How are Payouts Odds Calculated?
The payout odds are calculated based on what you are betting on. The calculations will differ for sports betting and casino games. So, before you can calculate the payout odds, you need to know whether it is for sports betting or casino games.
Knowing how to calculate the odds can help you differentiate between winning and losing, putting you in the best position to win. So, find out how to calculate the payout odds from our article below.
Casino Games Payout Odds
Unfortunately, calculating the payout odds for casino games is not that simple because each has its payouts and odds. The odds for casino games tell you about the likeliness of a bet winning and how much it will win. This probability can be expressed in fractions or percentages.
However, the most popular way to calculate is by percentages since fractions can also be converted to percentages. Here is an example below:
Let’s say that a game has the odds of 10:1, which is infractions. You can use the formula 1/(10+1) to calculate the probability. This will give you 0.09, which can then be rounded off to 9%.
Sports Betting Payout Odds
The odds for sports betting are because they are not specific to a game. Instead of depending on where you place your sports bets, one could use one to calculate the payout odds. There are three different ways to calculate the odds, and a sports betting site will have to use one of them.
See them below and how they are presented to players:
- American: +100 (mostly for the underdogs)/-100 (mostly for the favourites). When you bet on the favourites, the number will be how much you will have to risk to win $100. While the + on underdogs will be how much you will win, which means getting your original bet back.
- Decimal:25 (for underdogs) 2.2 (for favourites). These are used at most sports betting sites. With these odds, they represent the amount you will win for every $ you wager.
- Fractions: UK sports betting sites use this method to calculate the odds. The conversion for these calculations is difficult to understand.