What Are Betting Odds?
Betting odds are used by all crypto sites to reflect the probability of a particular outcome. They inform us of each player or team’s chances of success. They will be displayed in one of three formats: fractional odds, decimal odds and American odds.
Understanding the true value of betting odds is essential to enjoying a profitable betting experience with crypto sportsbooks. Our guide will help you calculate implied probability and explain the three main formats of betting odds, as well as how to convert them. Keep reading to learn all about spotting value when placing a wager.
What Do Betting Odds Mean?
Betting odds display both the probability and the potential payout of each outcome. This is the amount you’d receive if your wager is correct.
How Do Betting Odds Work?
Let's go into more detail about how betting odds work. Implied probability is used by all crypto sportsbooks to highlight the likelihood of each outcome. As a bettor, it’s up to you to decide whether you believe they have priced these up correctly and whether the odds reflect the true chance.
To break it down for you:
- Lower odds = a higher probability
- Higher odds = a lower probability
Converting odds into a percentage is the best way to begin the process. Let's get started and take a closer look at how to start your calculations.
Odds and Probability Explained
Some experienced bettors can automatically work out probability without doing a single calculation; however, if you’re just getting started, you’ll probably want to jot down the all-important formula.
It’s fundamental for bettors to be able to convert these odds into a percentage, but the sum will differ depending on your chosen odds format.
When pricing up a market, crypto betting sites will factor in ‘juice’ or ‘overround’, which helps them to build margin. This guarantees them a profit regardless of the outcome.
Make sure you continue reading to find out about the three main types of odds, but for now, here's a breakdown of the odds for an upcoming tennis match on the WTA Tour.
| Decimal Odds | Fractional Odds | American Odds | Implied Probability | |
| Player 1 | 1.33 | 1/3 | -300 | 75% |
| Player 2 | 3.1 | 21/10 | +210 | 32.2% |
- Player 1’s odds are 1.33
- Player 2’s odds are 3.1
In most cases, there will be a favourite (shorter odds) and an underdog (longer odds). However, occasionally, the teams or players will start at equal odds, which suggests that the bookmaker is struggling to choose a winner.
How are Sports Odds Calculated
Calculating sports odds can seem tricky at first. Before you start betting crypto, it’s vital to ensure that you can calculate probability using different odds formats. Don’t worry, we’ll start you off with a relatively easy one
Decimal Odds (EU Odds)
To calculate decimal odds, you'll need to use this sum - 1 divided by decimal odds x 100
Here's a beginners example
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Player 1’s odds are 1.33 Player 2’s odds are 3.1 Player 1: Player 1 - 1 divided by 1.33 = 0.75 (x100) = 75% Player 2: Player 2 - 1 divided by 3.1 = 0.322580645 (x100) = 32.2% The probability of player 1 winning is 75% The probability of player 2 winning is 32.2% As you can see, adding these two numbers totals more than 100. 75+32.2 = 107.2 The crypto bookmaker will make a 7.2% profit margin on this market
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Fractional Odds (UK)
In this case, the number on the left is divided by (itself + the number on the right). The total is then multiplied by 100. Here's an example
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Player 1’s odds are 3/1 Player 2’s odds are 10/21 Player 1: 3 divided by the sum of (3+1) = 0.75 This is multiplied by 100 = 75% Player 2: 10 divided by the sum of (10+21) =0.322 This is multiplied by 100 = 32.2%
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American betting odds (US Moneyline)
The formula differs for both positive and negative odds.
For negative odds (-), the formula is odds divided by the odds +100 x 100
For positive odds (+), the formula is 100 divided by odds + 100 x 100.
Here's an example
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Player 1’s odds are -300 Player 2’s odds are +210 Player 1: 300 divided by the sum of (300+100) = 0.75 This is multiplied by 100 = 75% Player 2: 100 divided by the sum of (210+100) = 0.322 This is multiplied by 100 = 32.22%
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Types of Betting Odds Explained
We may have already introduced the three types of betting odds that you are likely to find on most crypto sportsbooks. The types of betting odds will be determined by either your location or the location of the betting site. The good news is that the majority of operators allow you to change your preference.
Here’s a breakdown of the three main types of betting you can expect to find
Decimal Odds (EU Odds)
Decimal odds (e.g 2.5) are favoured by most European sportsbooks and are sometimes referred to as European or continental odds. For many bettors, they are the easiest to understand as they represent the total return for the amount staked.
If the decimal odds are low, there is a higher probability of this outcome occurring.
If the decimal odds are high, there is a lower probability of this outcome occurring.
Odds of 2.0 represent even money, which means there is a 50% chance of this happening, and your money will be doubled.
Fractional Odds (UK Odds)
Fractional odds (5/2) tend to be used by UK-based bookmakers and are sometimes referred to as British odds or traditional odds. They express the amount that you’ll receive (number on the left-hand side) relative to the amount that you’ve staked (number on the right-hand side).
Example odds of 2/1 - for every £/$1 that you stake, you will receive £/$2 in profit.
If the number on the left-hand side is larger than the number on the right-hand side, this is known as an odds-against bet.
If the number on the right-hand side is larger than the number on the left-hand side, this is known as an odds-on bet.
If you happen to spot odds of 1/1, this is known as even money (or evens), indicating a 50% chance of success.
American Odds (US Moneyline)
You can expect to come across American odds if you are a frequent visitor to a US-based sportsbook or cryptobetting site. They are a little bit different as they use $100 as a guide to indicate potential winnings and probability.
US odds are accompanied by a positive (+) or negative (-) sign.
If you see a + sign, this is a team or player who are considered to be the underdog and have a far lower probability of success according to the crypto sportsbook.
If you spot a - sign, this is a team or player who has been priced up as the favourites and has a higher probability of success.
Even money odds will be indicated as -100 or +100, and it will double your money if successful.
Here’s a comparison table of the odds for an upcoming Premier League fixture.
| Decimal Odds | Fractional Odds | American Odds | Implied Probability | |
| Team 1 Win | 1.48 | 10/21 | -210 | 67.7% |
| Draw | 4.4 | 17/5 | +340 | 22.7% |
| Team 2 Win | 6.5 | 11/2 | +550 | 15.4% |
Expert Insight
Although I found that most crypto sportsbooks have made it straightforward to switch between formats, I’d recommend trying to stick to a single configuration to make life easier. I’d suggest using either decimal or fractional odds, as this makes it much easier to work out your returns.
Converting Odds Between Formats
Occasionally, you may be required to convert betting odds, and although many crypto sportsbooks have a ready-made tool for this, it’s a handy skill to possess nonetheless, and it’s also a relatively straightforward job.
Here’s our simple guide to completing the conversion process
Decimal → Fractional
This is the easiest conversion. Simply subtract 1 from the decimal odds, and you’ll arrive at the profit for every 1 unit staked.
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Example 1: Decimal odds of 3.0 Subtract 1 = 2 Fractional odds of 2/1 For every unit staked, you’ll be paid out at 2/1. 3.0 = 2/1 Sadly, it isn’t always quite this straightforward. In some circumstances, you’ll need to convert the fraction to arrive at a whole number. Example 2: Decimal odds of 4.5 Subtract 1 = 3.5 Fractional odds of 3.5/1 Multiply both numbers by two = 7/2 4.5 = 7/2
American → DecimalThere are two different conversions to remember when moving between American and decimal odds. If the American odds are positive (for example, +200), then divide this number by 100 and add 1. Example 1: 200 divided by 100 = 2 2 + 1 = 3 +200 = 3.0. If the American odds are negative (for example, 150), then you must divide 100 by the odds and then add 1 to complete your decimal conversion. Example 2: Divide 100 by 150 = 0.66 0.66 + 1 = 1.66 -150 = 1.66
Fractional → ProbabilityYou can work out the probability of your fractional odds with a fairly simple calculation. This may require a little bit of practice. Example: Odds of 7/2 The number on the left (7) is the numerator and the number on the right (2) is the denominator. The sum is the denominator divided by (the denominator + the numerator) multiplied by 100 So, in this example, it’s 2 divided by (2+7) multiplied by 100 2 divided by 9 = 0.2222 x 100 = 22.222 Probability of 7/2 = 22.222%
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Why Do Odds Change?
Odds are created by the traders who work for the online bookmakers. Once they have been released, you’ll probably notice that most sportsbooks will fall into line, although occasionally, you can find some exceptions if you look hard enough.
Bookmakers are constantly assessing their potential liabilities, and the odds may be affected by the volume of bets placed.
If a significant amount of money is wagered on a team or player, the betting sites may cut the price to avoid potentially damaging losses. This helps them to balance the books.
If you keep an eye on the market, you’ll notice that when the price on one team is cut, the opposite tends to happen to the opposition.
There are a myriad of reasons why the odds may fluctuate. Factors include:
- Market fluctuations - if there has been substantial money placed on a particular team or player, the bookmakers are likely to cut the price accordingly. Sometimes, betting syndicates or high-rollers may show an interest in a particular market, forcing the site to react and reduce liabilities.
- Team news / Injuries - key absences and rumours of injuries can also affect the betting odds. If news begins to filter through that an influential player is missing, the odds on the opposition could be cut. This may come to light following press conferences or leaks from journalists.
- Bad weather/changes in conditions - The climate can be unpredictable, and weather conditions can change the outcome of an event. Football matches that are played in poor conditions tend to be low-scoring, and in horse racing, thoroughbreds will perform differently depending on the quality of the ground underneath their hooves. Savvy bettors may react if the forecast changes, forcing bookmakers to cut their prices.
- Cryptobetting volatility - cryptocurrency is occasionally subject to price fluctuations, causing the value to rise and fall intermittently. This can influence the amount of money staked on betting markets with sharp drops changing player behaviour, causing the betting site to adjust its odds.
What Is Value in Betting?
Making your own assessment of the betting market is an essential part of finding value. Betting odds are drawn up by the betting sites to give us a bit of a steer on the probability of each side, however, it doesn’t necessarily mean that you have to agree with them!
Once you know how betting odds work, you’ll be able to use your own judgement to sniff out a bit of value.
To estimate the probability, you’ll need to research and assess each team or player. Use statistics, but you may also wish to factor in other factors such as schedules, travel, weather conditions and intangible factors such as grudges and motivation.
It is also possible to calculate ‘Expected Value’’ (EV) by using a simple formula. This will calculate the average outcome of an event if it were to play multiple times. Bettors are searching for a positive EV value as this suggests long-term profit.
You are set to place a £10 bet on a player at odds of 2.00 You estimate that the probability of success is 50% (0.5) Potential profit - 10 x 2.00 = 20.00 Probability of losing (1 - 0.5) = 0.5 With this information, we can calculate the EV:
The bottom number is subtracted from the top number to calculate your EV: EV = 10-5 For every £10 that you stake with a crypto sportsbook under similar conditions, you can expect to make £5 profit.
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If you believe that a team or player has a 50% chance of success, yet the bookmaker's odds are suggesting they have a 30% chane, this is considered value, and you’ll probably want to snap it up!
If you deem a team to have a 40% chance of victory, yet the bookmaker is saying that they have a 70% chance, this may be one to avoid, as it does not represent value. Try to find another bet instead.
Expert Opinion
Bookmakers and crypto betting sites do not get everything correct. You can expect to find value if you look hard enough. Odds will fluctuate, sometimes considerably, so it’s important to remain patient, as value may be unexpectedly created by market movements
How to Read Betting Odds for Different Sports
Crypto punters are always on the lookout for places to find the best odds for football betting. As you’d expect, it is a crowded market, so you will need to shop around. Crypto betting sites will have plenty of access to statistics and will be fairly sharp when it comes to their pricing, but there is always value to be found. Here at Cryptobetting.com, we’ve picked out the best football betting sites, all of which offer competitive odds across multiple competitions and tournaments. The best starting point is to look for teams you believe the underdogs have been overpriced or underestimated by the bookmaker.
Knowing where to find the best betting odds should enable you to get ahead of the crowd and make long-term profitable wagers. If you don’t have time to do the calculations for yourself, there are several odds comparison tools available online which will enable you to seek out the best value amongst crypto betting platforms.
Finding the best odds for tennis betting requires plenty of research. Knowing how each player performs in different conditions is essential. Some traders may be lazy and create odds based on the ranking, so this gives savvy bettors a bit of an edge when it comes to knowing the preferences of each player and how they acclimatise to climate and court speed.
When it comes to finding the best odds for MMA and boxing betting markets, it’s important to shop around and explore alternative markets such as round betting. Some crypto betting sites may boost the price on these bets, so we advise spending some time to shop around and visit as many sportsbooks as possible.
The best odds for eSports can also be found using an odds comparison site; however, in some situations, it may be best to wait for the event to get underway before taking the plunge, as live betting odds can fluctuate considerably and that may increase the value.
Common Mistakes When Reading Odds
- Don’t be swayed by huge odds - bookmakers price these markets up according to implied probability. If something seems too good to be true, it probably is!
- Don’t mix your odds formats - placing some bets using decimal and some using fractional can get a little confusing. Pick one and stick to it wherever possible.
- Don’t bet with emotion - successful bettors can remove emotion from the equation and simply use stats and numbers to assess the probability of each outcome.
- Don’t place your bet at inferior odds - If you can access multiple crypto betting accounts, you must shop around to make sure you have accepted the best possible odds. This will increase long-term profit.
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