Modern sports betting is completely dependent on the odds. No matter what betting site you go to, you’ll find nothing but odds, for different markets, of course. We’re going to go out on a limb and claim that you’re not ready for real money sports betting if you’re not sure how to read odds.
That’s why we’ve decided to create this guide. The purpose is to educate you on how odds work, what they mean, and what are the different types of odds you can expect from the best betting sites across the world as well as in India.
The concept of odds is as old as the universe. We may have discovered it way later in time but it was always there, looking upon our fate. According to the traditional definition, “odds provide a measure of the likelihood of a particular outcome”. If we try to simplify it, it simply means a mathematical likelihood of an event happening. It’s a very common parameter for statistics as likelihood plays a major role in large data sets.
When we say the odds for rain today are high, we simply mean that there’s a strong chance that it’s going to rain. Now, how did we predict that? Based on the weather condition, the severity of clouds in the sky, precipitation rates, and other things. It means to calculate odds, you first need a few variables. The concept of probability and odds go hand-in-hand in all contexts. In fact, you can’t solve the equation for odds without the probability. The equation goes:
Odds = P/(1-P), where P is the probability of an event, denoted in percentage. But let’s not get too much into the mathematical calculation of the odds. Rather, let’s focus on the betting odds.
Sports Betting and Odds
Bet odds have 2 different purposes. Gambling is one of the very few industries where odds can play 2 different roles. The first role is implying the probability, which you may have already guessed. By looking at the odds, you can tell how likely the outcome of the sport is.
The other role of bet odds is to project your payout. It doesn’t matter whether you’re looking at decimal odds, Hong Kong odds, or American odds, you can calculate your potential winnings from the odds.
As you can see, the 2 most important elements of sports betting which are knowing what is the most likely outcome and how much you can win are dependent on the odds. So, if we say that you can’t participate in sports betting without knowing the odds first, is that too much?
How Do We Choose the Best Betting Sites for Odds
If you’ve been following our guides on this website, you may already know that we follow a very strict process to rank the betting sites. The same is true for the best betting sites for odds in India. In this section, let’s go over our ranking criteria very briefly so that you have an idea of what you’re getting into.
The very first thing we always confirm is whether the betting site in question is licensed or not. Although the Indian government doesn’t regulate online gambling just yet, we can’t compromise your online security with an unlicensed betting site. You should keep the same thing in mind when you look for the best odds betting sites by yourself.
A very important thing to do when you start online sports betting is to compare odds between multiple betting sites. It’s because different betting sites may offer the same markets but the odds are rarely the same. The goal is to squeeze every single rupee from a bet without compromising security or user experience. Hence, we do the comparison for you and list only the most competitive ones.
Good Online Reputation among Indian Bettors
The user reviews say things no independent review can say. That’s why we always take real reviews from real Indian punters before recommending the best betting sites for odds.
Different Types of Bet Odds and How to Read Them
Now that the basics of what odds are out of the way, we can go deeper into the types of odds. Before we do that, there is an important clarification we have to make. The types of odds are nothing but different ways to represent the probability. no matter what format you use when you sign up for the best betting sites of odds, they mean the same thing.
With that out of the way, we can safely tell you that there are 3 main formats that punters use all over the world. There are a few sub-variants too that some niche use. We’re not going to list them separately but will discuss them when the context is right.
To simply understand how decimal odds work, all you have to do is consider it as a multiplier. When you multiply the odds by the amount you’re wagering, you get the total payout from that bet, if it’s successful.
According to the laws of probability, 2.00 is the middle ground for decimal odds. It means if an event has 2.00 odds, it has a 50% probability of happening. If the odds are shorter (lower) than 2.00, it means more than 50% probability. And the opposite is true for longer (higher) than 2.00 odds.
The 2 numbers on fractional odds, meaning the numerator and the denominator, represent your profit and the stake. Just like decimal odds, it’s scalable as the bookmaker sees fit. When you add the numerator and the denominator, you get the final payout.
So, one basic difference between decimal odds and fractional odds is that you get the total payout in the former and a broken-down view for the latter. If you see 5/2 odds, it means you’ll win a ₹5 profit if you wager ₹2. The total payout for this bet would be ₹7.
This is a bit more complex than the other 2 formats as it uses (+) and (-) operators to distinguish the favourite and the underdog. The other difference is that all odds are projected against the value of hundred currency units. In this case, it’d be ₹100.
The odds with the (-) sign indicate how much you need to wager for a ₹100 profit. And the odds with the (+) sign indicate how much you can profit for a ₹100 wager. If a team or a player boasts (-150) odds, it means this is the favourite outcome. You can make a ₹100 profit if you wager ₹150 on this market. The total payout will be ₹250.On the contrary, the odds are (+150), which means you can make a ₹150 profit if you wager ₹100.
Our Top 3 Best Odds Betting Sites in India
Let’s narrow down the options for new punters with our top 3 picks.
With a dedicated domain for Indian punters, Parimatch offers some of the most competitive markets in India. If cricket is your favourite sport and you want the best markets, look no further than Parimatch.
As you already saw, we used 1xBet for all of the examples above. It’s simply because 1xBet is one of the best sites for bet odds. Moreover, it offers excellent bonuses as well as a massive list of online payment methods to choose from.
The last site for bet odds on our list is Melbet, a very underappreciated online betting site. You can expect top-notch security as well as bonuses in India if you register for this one of the best odds betting sites.
Like many aspiring writers, Jarin focuses on bringing life to the text for her readers. She is an avid sports lover, growing up in a family obsessed with bookies. She is an expert in the iGaming niche and has secondary obsessions with Gardening and cooking.