Types of Formats for Betting Odds in the NFL

Even with just twenty states at the start of 2020 having legalized sports betting in the U.S after a 2018 supreme court ruling on the same, the sector is projected to be worth about $6.02 billion by 2024. With such lucrative statistics and more states legalizing sports betting, it is time to jump on the bandwagon to get some of these profits. The best sporting league for you to bet in is the NFL {national football league} because of its high sponsorship, viewership and ticket sales that translate to high winnings. One of the things you should pay attention to is the betting odd you use because this is used to calculate how much you can win and your probability of winning.

Below are the format types in which betting odds are expressed.

Decimal odds

These are also called European odds because they are the most commonly used in New Zealand, Canada, Australia and Europe. Decimal odds are quite easy to work with and understand as you can spot the underdogs and favorites by simply looking at numbers. The numbers in the odds represent how much you will win for every dollar you wage, meaning the numbers represent your total payout and not the profit. Simply put, the decimal number already includes your stake, so the calculation of your winnings is easy.

For example, assume the betting odds of team A is 4 while that of team B is 1.3. If you bet $100 on team A, this means that you can win $400 if the team wins, including the $100 you wagered making your profit $300. A high total payout in decimal betting odds means that the team is the underdog in the match hence less likely to win. In the example above, the less likely team to win would be team A.

American odds

These are also called Moneyline or U.S odds because they are the most commonly used in the U.S. In American betting odds, you will see a + or – sign after the amount you should bet for you to win $100. The favorites in a game will have their odds denoted with a negative while the underdogs have a positive. When you win with the favorites or underdogs, you get your initial bet amount back which is $100 in this case plus the money won.

For instance, assume that team A has NFL betting odds of +400 while team B has -600. You will stake $100 on team A, and if it wins, you will get $100 plus $400 making your full payout $500. If you opt for team B, you will wager $600 and get $100 if the team wins, meaning your payout will be $700. Team B is the favorite one in this example.

Fractional odds

These are also known as U.K, traditional or British odds since they are commonly used by Irish and British bookmakers. Fractional odds are denoted by hyphens or slashes. A listing of 4/1, for example, means that the odds are four to one. As such, you win $4 for every $1 you bet along with the $1 you have wagered.

In an example, assume team A has a fractional odd of 10/11 while team B has 9/4, making team A the favorites for the match. You will only get $11 for every $10 you bet on team A if it wins. As such, if you bet $100, you will get $90.91 as your profit along with the $100 making your total payout $190.91. If, however, you wager the $100 on team B, your profit, if it wins, will be $225 {9/4 x 100} plus the $100 making the total winnings $325.

 

With a good idea of how to interpret the betting odds you will come across in the NFL, you can now sit back and watch your profits from gambling stream in. Though this sounds like something you cannot wait to happen, be careful when gambling to avoid addiction and the many pitfalls that come with it. You can follow these simple steps when you start betting on the NFL to protect yourself from addiction. This way, you can enjoy betting without worrying about the adverse effects of addiction.