Before you place a wager in the real money mode at a fully licensed online sports betting website, you first need to get to grips with the odds. Once you have learned how to read the odds, it can help you place more strategic bets that are more likely to return a profit. However, saying that, don’t forget that no bet is guaranteed, no matter how good the odds may be.
What are the main odds formats?
When you sign up to most sports betting sites today, you can generally find three different odds formats to choose from, which means that you can display the odds in one of the following formats:
- •American/moneyline odds
- •UK fractional odds
- •European decimal odds
There’s usually a button that you can click somewhere on the web page to change how the odds are displayed. If you can’t seem to find this button, the website may not have one. Alternatively, you could contact the player support, and they should be able to point you in the right direction. Betting odds can be used to calculate the probability of an outcome, and they can also be used to calculate your potential winnings.
A look at the odds for Craps in the casino
Craps is often regarded by many as being the most difficult casino game to learn how to play. For beginners, the odds can seem quite confusing, but after you’ve played a few times and learned the different bet types, you should quickly get used to the payouts. If you want to learn more about craps payouts and odds, try and remember the following:
- •The pass line bet has a 1:1 payout with 251:244 true odds and a 41% house edge
- •The don’t pass line bet has a 1:1 payout with 976:949 true odds and a 36% house edge
If you’re taking odds (which means you put the odds behind the pass line), landing point numbers 2 and 4 both come with a 2:1 payout. Point numbers 5 and 9 come with a 3:2 payout, and point numbers 6 and 8 come with a 6:5 payout. If you’re laying the odds (when you put the odds behind the don’t pass line), landing point numbers 4 and 10 come with a 1:2 payout. Point numbers 5 and 9 pay 2:3, and point numbers 6 and 8 pay 5:6.
More craps odds
Here are several other craps betting odds. Any 7 pays 4:1. Don’t Pass (Don’t Come) pays 1:1, and craps pays 7:1. Craps also has Lay bets, place bets, big 6 and 8, field bets, 3 or 11, and hard bets. Before you play craps in real money mode, you may want to try and learn the different bet types and their associated odds. The best thing to do would be to play craps in the free-play mode, where possible, before risking your own hard-earned cash. Alternatively, take the time to watch the craps video tutorials or at least read the rules that are usually provided by most online casino software providers that develop today’s best online craps games.
Roulette odds
If you’re playing European Roulette, which has just one green zero and individual numbers from 1 to 36, you can generally find the following odds. A red/black, even/odds, numbers 1-18, or 19-36 winning bet pays 1:1. A column/dozen bet pays 2:1. A line bet pays 5:1. A corner/four bet pays 8:1. A street bet pays 11:1. A split bet pays 17:1, and a straight up bet pays 35:1. Therefore, if you place a $/€/£1.00 bet on the number 8 (a straight up bet), and this outcome occurs, you would end up winning $/€/£36.00 (includes $/€/£35 winnings, plus your initial $/€/£1.00 stake).
Sports betting odds
An outside bet (so a bet that is least likely to come in) could be priced at 1,000/1 in UK fractional odds, which is 1,001.00 in European decimal odds and +100,000 in American/moneyline odds. These odds have an implied probability of 0.1%. A bet that is more likely to occur could have 1/100 odds (which is 1.01 in European decimal odds and -10,000 in American/moneyline odds). These odds have an implied probability of 99.00%.
If you’re still confused, you’re not alone. It takes time to learn the different odds, so remember to try and select an odds format that you are most comfortable with, which can make life a little bit easier for you. If you place your money on bets with a low implied probability rate, it’s less likely to return you a profit. However, if you do win, the payout would be huge.
If you place your money on bets with a high implied probability rate, it’s more likely to return you a profit, but the payout wouldn’t be huge. In other words, try and place wagers with more realistic odds that are likely to occur rather than placing outside bets on outcomes that are less likely to come in. For example, it would be a silly bet to place a wager on Saudi Arabia or Tunisia to win the upcoming FIFA World Cup in Qatar, but that’s not to say that these two teams won’t win. It’s just an extremely unlikely outcome. You are more likely to win by betting on Brazil or Argentina.
