For anyone new to online betting, understanding betting odds is one of the most crucial steps to becoming a successful bettor. Odds not only indicate how much you can win but also reflect the probability of an event occurring. This beginner-friendly guide will break down the basics of betting odds, how to read them, and how to use this knowledge to place smarter bets on trusted platforms like LotusBookBet.
What Are Betting Odds?
Betting odds are numbers set by bookmakers that represent the likelihood of a specific outcome in a sporting event. They also determine the potential payout you’ll receive if your bet wins.
For example, if you bet on a cricket team with odds of 2.00, and your stake is ₹100, you stand to win ₹200 (your ₹100 stake plus ₹100 profit).
Types of Betting Odds
There are three common types of odds formats used worldwide. LotusBookBet supports all these formats, letting you choose what works best for you:
1. Decimal Odds (Popular in Europe and India)
Decimal odds represent the total amount you’ll receive for every ₹1 wagered. The formula to calculate your total return is:
Total Return = Stake × Decimal Odds
Example:
Odds of 3.00 means for every ₹1 bet, you get ₹3 if you win.
2. Fractional Odds (Popular in the UK)
Fractional odds show your profit relative to your stake, expressed as a fraction.
Example:
Odds of 5/1 mean for every ₹1 you bet, you win ₹5 profit (plus your stake back).
3. American Odds (Popular in the US)
American odds are expressed as either positive or negative numbers:
- Positive odds (e.g., +150) show how much profit you make on a ₹100 bet.
- Negative odds (e.g., -200) show how much you need to bet to win ₹100 profit.
How to Calculate Your Potential Winnings
Knowing how to calculate your potential payout helps you manage your bets effectively.
- With decimal odds: Multiply your stake by the odds.
- With fractional odds: Multiply your stake by the fraction.
- With American odds: Use the positive or negative formulas accordingly.
Understanding Implied Probability
Odds also imply the likelihood of an event happening. You can convert decimal odds to implied probability using this formula:
Implied Probability (%) = (1 / Decimal Odds) × 100
For example, decimal odds of 4.00 imply a 25% chance of the event occurring.
How to Use Betting Odds on LotusBookBet
On LotusBookBet, you can switch between odds formats in your account settings. This helps you choose the format you’re most comfortable with. When browsing sports like cricket or football, odds will be clearly displayed next to each betting market.
You can also take advantage of live odds during matches to place in-play bets, which update dynamically based on game progress.
Tips for Beginners
- Compare Odds: Different platforms offer slightly different odds. Always compare to get the best value.
- Start Small: Bet small amounts while you get comfortable with how odds work.
- Use Tools: Some websites and apps offer calculators to help you understand payouts.
- Learn Different Bet Types: Odds vary depending on the bet type (e.g., match winner vs. over/under).
Conclusion
Mastering betting odds is key to becoming a confident online bettor. With platforms like LotusBookBet, you can access clear odds, diverse sports markets, and helpful tools that make betting straightforward and enjoyable.
Start your online betting journey today, learn the ropes of betting odds, and enjoy cricket betting and more with LotusBookBet.
