Betway Odds presents the probability of a specific outcome in a sporting event on the betting platform. Here is a Betway review on what odds are and how you can calculate them.
What Are Odds in Betway?
Odds in Betway show the likelihood of an outcome. Betway Odds tell us how a bet will perform for a specific event. In addition, the odds on Betway are mostly in decimal and fractional format.
For instance, in a football event, Betway will give you the option of choosing between a home win, a draw, or an away win. The betting platform will assign a numerical number to each of these three outcomes depending on its likelihood.
However, before you can take advantage of the odds on Betway, you must have registered an account. Using the Betway sign up code is optional.
Betway Odds for Upcoming Matches
Types of Betway Odds
Betway South Africa offers odds to bettors in two formats – decimal and fractional. However, the most popular types of odds in the sports betting market are decimal odds, fractional odds, and American odds.
Fractional odds are usually common to sports betting platforms in Europe and some part of Africa. Generally, fractional odds tell the potential winnings with respect to your stakes.
For instance, a fractional odds of 5/1 means that you win R5 for every R1 you stake, including your initial stake. For this odds type, you have something like this: Liverpool 3/1, Norwich 11/1, Draw 5/1. Liverpool is the home team, and Norwich is the away team. So, if you place a R10 bet on Liverpool at 3/1 odds, you win R40, that is, R10 added to your R30 win.
Decimal odds represent the amount an individual wins on every R1 stake. For this odd type, you have something like this; Barcelona 1.50, Granada 5.20, Draw 3.40.
Barcelona is the home team and favourite, and Granada is the away team and underdog. A stake of R10 on Barcelona would earn you R15. The R15 represents the R5 you’d profit from a Barcelona win plus your initial R10 stake.
The American odds are also known as the money line odds, and they are usually represented by a + or – sign. The ‘-’ sign indicates the favourite, while the ‘+’ sign indicates the underdog. For example, a -200 favourite has a better chance of winning than a -120. However, a +200 underdog has a better chance of winning than a +500.
The American odds use a baseline value of $100, so a bet on a -135 favourite means you must stake $135 to win $100. However, for an underdog odds of +350, you will stake $100 for you to win $350.
How Do Odds Work in Betway?
Odds help to figure out how much a successful bet pays out. When you place a wager with this bookmaker, odds will be given at the time. The greater they are, the better the outcome of your bet.
In addition, odds show the probability of a specific outcome occurring. It generally helps you to know how to bet on Betway. The lower they are, the more likely a result is. It makes sense because you should expect to gain less when betting on a possible event than when betting on an unlikely outcome.
The key to grasping Betway’s odds is to observe how they apply in real-life scenarios.
For example, consider a tennis match in which the world’s number one player takes on the world’s number 125th player. It stands to reason that the top player in the world will most probably beat his opponent. As a result, betting on him to win has very low odds. On the other hand, betting on his opponent has significantly higher odds.
It is a simplistic explanation, but it provides a good concept of how odds play a part in sports betting.
How to Calculate Betway Odds?
The first step towards betting success is understanding the odds. It will help you have a good grip on Betway odds and give you the ability to read different situations in betting. Fortunately, you can calculate odds independently, allowing you to wager smartly.
Now, let’s look at calculating odds using the Fractional and Decimal formats.
Fractional Odds Calculation
- For Fractional odds; [Stake x fractional odd] + Stake = Total Payout
Assuming you’re at a horse race, you’re about to place a wager on a horse. Here are a few possibilities:
- Kommetdieding: 9/10, Linebacker: 8/5,
- Double Superlative 6/1
Based on these figures, Kommetdieding appears to be the favourite, while Linebacker and Double Superlative have bigger odds. For example, if you bet R10 on Kommetdieding to win the race, you would win R9. On the other hand, for every R5 put on the table for Linebacker to win, you’d win R8, which is more profitable but less likely.
As you can see, wagering on the underdog will give you a better outcome.
Also, if you bet R50 on Kommetdieding, you will profit R45. Using the formula above, [R50 x (9/10)]+ R50 will bring a total payout of R95.
However, if you put the same amount of money on Double Superlative, you will win R300. [R50 x (6/1)]+ R50 for a total payout of R350. While this is a less likely outcome, it is also significantly more profitable if you win.
Decimal Odds Calculation
- For Decimal odds; Stake x Decimal Odd = Total Payout
Imagine you wish to place a wager on a specific hockey team. Here are two possibilities:
- Calgary Flames: 2.70
- Tampa Bay Lightning: 1.40
These figures indicate the amount you’d win if you put R1 on the table. You’d win more if the numbers were greater. A greater number also shows that the team is an underdog.
As a result, if you wager R100 on the Calgary Flames and they win, you will receive a payment of R270. (R100 multiplied by 2.70). Remember that this includes your initial investment, so your net profit is R170.
There are also odds calculators online that can help you with your calculations.
You can read Betway odds by looking at the numbers attached to a team. The smaller odds usually represent the favourite team, while the bigger odds represent the underdog. However, betting on the underdog will yield a larger payout than betting on the favourite. Fractional odds show that you will receive your profits in proportion to your stake, while decimal odds infer that you will get the sum of the amount you will receive in return for a R1 bet.
When betting, there will be instances when you want to boost your Betway odds; this does mean taking on more risk. However, it also means that you will have more returns if you win. Furthermore, you can combine different events to gamble on with a higher risk and higher payout. Betway also offers Boosted sports odds. A boosted fixture usually has a lightning bolt icon next to It.
Betway is one of the best around when it comes to betting odds. The bookmaker provides very decent and competitive odds to its users.