On Your Marks…
Firstly select an online bookmaker. Check out online bookmaker reviews and also make use of odds comparison sites. Choose one that offers the range of sporting events you are interested in and has a good reputation.
Your next step is to open an online account and deposit some funds, using the approved payment methods. Make sure you take advantage of any welcome bonuses on offer – most have promotions that give you extra betting funds.
So now you are ready to bet but do you understand all the jargon? Odds simply demonstrate how much you can win on a given stake, however for different formats can be quite confusing. Generally, the higher the odds; the lower the probability of winning.
Odds can be written in three different formats – European (Decimal), U.S. or U.K. style.
1. European Style (Decimal Odds)
This is very common and shows your potential winnings.
If a €200 wager is bet on the UK Premiership, say for Manchester United to win against Spurs. If the odds ate 1.80, you simply multiply the stake by the odds; ie. 200 x 1.80. Your winnings would therefore be €360 minus your initial stake of €200, totaling €160. The ease of calculations makes this type of betting very popular.
2. UK Odds (Fraction Format)
These are popular in Europe, Canada and Australia and show the profit if you win the bet and you just need to add a 1 to the stake to get the decimal equivalent. If the bet above had odds of 4/5 then we can calculate the winnings and profit as follows:
Winnings: 200 x (1 – 4/5) = €360.
Profit: 200 * 4/5 = €160
3. American Odds
American odds have no resemblance to the European or UK formats. There are two types of odds; positive (for favorites) and negative (for underdogs).
If the bet for Manchester United to win against Spurs is -120 then you will need to bet $120 for every $100 to aim to win. If the bet is +120 then this means that for every $100 you wager you stand to win$120.
Conversion charts for any format of bet are available online; here are some of the popular equivalents:
Once you have selected your site and understand the odds, placing your bet is the easy bit. Follow the instructions on your online bookies and away you go!