If you are just starting placing bets or you are thinking about doing this then the first thing to know is that there is a lot to learn.
From what type of bets to place to how much you should be staking and the odds on offer, you need to understand many aspects of betting to be sure you are doing the right thing. This is the case whether you are betting on PGA Tour golf, football, hockey or anything else.
Of those lessons you will need to look at, one of the first you need to do is understanding how betting odds work and what you should be looking for when comparing what each bookmaker has on offer.
There are three main ways in which betting odds are displayed, the vast majority of online bookmakers will allow you to choose how you view odds on their site. You only need to learn one, but you do need to understand how that one works to ensure no slip ups.
The Three Types of Betting Odds
There are three main ways in which you can view betting odds. These are known as traditional odds, decimal odds and American odds, you can use these to bet on the full range of sports.
As the names suggests, traditional odds are those that were first used, decimal odds include showing returns and American odds are seen more often than not in America, and not as popular anywhere else in the world.
There is no right or wrong odds type, the key is to choose one, stick with it and ensure you fully understand this type of odds before you move onto anything else. Each only bookmaker will allow you to change how you view the odds on their site, so change this to suit your needs in the settings.
Which Odds are Best for Beginners?
If you are a complete beginner when it comes to betting and you have no connection with any type of odds then you can decide between the three which you want to use.
If you are looking for the one that you can compare and pick up the quickest, then that is probably going to be decimal odds.
On websites such as Odds Manager, you can compare the odds on offer between bookmakers. Because decimal odds show you the returns for a 1 unit stake bet, these are easy to compare.
You don’t need to know anything about odds to know that 3.20 is bigger than 3.10, this is clear by how they are shown.
The traditional odds values of these are 11/5 and 21/10, which are not as easy to understand for beginners.
American odds display winnings based around 100 wagers, so for example a team listed at +500 would give you winnings of 500 for your 100 unit stake.
All odds show the same info, but it is how that info is given that makes the difference. There is no easier way of comparing odds than by using decimal odds, so these are the best for beginners.
Why You Need to Understand Betting Odds
The obvious importance here is to work out where you are going to find the best odds. If you are comparing three or four bookmakers together and you want to get the biggest return, you need to understand the odds on offer to find the best.
This shows again why decimal odds are the best for beginners. The returns are shown as decimal winnings based on a bet of one unit stake. Simply choose the biggest number and you will get the biggest returns from the best odds.
This understanding is key to being a competent gambler, every time you don’t take the best odds you are leaving profit on the table.