FIXED ODDS BETTING: TYPES OF ODDS OFFERED

Fixed odds betting is a form of sport betting where a bookmaker offers odds for a specific outcome in an event. 

Since it involves betting against the odds offered before the event, the gambler gets to know exactly how much they would win or lose before wagering. This is done by simply calculating the money placed against the odds offered by the bookmaker at the time of placing the bet.

One distinctive feature about fixed odds tends to change over time once posted on the bookmaker’s website. This might be a drop or an occasional increase in the odds, which at times can be rather sudden. 

FIXED ODDS BETTING: TYPES OF ODDS OFFERED

The main reason behind the fluctuating odds is the number of bets placed on certain outcomes of a match or an event. As a result, the bookmakers adjust the odds on their website which would help them make profits, regardless of the final result of the event.

Nonetheless, the odds you had used when placing the bet remain the same. This would explain why this type of sport betting is the most popular.

Types off odds offered in fixed betting is mostly dependent on the geographical location. They Include:

Decimal Odds

Fractional Odds, and

Moneyline

Fractional Odds

Also known as UK odds or British Odds, Fractional odds are most favored by bookmakers in UK and Ireland. They are most common in horse racing but are also widely used in football and other sports as well.

Here, the ‘fraction’, usually reinforced with a slash (/) neither represents the odds of winning nor the reciprocal of winning. Rather, it represents the fraction of the amount at stake that the upside outcome represents.

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For example, betting on $100 on 4/1 odds gives you a possible win of $400 if you win the bet. if the fraction was flipped (proper fraction), the payout would be much smaller. So, if the odds are 1/4, a stake of $400 would give a return of $100.

1/1 odds mean there’s equal or a 50/50 chance of either sides/team in a given event or match could win. 

Decimal Odds

These are by far the most popular types of odds in fixed odds betting. Also known as digital odds, European odds, or continental odds, they are most favored by betting exchanges as they are notably the easiest to work with.

They are mostly used in continental Europe, New Zealand, Canada, and Australia.

Unlike fractional odds, decimal odds are the winning amount that would be paid to the better if their bet was to win. For example, if the odds listed for an event is 2.0, your return would be twice your wager if your bet won. If the odds listed were 3.5, then your possible win outcome would be three-and-half-times the amount you wagered.

In comparison to fractional odds, decimal odds of an outcome are equivalent to 1 added to the fractional odd converted to decimal value. For instance, we had initially used 4/1 as a fractional odd representation. Therefore, when converted to decimal odds, it would be {1+4} which would give a decimal odd of 5.00.

If it were a fractional odd value of 1/4, the decimal odd value would be 1.25{1+0.25}.

Ideally, 1/1 fractional odd value would be quoted as decimal odd value 2.00. which means that the odd suggests for a 50/50 chance that either side could win. So, if you staked $100 on team A and it won, you would win $200 in return.

Moneyline Odds

Also known as American Odds, this type of odds is mostly favored in the United States. 

At first glance, they may look difficult to comprehend as they are represented in negative and positive figures. But in real sense, they are easy to use once you grasp the underlying concept.

For both positive and negative figures, they show how much you would win if you staked $100 and your team won. The distinctive difference, however, is that while the positive figures are done when the odds are better than even, the negative figures indicate that the odds are worse than even.

Let’s relate this with a fractional odd representation of 4/1. This would be quoted as positive figure +400. Note, however, that 1/4 cannot be quoted as a positive. Instead, it would be -400.

If team A has moneyline odds of +170 and team B had moneyline odds of -140, staking on team A would earn you $170 if the team won. If you had staked on team B and it won, it would earn you $140. Team B is clearly the underdog in this scenario and team A the favorite.

Nevertheless, keep in mind that betting on the underdog in moneyline or other types of fixed betting does not mean that you will always win. Upsets are not a new thing in sports.

Even odds, or games with a 50/50 chance would be quoted as +100 or -100.

Fixed Odds VS Spread Betting

In spread betting, you are largely gambling based on margin for one team. Your selection is based on the team that has a chance of winning the game by a certain amount or more.

Using the quality/recent performances or even players among other factors, the bookmaker is able to come up with a ‘spread’ usually explained as an advantage for the weaker team expressed as points or goals with which, in theory, the underdog would have equal chances of winning as the favorite.

Ideally, there are also spreads for the goals or points that the favorite will score, or which the underdog could concede.

As a gambler, your bet will be based onto whether the particular result offered by the bookmaker will be over or under that ‘spread’.

Some of the most popular spread bets include Asian Handicaps and Over/under.

On the other hand, the most popular types of bets in Fixed odd betting include Win/Draw/Win (1X2), Double Chance, Outright, and Correct score.

Conclusion

In comparison to other types of betting, fixed odds betting is considered easy to understand even to beginners in gambling. That undoubtedly explains why it is the most popular of all. The only challenge is picking the winner as surprises are always expected in gambling.

Even so, thorough research before placing a bet and a stroke of luck goes a long way in tipping the chances in your favor. 

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