Getting to know odds and how they work

Getting To Know How Odds Work

When learning to play a musical instrument, one does not simply pick up the instrument and know how to play it on the first day. It takes practice and understanding of the tools that are provided for a person to become a master.

The same can be said for online betting, in order for any person to be the best online punter that they can be, they would need to understand the tools that are provided for them. This is invaluable to any person wanting to win big in the Canadian online betting world. With this being said, let’s take a look at online betting and find out exactly what is meant when the term ‘odds’ is used.

What Are Odds?

For someone who has never seen anything like this before, the sight of these numbers may be a bit daunting at first. However, gaining an understanding of how these work is not that big of a task, and with a few small bets to get you going, you can learn and align your bets so that the odds may work for you.

Odds are essentially the amount that the bet will payout, it is the deciding factor on how much a winning bet will payout. If you make a bet of one dollar that has odds of three to one, you will win three dollars should the bet turn in your favour. Whilst this example is just a brief explanation, the essence of odds remains in this format.

What Odds Are There?

The two main types of odds that will be seen in the Canadian market will include fractional and decimal odds. Fractional odds are almost always the easiest and most simple to understand when first looking at the bets. These odds work in the form of a favour for the win. If a bet has a higher chance of winning, it will have lower odds, but if a bet has a lower chance of winning the fractional odds will be higher.

This works as not all bets are equal, if for example, we were to have a sports match between an unknown team and a professional team, the odds are that the professional team would win, therefore placing a bet on that team will yield smaller payouts than if the bet was placed on the untrained team.

Decimal odds are essentially the same but just a little more complex to read. Whilst they still work with the favourite to win system, trying to decipher how much the payout may be takes a little bit more practice.

Learning to read these types of odds may come in handy if you are planning to make Bets outside of Canada, however, most of the best online betting sites in Canada will prefer the fractional odds over the decimal odds as the metric system is not as widely used in Canada as is in European countries.

Either way, as a punter, whichever form of odds you prefer to read, it is vital that you understand the essentials before making any bet so as to know exactly what possibilities are at your fingertips.