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Are you looking to enter the esports betting industry? Are you afraid of betting with your friends because you don’t know much about the odds? We’ve got you covered. Esports betting has become more prevalent as it adds an extra layer of excitement to watching your favourite teams clash and offers a unique opportunity to make new connections.
However, for this to turn out in your favor and result in an enjoyable experience, it’s essential to understand the betting odds, especially according to your betting platform. So, let’s dive into it and learn how esports betting odds are calculated so you can get in the driving seat and take it into own hands instead of just being a bystander.
What are Esports Betting Odds?
Esports betting odds are just like normal betting odds: simple numbers and math that determine the probability of winning or losing. These odds are used to specify the outcome of the match and, in turn, the outcome of your bet, because your bet is determined by particular events, scores, and wins, and these odds reflect just that.
As easy as it sounds, understanding and calculating esports betting odds is not a piece of cake, as several variables affect the outcome of the game and the bet. Hence, bettors must have superior knowledge of betting odds to excel at their placed bets, and not only one; there are multiple types of betting odds, each used in different game modes. Consequently, if you’re looking to excel at all types of game modes, you must know of:
- Decimal odds
- Fractional odds
- American odds
- Others
Let’s continue with the article to learn how esports betting odds are calculated and the differences among various esports odds. For more professional insights, visit Hellagood Marketing, a professional esports agency, to increase your understanding.
Fractional Odds
One of the most commonly used expression methods of esports odds, Fractional odds, is nothing more than saying, “if i play X matches, then i have a probability of winning Y matches”. The following statement will result in the game’s fractional odds in the context being X/Y.
Some platforms or bookies still express these odds in fractions to make it more understandable, whereas others might express the same odds in decimal notation to make it more readable. However, you need to understand what the number itself represents and means. So, let’s look at a few examples to gain a deeper understanding:
- 3/1: The probability calculation would be 1/(3+1) = .25 or 25%.
- 6/1: This translates to 1/(6+1) = 0.142857 or approximately 14.29%.
- 2/5: 5/(2+5) = 0.714285 or approximately 71.43%.
This is how fractional odds are represented and calculated, but let’s see what they mean in calculations.
How to Calculate Fractional Odds
We often use fractional odds in our normal lives without even thinking about them, and we can apply these same principles to calculate the fractional odds of an esports game. In every game, one team is going to win, and the other is going to lose (or draw, depending on the sport). That’s given, but it’s the job of the bookie to provide the odds of each event happening. Through these odds, you can calculate your fractional odds.
As we saw earlier, according to fractional odds 3/1, the probability calculation would be 1/(3+1) = .25 or 25%. However, this statement can be translated into real money in the following way: for every $1 you bet, you will most likely win $4.
This brings us to the point that can help you: if the number on the left side is higher than the number on the left side of the fraction, the esports betting odds are actually in your favor. Alternatively, if the denominator or the number on the left side of the fraction is higher than the numerator, it shows that the betting odds are against you, and it’s better to stay out.
Decimal Odds
Amid the online betting industry’s evolution, regular changes and new trends are customary. Decimal odds recently surfaced. These betting odds have set the industry ablaze, and most online betting platforms currently use them.
One of the first reasons for their fame is that they are pretty easy to understand. You can simply read the decimal number and understand it, or to make it easier, you can just divide 100 by it to calculate their winning odds in percentage. Secondly, unlike fractional odds, they show what you will get back from the bet, including stake. So, let’s see how they are calculated.
How to Calculate Decimal Odds
Decimal Odds are easy to work around with. You don’t need to know how to solve fractions; you just need a layman’s knowledge of understanding the percentage and checking whether it’s in your favor. Let’s see how you can do that.
For instance, if a bookie has shown the decimal odds of 6.0, simply divine 100 by 6.0, which gives:
100/6.0 = 16%
Resultantly, if you were to make several small bets with these odds of 6.0, you would get the following returns from the bets:
- $1 bet = $1 x 6.0 = $6
- $5 bet = $5 x 6.0 = $30
This shows your returns, including the bet Stake, something the fractional odds cannot do. But you see how easy and seamless it was to calculate the odds of any bet and see if it’s in your favor. This is the beauty of Decimal odds; now you can use it to carry out your bets.
American Odds
The last type of odds on our list, American odds, are still less commonly used, but they are very popular in American casinos and Sportsbooks. Some might also know them as moneyline odds, and you’ll see in a short bit why.
This method of odds expression is very distinct due to the use of “+” and “-” signs, but these signs help players identify the favorites and underdogs, respectively. Let’s see what these signs mean. A negative sign shows how much a bettor needs to wager to win $100, whereas, on the other hand, a positive sign indicates how much the bettor would win if they bet $100 on the spot.
How to Calculate American Odds
American odds need no calculations, multiplications, or extensive division; it’s only a matter of quickly understanding the directives. We have already seen what each directive means. However, things might change when these odds come in front of you, and you might not be able to comprehend them. Don’t worry; we have just the right thing for you to gain a deeper understanding.
Let’s take an example to make it easier to understand. The American odds of -150 means a player must bet 150 dollars to win $100, which is not a good bet if you ask us. However, the odds +150 would mean you would win $150 by betting $100. Hence, these signs depict the risk and potential benefit associated with each bet to make it easier for bettors to comprehend and play
This is how you can calculate and comprehend the American esports betting odds. Just look for the sign and calculate whether it’s beneficial for you to wager according to the odds, and you’re good to go.
Summary
We have seen all the major types of esports betting odds currently being used in most online platforms and sportsbooks, and if you’ve seen and understood these, you’re ready to place your first bet. Remember that bookies can make mistakes while putting up the odds, too. So, it’s your responsibility to gamble within your limits and not push the boundaries. Just remember to have fun with your knowledge and win a little on the side without the risk of losing major investments.
FAQ
What Do Odds Represent in Esports Betting?
Esports betting odds notify the probability of a particular event happening, and that event, in turn, determines your chances of winning. This makes esports betting odds the most crucial part of the game as it notifies you about the chances of you winning or losing.
How Are Betting Odds Determined?
Betting odds are determined based on several factors:
- History
- Player statistics
- Playing conditions
- Relation between the two teams
In addition to these factors, many runtime factors influence these odds, and they depend on the bookie to make those odds according to these conditions.
How Can You Forecast Betting Odds?
You can forecast esports betting odds by doing extensive research about the playing teams, conditions, and their histories and by developing a statistical model that determines each team’s chances of winning.
