Understanding Betting Odds: A Beginner’s Guide for Indian Bettors
Betting has gained immense popularity in India, and platforms like **Lord Exchange** have ushered in an exciting opportunity to bet on sports and events. But beginners can find it pretty confusing with so many numbers, odds, and jargon. Don't worry, because here's a beginner's guide to demystify this strange world of betting odds. So with this brief, you'll gain confidence and insight into what all the fuss is about-and make good, informed decisions on Lord Exchange.
What Are Betting Odds?
Underlying every bet is the betting odds. This, in simple words, is the chance of a given event happening in any event-in a cricket match, in football, or any sport. It is of immense importance to understand how they work because they not only point out the chances of an event occurring but also tell you how much you stand to win if you place a bet on that outcome.
On Lord Exchange, as is the case with most other betting sites across the globe, odds are represented in three different dimensions:
• Decimal Odds
• Fractional Odds
• American Odds
The two actually communicate the same information, though in different ways. Let's break down each of them.
Decimal Odds (Most Popular among Indian Bookmakers)
Decimal odds are the most intuitive and often used format on Lord Exchange, especially among Indian bookies. The odds in this format appear as simple decimal number-based and calculation of your potential payout is very easy.
How to Read Decimal Odds
The amount you see is the amount you get for every ₹1 you stake, inclusive of your stake.
If the chance of India winning a cricket match is 3.00 and your stake is ₹100, then the total payout as a result of your bet will be calculated as follows:
₹100 x 3.00 = ₹300
This means you now have ₹100 from the amount you initially had, hence the profit is ₹200.
Key Points
1. Any decimal odds higher than 1.00 indicate that the given event is less likely to occur but gives better payoffs.
2. Decimal odds below 1.00 that you hardly ever see in a sportsbook would indicate that an event is very likely but a payout would be low.
3. At Lord Exchange, decimal odds are therefore clearly displayed so that those desirous of fast calculations and easy clarity on returns may make use of it.
Fractional Odds (Popular in UK Betting)
The fractional odds are presented less frequently on Indian sports betting sites, but it would not be a bad idea to know about them since, from time to time, they do appear on some markets, especially those involving international sports.
How to Read Fractional Odds: Fractional odds are the ratio of the amount you win and your stake.
Example: If cricket odds are placed at 5/1 means if you put your stake for every ₹1 you will win for ₹5. Using your stake for placing a bet on the above-mentioned odds makes your winning amount ₹100 x 5 = ₹500 with your money ₹100. Total Amount ₹600.
In fractional odds:
• The first number (numerator) represents the potential profit.
• The second number (denominator) represents the stake.
Key Points
• Odds of 2/1 mean you’ll win ₹2 for every ₹1 you stake.
• Odds of 1/2 mean you’ll need to stake ₹2 to win ₹1, indicating that the event is more likely to happen but offers lower returns.
While decimal odds appear to be somewhat complicated at first glance, they become easy to handle when you get used to them. For the Indian bettor, however, most will be more intuitive about decimal odds than fractional odds.
American Odds (Used Primarily in the US)
American odds, also known as Moneyline odds, are considerably more frequent in the United States but may appear on any market there in Lord Exchange, especially for basketball and American football.
How to Read American Odds:
There are two types of American odds:
• Positive odds (+)**: These tell you how much you are going to win if you have staked a rupee of ₹100.
For instance, if +200 odds are received, then the amount you will receive would be ₹ 200 in return for a ₹ 100 bet. Hence, in a ₹100 bet, you'll get ₹300 in return, as ₹ 200 is your profit and ₹ 100 is the stake.
• Negative odds (-): It is the amount you need to bet if you want to obtain ₹100.
For instance, if your odds are -150 then you have to place a stake of ₹ 150 to win ₹ 100. Hence, in case you placed a stake of ₹ 150, you'll get a total amount of ₹ 250, that is, ₹ 100 profit + ₹ 150 stake.
• Positive odds (+)**: These tell you how much you are going to win if you have staked a rupee of ₹100.
For instance, if +200 odds are received, then the amount you will receive would be ₹ 200 in return for a ₹ 100 bet. Hence, in a ₹100 bet, you'll get ₹300 in return, as ₹ 200 is your profit and ₹ 100 is the stake.
• Negative odds (-): It is the amount you need to bet if you want to obtain ₹100.
For instance, if your odds are -150 then you have to place a stake of ₹ 150 to win ₹ 100. Hence, in case you placed a stake of ₹ 150, you'll get a total amount of ₹ 250, that is, ₹ 100 profit + ₹ 150 stake.
Key Points
Hence, positive odds refer to underdogs or odds, which are unlikely. On the negative odds, we have the favorites that indicate the opposite possibility is more probable but at a lesser return.
American odds are not that common in Indian markets but being aware of it shall be good, especially if one gambles on international sporting events.
Which Odds Format Should You Use?
Thus, positive odds indicate underdogs or odds-the less likely.
On the negative odds, we have the favorites that indicate the opposite possibility is more probable but at a lesser return.
American Odds are not very common in Indian markets but being aware of it shall be good, especially if one gambles on international sporting events.
Understanding Implied Probability
One of the best skills in betting is to understand the **implied probability** behind odds. Implied probability is translating betting odds into percentage form and tells you what the bookmaker thinks about the likelihood of an event happening.
How to Calculate Implied Probability
For Decimal Odds:
Implied Probability (%) = (1 / Decimal Odds) x 100
For example, if the odds of India for cricket are 3.00, then the implied probability would be:
(1 / 3.00) x 100 = 33.33%
It means that the bookmaker believes India has a 33.33% chance of winning.
For Fractional Odds:
Implied Probability (%) = (Denominator / (Numerator + Denominator)) x 100
For American Odds:
- For positive odds: Implied Probability (%) = 100 / (Odds + 100)
- For negative odds: Implied Probability (%) = -Odds / (-Odds + 100)
Implied probability is useful because it allows you to measure whether a bet represents value that is, whether the bookmaker has underestimated an event's chance of occurring and the odds are therefore in your favor.
Betting Strategies for Beginners on Lord Exchange
Now that you understand the basics of odds, how do you apply it to winning?
1. Start small. If you are a beginner, you must be against all temptations towards starting with high odds at the beginning. It is wiser to start with small odds as you understand how the odds and payouts work.
2. Do Your Research: Odds may provide a picture of what the bookmaker thinks, but they're far from being perfect each time. I suggest looking into the stats, form, and other variables before the actual placement of the bet. For example, in cricket, factors such as pitch conditions and weather could drastically change the outcome.
3. Search for Value Bets: A value bet is where you believe that the odds are lower than the likelihood of happening in your mind. Let's say you analyze that a given team has an opportunity to win 60% yet the odds are only showing 40%. In this case, you've found a value bet. 60%.
4. Avert Emotional Bets: Do not bet on your favorite team because you love them; simply calculate the odds and implied probability Markets: Lord Exchange offers a great deal of variety of markets ranging from match winners to more specific bets like total runs in cricket or number of goals in football. Exploring different markets can sometimes help find bets with better value.
Last Words: Taming Your Betting Odds at Lord Exchange
Understanding the odds is the foundation of smart betting. Whether it is your interest in the Indian cricket team or you are betting money on European football, reading odds can keep you away to a great extent from the clutches of failure.
Lord Exchange is an excellent platform for Indian players: it serves in good odds formats and has a long list of markets for betting. Betting is enjoyed; the aim is to have fun with the proper choice, based on informed and well-balanced calculations. As you go more advanced, find value bets and develop your strategies. Nonetheless, gamble responsibly and within what you can afford.
Luck and happy betting on Lord Exchange!