Betting odds are a key component of any sports betting market. They show how much you’ll profit on winning wagers, and help you determine which teams are the underdogs and favorites in a matchup. They can also be a great way to compare and contrast teams.
Odds are typically expressed as a ratio of the potential payout to your original stake, and can be displayed in fractional (which are commonly used in America), decimal, or European format. European-style odds are relatively easy to read, and give an instant insight into your potential winnings (inclusive of the stake).
When evaluating a team or player’s chances of victory, it’s important to understand how to translate betting odds into probability. This can be done by dividing the odds by the probability of either winning or losing, which will give you a more accurate picture of each team’s chance of success.
Using this information, you can make better decisions about which bets to place. In addition, knowing how to understand betting odds can help you identify the best value bets in a given market.
Sportsbook odds are set by odds compilers after weighing up the relative strengths and weaknesses of each team, factoring in head-to-head records, injuries, fatigue, motivation levels, home advantage and more. The odds are then released and can be viewed in the ‘Opening Lines’ column towards the left of the screen, or in the ‘Odds’ section in the top right corner.