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Bookmaker Betting Odds on Horse racing and sports betting are displayed in three different formats. Betting odds have traditionally been displayed as fractions but today the betting odds in Australia are displayed in Decimals with some online bookmakers also catering for the American market and can display their prices in either positive or negative, for example – 120 or + 400.
American betting odds can look rather confusing at first glance but it simply means that you have to bet $120 to win $100 profit or you will win $400 profit for your $100 wager.
The majority of online bookmakers offer all three formats of betting odds for their customers to customise to suit their own preferences.
Betting Odds Explained:
Decimal Odds: The Decimal Odds format is the most popular betting odds format used by punters because it’s probably the easiest to figure out how much you are going to win. When you place a winning horse racing bet you simply multiply your bet amount by the betting odds that you placed your wager at.
$100 horse racing bet = $100 x $2.25 = $225 return or $125 profit.
Fractional Odds: We have all heard terms like 6/4 favourite when we are betting on horse racing. To convert the fraction 6/4 to decimal we simple divide 6 by 4. This gives us 1.25 which we multiply by our $100 wager = $125 profit.
American Odds are different again as we mentioned earlier. You simply need to remember that the –107 being offered means that we have to place a wager of $107 to win $100 profit.
As a punter it’s certainly in your interest to bet in the betting odds format that you understand best. This is the main reason why the majority of punters stick with decimal odds.
Fixed Odds Betting
Fixed Odds Betting is one of the advantages that many punters enjoy when placing horse-racing bets with online bookmakers. The option of Fixed Odds Betting can be advantages to horse racing bettors who believe that the Fixed Odds Betting prices being quoted will not be as generous when the race starts.
Many online bookmakers also offer a form of paramutual betting odds. Unlike with Fixed Odds Betting where you know exactly what you will win as soon as you have placed your wager, Paramutual betting odds aren’t fixed odds and your price can change depending on how much money is invested on your selection.
Generally speaking, most online bookmakers will offer their own form of “Paramutual” betting odds at a slightly higher dividend than that which is offered by the TAB’s.
Futures Betting Odds
Futures Betting Odds for major races including the major Spring Carnival races like the Caulfield Cup and Melbourne Cup are always popular amongst horse racing punters. The Futures Betting Odds are one of the most popular horse racing betting markets offered by bookmakers with many of us enjoying the challenge of trying to beat the bookie.
Did you know that Makybe Diva opened up at $71 in Melbourne Cup Futures Betting Odds offered by the TAB when she won the first of her three Melbourne Cups?The grate mare was only an $8 chance in Melbourne Cup Betting on the day she won her first Cup.
The reason that Futures Betting Odds are so exaggerated is that some betting odds markets are made available to the public a long time before the race and something can go wrong with the horses fitness, meaning the punter has lost their money before the race is even run.
To offset this disadvantage to the Punter the bookmaker has to offer lucrative odds to gain the punters business.