Football betting odds represent the probability of a certain outcome happening in a match. They're crucial for both bookmakers and you as a bettor, indicating the potential winnings and risks associated with a particular bet. In football betting, odds can be presented in different formats: decimal, fractional, or moneyline odds. Whether you are betting on a Premier League match, a Champions League match or any other football match, knowing about the odds is very important.
So if you are starting your betting journey, we at EaglePredict will make sure that you have full knowledge of what odds in football betting means. In this helpful guide, we'll explain three types of football odds and show you how they work with some examples.
Decimal Odds
Decimal odds are one of the common ways to represent betting odds. They show you the total amount that will be returned to you, including your original stake, if your bet wins. For instance, decimal odds of 2.50 mean that for every ₦1,000 you bet, you will receive ₦250 back if your bet wins (including your original ₦1 stake). Let's take an example using English Premier League (EPL) teams, Manchester City and Liverpool, and their odds for an upcoming match. For example:
Manchester City has odds of 2.00
Liverpool has odds of 3.50
You're going to bet ₦500 on Manchester City at odds of 2.00. To calculate your potential winnings, you'd use the formula:
Potential Winnings = Stake x Odds
So, for Manchester City:
Potential Winnings = ₦500 (Stake) x 2.00 (Odds) = ₦1,000
Now, let's say you want to bet ₦300 on Liverpool at odds of 3.50.
Potential Winnings = ₦300 (Stake) x 3.50 (Odds) = ₦1,050
Remember, with decimal odds, your total return includes both your profit and your original stake.
If Manchester City wins, you'd receive ₦1,000 (₦500 profit + ₦500 stake returned). If Liverpool wins, you'd receive ₦1,050 (₦750 profit + ₦300 stake returned). Decimal odds allow you to easily calculate potential winnings by multiplying your stake by the odds.
Fractional Odds
Fractional odds, often used in the UK, are represented as fractions and show the potential profit relative to the stake. For example, odds of 2/1 mean that for every unit you stake, you'll receive 2 units in profit if your bet wins, plus your initial stake returned. Let's use the same example of the EPL teams, Manchester United and Tottenham Hotspur, with fractional odds:
Manchester United has odds of 1/1
Tottenham Hotspur has odds of 5/2
If you bet ₦500 on Manchester United at odds of 1/1:
Potential Winnings = Stake x (Numerator/Denominator + 1)
Potential Winnings = ₦500 x (1/1 + 1) = ₦500 x (2) = ₦1,000
This means your potential winnings would be ₦1,000, including your initial ₦500 stake and ₦500 in profit. Now, if you bet ₦300 on Tottenham Hotspur at odds of 5/2:
Potential Winnings = ₦300 x (5/2 + 1) = ₦300 x (7/2) = ₦1,050
So, your potential winnings would be ₦1,050, including your initial ₦300 stake and ₦750 in profit. Fractional odds represent the profit relative to the stake. For example, if you see odds of 5/2, it means you'll make a profit of ₦5 for every ₦2 staked, in addition to getting your stake back.
Moneyline odds
Moneyline odds, usually used in the United States, display the amount you need to bet to win ₦100 on the favourite or the amount you'll win from a ₦100 bet on the underdog. These odds can be positive or negative. Let's continue using Arsenal and Liverpool as examples:
Arsenal has Moneyline odds of -150
Liverpool has Moneyline odds of +250
If Arsenal has odds of -150, it means you need to bet ₦150 to win ₦100. To calculate the potential winnings:
Potential Winnings = (Stake / Absolute Value of Moneyline) * 100
For Arsenal:
Potential Winnings = (₦150 / 150) * 100 = ₦100
So, if you bet ₦150 on Arsenal and they win, you'll receive ₦100 in profit plus your original ₦150 stake, totaling ₦250. For Liverpool, with odds of +250, it means you'll win ₦250 from a ₦100 bet. The potential winnings are calculated similarly:
Potential Winnings = (Stake * Moneyline / 100)
For Liverpool:
Potential Winnings = (₦100 * 250) / 100 = ₦250
If you bet ₦100 on Liverpool and they win, you'll receive ₦250 in profit plus your original ₦100 stake, totaling ₦350.
Positive Moneyline odds indicate the potential profit on a ₦100 bet, while negative Moneyline odds indicate the amount needed to bet in order to win ₦100.
Which Odds Should I Use?
While different people may have preferences based on what they're accustomed to, decimal odds tend to offer a more straightforward and universally understandable way of presenting betting odds, making them a popular choice among many bettors. Here are some reasons why decimal odds are more preferred than Fractional Odds and Moneyline odds.
Simplicity: Decimal odds are straightforward. They represent the total amount returned for every unit staked, including your original stake. For instance, odds of 2.50 mean you'll receive 2.5 times your stake if you win. The potential payout is easily calculated.
Clarity: Decimal odds show the exact amount you'll receive in winnings, making it easier to understand potential profits at a glance without complex calculations.
Universal Understanding: They are more universally understood across different regions. While fractional odds are popular in the UK, decimal odds are used in many other parts of the world, making them more accessible to a broader audience.
Comparisons: Decimal odds allow for easier comparison between different bets. For example, it's simpler to see that 2.00 odds offer a potentially higher return than 1.50 odds.
Transition to Probability: It's easier to convert decimal odds to implied probabilities. The formula to convert decimal odds to probability is straightforward: Probability (%) = 100 / Decimal Odds.