommended sportsbetting pages aimed at Asian players and gamblers. But make your week’s picks and go hunting for the best value on the web. Not all sportsbooks offer the same odds on the hot favourite. As a smart gambler you have to work out who has the best prices and who are the ones to avoid.