In the world of sports betting, you have to understand the basics of betting odds. The winning price in sports betting is highly dependent on the odds and is way different from online gambling. In online gambling, you will know right away how much is the pot money, and the possible price that you can get once you are the winner. Though in sports betting, you would know the prize money, but it underwent a computation based on the odds.
The betting odds are a number given to any participants in sports betting for them to know how much they are expecting when the team they choose will win. In understanding odds and its basic principle, you have to be familiar with the rule of the game. For example, when the odds say six to one or written as 6/1 odds, in every dollar that you bet, you will win 6 dollars. Now, if you will double your bets depending on your funds, you will earn more once you win.
To understand more of this, you need to have a grasp of the terms stake and payout. The stake is your bet and the payout is your total price won. Let us say you have a stake of 10 USD, then the bookmaker tells you that the betting odds is 6/1. Once you won, you will have a total pay-out of 70 US dollars. How did it happen? The computation would be, the total payout equals the stake multiplied by the fractional odd plus the stake.
If you bet 10 USD for the 6/1 betting odd, you will get 60 USD for your profit after deducting the 10 USD that you bet initially. So the profit is the winning cash that you were able to acquire by just betting 10 USD.
It can be confusing at the beginning because it is about numbers and computation. However, according to experts, you have to give it time in understanding odds to avoid any chaos. For beginners, this is the very first area that needs to be learned and thoroughly looked at because it involves your strategy in betting and the profit that you may gain. Without a proper understanding of how the betting odds work, then there will be confusion that may lead to trouble as it involves money. Also, you can always ask the customer service of the sports betting website if you have further inquiries about certain set up that you are confused about.