There are several sports betting odds, but many are clueless about what are UK decimal sports odds. This article will talk about the decimal sports odds in the UK, how odds work in sports betting, the advantages of decimal odds betting, and how to calculate your winnings. Continue reading below.
Decimal Odds 101
Decimal odds are often used in Australia, Europe, Canada, and New Zealand. However, it is now used in the UK because of its advantages, such as easy calculation of returns and many increment options. This type of sports betting odds is always represented in decimal form. It can have zero, one, or two decimal places. For example, you may encounter decimal odds like 1, 1.0, or 1.00.
Decimal odds can tell you the profit you can expect from your bet if you win. After the calculation, the number you get includes your stake plus the profit. You can identify the potential return of your bet by multiplying it by the decimal odds.
For example, if you wager £100 at decimal odds of 2.0, you can expect a return of £200 if the odds of winning are correct. The profit is £100 plus your initial bet of £100. Decimal odds make conversion and calculation of profit easier.
How Do All Odds Work
In this section, we will explain how betting odds are calculated.
How Decimal Odds Work
Decimal odds are easier to understand and work with than the other two odds in sports betting. By looking at the numbers, you can easily spot the games' favorites and underdogs. If you think you will win, here is an example to help you calculate your profit.
Total Payout = Bet x Decimal Odds Total Payout = £200 x 3.0 Total Payout = £600
Whereas £200 is your stake and £400 is your profit. That is how UK decimal odds work in sports betting. You do not add your bet to the return because it is already included in your calculation. Therefore, it makes calculating your payout easier.
How Fractional Odds Work
Fractional odds are also known as British odds, UK odds, and traditional odds. It is widely known among Irish and British bookies. Fractional odds are usually written with a hyphen (-) or a slash (/). It is used by the largest UK sports betting sites.
For example, a fractional listing of 5/1 (five-to-one) odds means that you win £5 for every £1 you stake and your previous wager. It is the main difference between decimal odds and fractional odds. The profit and the bet are not yet combined. Therefore, you still need to add your total payout.
Take a look at the numerical example below:
Total Payout = Stake x Fractional Odds Total Payout = £10 x 5/1 Total Payout = £60 (£10 stake + £50 profit)
How Moneyline Odds Work
Moneyline odds are also known as American odds or US odds because it is popularly used in the United States rather than the first two. Moneyline odds has positive and negative sign. A positive sign refers to the game's underdog, while a negative sign refers to the favorite.
The minus or negative sign (-) also indicates the amount of money you need to wager to win $100. On the other hand, the plus or positive sign (+) indicates the amount won for every $100 wagered. In both instances, the winners will get their initial bet with the money they won.
The odds widen as the probability of winning for the favorite increases. Look at the various NBA betting odds example below.
LA Lakers - (-120) Dallas Mavericks - (+100)
LA Lakers is the favorite. Therefore, you need to bet $120 to win $100. In return, you will have a total of $220. The same rule goes for the underdog.
Advantages of UK Decimal Odds
Easier to Understand
Fractional odds are most commonly used in the UK. However, since decimal odds are easier to grasp, UK bettors are switching to this odds style. You cannot easily identify your possible profit or which odd will give you a greater return by just looking at a fraction. Even a professional punter can have a hard time doing this.
For example, if you see 6/7 and 8/13, can you easily identify which fractional odd will give a greater return. Most punters will say no. But with decimal odds, you can instantly see that one decimal odd is greater than the other. For instance, if you see 1.62 and 1.47, you can easily identify which is the bigger decimal odd.
Provides More Options
Decimals odds provide more options than moneyline and fractional odds. Decimals allow for smaller augmentation and better profit. For example, if the decimal odd is 3.5, you could ask for 3.52, 3.54, 3.56, or 3.58.
These are all available in the exchange before the next standard fraction or decimal. It means that your profit can also have an increment based on the decimal odds increase.
Easier to Calculate Returns
Fractional odds and moneyline odds do not represent your profit instantly. If you want to see it, you still need to add it to your first calculation. But with decimal odds, you will easily see your stake and profit. Both of them are added together.
For decimal odds, if you see 4.5, the return is £4.50 on a £1 bet. If you see 5.6 decimal odd, the return will be £5.6 for every £1 bet, and so on. So if you make an initial bet of £10 and the decimal odd is 5.5, you just have to multiply them, giving you a total of £55 (stake + profit). That is how to calculate odds payout.
Decimal odds are now paving their way to the UK sports betting market. With its advantages, punters and bookies in the UK are starting to use this as their main betting odd format. You can quickly calculate your returns using the UK decimal sports odds if you are a novice bettor.