All about betting odds
Whether you're new to NEO.bet or to sports betting in general, you'll find everything you need to know about betting odds right here. A great way to improve your betting experience is by knowing a lot about players, teams or tactics, but the odds on an event will give you an insight into what outcomes are most likely. The more you know, the more informed your betting will be, leading to the possibility of more successful betting. Good luck!
Betting odds explained
The first thing you need to know is that betting odds may differ across various betting markets and bookmakers. Lower odds signify that the bet is more likely to win than the option with higher odds. There are three ways of displaying odds: fractional, decimal, and American. The American odds format is an odds format in which the profit is specified on the basis of a bet with a base value of 100. This means if the odds are negative, you have to bet the amount given to win 100 dollars. If the odds are positive, you'll win the corresponding amount for a 100 dollar bet.
For example:
- +123 means that you will win $123 with a $100 bet (A total of $223 including your returned stake)
- -156 means that you have to bet $156 to win $100 (A total of $256 including your returned stake)
odds and probability
As explained above, betting odds are determined by the probability of that event occurring. When the odds are set, the likelihood of an outcome such as a win or draw is assessed. Therefore, from a betting odds perspective, the smaller the potential winnings, the higher the probability of winning the bet since the most likely event has the lowest odds. Betting odds are based on several factors, such as previous encounters, injuries, and home advantage. However, thanks to live betting, odds will constantly change throughout a game. When you place a live bet on a game, the live odds will adapt to reflect the events occurring in the match and which team is more likely to win the game. This feature works best while watching a game and picking the right moment to make a bet.
The importance of betting odds
The betting ratio is mathematically related to the probability of an event occurring and provides information about how the bookmaker, in this case NEO.bet, evaluates a game. The odds show you your maximum profit, and you as a player need to evaluate whether a bet is worth the risk. The lower the odds, the higher the chance to win. The higher the odds, the greater the risk. All betting options offered at NEO.bet are determined by odds. Various factors, such as previous encounters, injuries and suspensions, and current form all determine the odds offered. Keep this in mind when thinking about your next bet.
American odds vs. European odds
The American format is the most common notation method for sports betting in the United States, but other formats are used worldwide. Decimal odds are arguably the most popular form, thanks to their popularity in mainland Europe. This format is a simple representation of the potential payout of a bet, including the wager. To work out potential winnings from a bet using decimal odds you simply have to multiply your stake by the decimal rate offered.
For example:
1.20 means that a winning bet would pay out 1.20 x $100 = $120 (A total of $220 including your returned stake).
Check out your possibilities with all your new knowledge about odds!