Anyone who is new to placing sports bets can often feel overwhelmed by the many different odds typically available per event and the implied probability rates that are attached to those odds.
However, understanding the odds shouldn’t take too long for most new sports bettors to get used to, and once you have learned to understand what the odds are trying to tell you about an event’s most likely outcome, it can help you place far more informed/strategic bets, and it can help turn those losing bets into winning ones.
With that said, here is everything you need to know about sports betting odds and IPRs (implied probability rates) and how understanding this basic statistical data can turn you from a novice bettor into a seasoned pro in no time.
What are sports betting odds?
Simply put, sports betting odds represent the ratio between the total amount wagered by the online bookmaker/sportsbook and the bettor/punter. They express the likelihood of a particular outcome occurring.
There are three main odds formats used in different parts of the world, which include the following:
- Decimal odds – used almost everywhere, including India, Australia, Africa, Europe, South/Central America, and numerous other countries
- Fractional odds – used mainly in the United Kingdom (England, Wales, Scotland, and Northern Ireland)
- American/moneyline odds – used mainly in North America, especially the United States, but also in parts of Canada (Canada also uses the decimal odds format)
On trusted Indian iGaming sites like the official 10Cric website, the odds on sports are displayed in the decimal format, so if you are already familiar with decimal odds, placing bets and understanding which team/player/athlete/driver will most likely win the sporting event you are about to bet on should be relatively straight forward.
The implied probability rate explains the odds in percentages. Therefore, a sports bet with 1.29 decimal odds is the same as saying 2/7 in the fractional odds format and -350 in the America/moneyline format. It all means the same.
When displayed in the IPR percentage (%) format, 1.29, 2/7, and -350 odds are the same as saying that this particular bet has a 77.80% chance of occurring. Remember, the higher the IPR, the more likely that outcome will occur.
Let’s take a quick look at a few more examples of the three different odds formats and their associated IPRs:
- Odds: 1/100 (fractional), 1.01 (decimal), -10,000 (American/moneyline). IPR: 99.00% – almost guaranteed to occur/very likely to happen
- Odds: 4/11 (fractional), 1.36 (decimal), -275 (American/moneyline). IPR: 73.30%
- Odds: 1/1, also called EVENS (fractional), 2.00 (decimal), +100 (American/moneyline). IPR: 50.00%
- Odds: 2/1 (fractional), 3.00 (decimal), +,200 (American/moneyline). IPR: 33.30%
- Odds: 13/2 (fractional), 7.50 (decimal), +650 (American/moneyline). IPR: 13.30%
- Odds: 1000/1 (fractional), 1,001 (decimal), +100,000 (American/moneyline). IPR: 0.01% – almost guaranteed NOT to occur/extremely unlikely to happen
Tips for new sports bettors to get the most out of the odds they are offered
The problem with many new sports bettors is that they are often tempted by the huge potential returns with certain odds that low IPRs offer.
For example, you might want to bet on a horse that’s running in the Melbourne Cup (Australia), the Kentucky Derby (United States) or the Grand National (United Kingdom) because it has been priced at 101.00 (decimal odds), which is 100/1 in fractional odds, and +10,000 in American/moneyline odds.
If you place a ₹1,000 ‘outright winner’ bet (which is approx. $/€/£10.00) on a horse with these odds, and it wins, it means your total returns for this bet would be ₹101,000.00 (₹1,000 multiplied by 101.00 odds = ₹100,000.00 PROFIT + your initial ₹1,000.00 stake returned), which is massive!
However, the chances of a 101.10 (100/1 or +10,000) bet winning is just 1.00% (IPR) and very unlikely to occur. However, that doesn’t mean to say that bets with low IPRs and long odds like this never occur. They just don’t come in very often, so try not to be tempted by the lure of a huge payout.
Instead, try to place more strategic bets with lower payouts and higher IPRs that are more likely to see a return on your initial stake.
Think of betting in this way as a long-term game and not short-term. The profits will be much smaller when betting with these kinds of odds, but your bankroll will gradually build up over time.
Where’s the safest place to bet on sports online if I live in India?
If you are aged 18 or above, live in India, and fancy placing a wager on any upcoming global sporting events, the safest site you can turn to is the official 10Cric online sports betting and casino website.
This trusted iGaming site is known for having some of the industry’s most highly competitive odds for over 35 major global sports, including cricket, kabaddi, tennis, badminton, soccer/football, basketball, field hockey, ice hockey, boxing, rugby, formula 1, golf, and baseball, to name a few.
You have the option to place pre-match bets long before an event has started, or you can place even more informed bets during a live event thanks to their in-play betting services. Some of the main bet types available here include teaser bets, system, express, boosted odds, and ordinaries.
Besides regular sports betting services, they also have virtual sports betting, eSports betting, and eCricket betting (simulated reality cricket league betting) for those of you who fancy trying something different.
The key to placing winning bets is not just about understanding the odds and implied probability rates. It also helps to understand the sport you are betting on and to stay on top of the latest news.
Also, try to arm yourself with as many relevant stats and information as possible, such as historical results, current form, latest injury news, starting line-up, etc., to give any bets that you place the best chance of winning.
Final thoughts
Sports betting has become an art form that few have truly mastered. The other important thing to remember is that even when you bet on the ‘odds-on’ favourites in any given event, you are not always guaranteed to win. Sometimes, the least favourites can upset the odds and win, so remember that you are always going to be subject to losses and won’t always win.
However, with that said, mathematically speaking, you are more likely to win by betting on the favourites instead of wasting your money on too many underdogs/longshots/outsiders with low implied probability rates. In other words, pay attention to the odds before betting, and place sensible/affordable bets, not silly bets that are less likely to win.
Also Read: Analyzing the Odds: What You Need to Know Before Betting On Sports In California
