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The amount of cash that you make, your profit, is your payout. Some sports bets, such as those involving a point spread, usually pay approximate odds of Each of these expressions of odds represents the same wager and payout.
Notice that you get the same amount of cash back on both bets but that you actually make double on the second wager.
One element that many new bettors are not aware of is the commission that is paid by gamblers to bookies or sportsbooks.
The commission is often referred to as vig, vigorish or juice. This part of sports betting is important because it alters your payout, lessening it.
Vig can be readily seen in point spread betting and when you bet on the favorite using the moneyline. What happens to the 10 cents? The same can be seen with the moneyline.
The way bookies make their commission on the moneyline is they charge more than they should to bet on the favorite and undercut the payout on the underdog.
To calculate implied probability, use the following formulas:. As a responsible bettor, it is important to understand proper bankroll management.
Your payout includes your potential winnings, plus whatever you bet originally. Sports Betting. The best Sportsbooks for US punters Updated 1.
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Our odds converter has been prepared to help you keep track of your betting records! Use the form below to convert between decimal odds, fractional odds, American odds, Hong Kong odds, Indo odds and Malay odds.
First select the format you would like to convert the odds from in the left box, enter the value you wish to convert, select the output odds format and click on the calculator button — the converted odds will be displayed in the box on the right.
You can also use our payout calculator to calculate your potential winnings. Simply put in your stake, choose the odds format and enter the odds value and press the calculator button — the potential payout will be calculated and displayed immediately.
How to spell Odds Formats correctly: Format: Example 1. Decimal Odds 1. Hong Kong Odds 0. Malay Odds 0. Donald Trump: 4. The higher the total payout i.
In both cases, you get your initial wager back, in addition to the amount won. The difference between the odds for the favorite and the underdog widens as the probability of winning for the favorite increases.
In this matchup, there is a big difference between the two odds, indicating a much higher probability of Duke winning the game and advancing to the next round of the NCAA Tournament.
If you are planning to enter the betting or the gambling world, it is important to be able to understand and interpret all types of odds well.
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