A good grasp of the types and operation of odds is simply the beginning of success in crypto sports betting.
With the proliferation of crypto coins today, sports betting has also taken up trends like Bitcoin bet in several sports betting.
In crypto sports betting, just like in other traditional forms of betting, odds represent the ratio between the amounts staked by players to a wager or bet.
More simply for the benefit of the rookies in-house, odds help bettors to predict how possible it is for an outcome to happen amidst several other possible outcomes and this determines how much the bettors eventually win.
But this isn’t all about odds as we have different types of odds in crypto sports betting and it’s more than necessary for you to understand how they all work.
Anyways, don’t sweat it because the types of odds for crypto sports betting are not different from the traditional ones and, we have got you covered by simplifying them below.
There are just three basic types of crypto sports betting odds and these are:
This sometimes is also called the British odds, UK odds or mostly referred to as the traditional odds due to its popularity in the UK.
Fractional odds are mostly seen in horse racing and football sports bets and are written with a slash (/) or hyphen (-) in between the numbers e.g. 4/1 or 4-1. But here is the full list.
Fractional odds give the net total of what the bettors would get relatively to their stakes.
For example, in football sports betting, it is common to see fractional odds written for a match thus: Chelsea takes on Manchester City and the odds are 4/1.
This means that if a bettor stakes 2 bitcoins, this will be multiplied by 4 if he bets on Chelsea to win and they do and he will also recover his stake of 2 bitcoins to make a total of 10 bitcoins as his winnings.
That is, your actual winnings (profit) plus your stake gives you your payout.
In using this same fractional odds to calculate the probability of an outcome, the 4/1 fractional odds can be calculated as 1/ (4 + 1) = 0.20.
This means there is a 20% chance that the outcome will happen.
The math looks simple, but it takes enough practice to get the in-depth mastery of how odds are calculated, converted into other types of odds, and even placed with house edges by bookmakers.
These types of crypto sports betting odds are prominently seen in continental Europe, Australia, New Zealand, and Canada hence, its nickname is the European odds, Digital odds, or continental odds.
This type of odds come with a much easier understanding because, at a glance, you can spot the favourites and the underdogs in the game.
The Decimal odds unlike the fractional odds is more beginner-friendly in that it shows the total payout rather than just the profit.
The odds include both your profit and stake hence, an added advantage of ease when calculating your winnings.
Decimal odds are for example written as 4.00, 1.3, and so on. Therefore, all you have to do is to multiply your stake with the decimal odds and there you have your gross payout.
For instance, if you stake $100 as the dollar equivalent of 4 ethereum in a sports bet with a decimal odds of 1.3, the multiplication of your stake and the odds will give you $130 the payout which is inclusive of your stake.
When you deduct your stake from the payout, then you have $30 as your net profit.
Because of its popularity in the United States, the American odds are also christened the Moneyline odds or US odds. This type of odds is also quite friendly in that what is represented is always clear.
The odds for favourite always carries a minus (-) sign to represent the amount you will stake than the underdog’s odds comes with a plus (+) sign to show you need to stake $100 to make your winnings.
The odds between the favorite and the underdog keeps widening as the probability of the favorite winning increases.
As an example, in football sports bet over a match between Barcelona and Real Madrid, the American odds choosing Real Madrid as the favorite may be written as -760 while Barcelona has the underdog may carry odds of +650.
Therefore, if you stake $100 as the dollar equivalent of 20 Binance coins on Barcelona who eventually wins the game, then you will get back your $100 in addition to the $650 won to give you a total of $750.
However, if you decide to go with Real Madrid winning the game as predicted, you will need to stake the equivalent of the Binance coins of $760 to win $100.
If it goes as predicted, then you will get back your stake and profit to give you a total of $860.
The types of odds crypto sports betting are easy to know but it is essential bettors master the workings of these odds in order to make the right decision when placing their bets.
Newbies are more specifically advised to take time in studying the types of odds in crypto sports betting in order to fully enjoy the fun of daily cashing out their winnings in the gambling world.