Betting has come a long way from backdoor places. Most people associate it with negative terms, but they don’t know what they’re missing. It has become a form of entertainment and a simple ol’ game of guess, chance, and predictions. Betting is now mainly associated with sport and makes up a world of its own.

Know the difference between three kinds of odds.

In betting, there are three kinds of odds present. These odds are not used all the time, but they’re present in all sportsbooks. Websites and the likes of online sports betting singapore have their own preferences when it comes to the odds they use, but you can always switch it up with your personal preferences. 

Decimal 

It is the easiest to read. It takes the form of a decimal number. The numbers from left to right correspond to a certain amount. For example, if the odds are 1.50 and you decide to bet an amount of $100, you get $150 if you win. In the case of decimal odds, the larger the number, the bigger the payout. 

American

American odds are also called the Moneyline odds as it is presented in a negative or positive form. Despite that, it’s simple to understand. If it’s negative, the value indicates how much you will need to wager in order to win $100. If the value is positive, that’s how much you will win when you wager $100. Simple, right?

Fractional

Out of all the odds in sportsbooks, fractionals tend to be confusing as they’re presented in ratio forms. However, the best way to understand fractional odds is to look at the left and right numbers. The right side value is the amount you wager, and the left side value will be your winning payout. 

An example would be a fractional odd of 50/100, and you wager $50, you will win $100. Keep in mind that the favorites usually have smaller numbers, while underdogs have bigger numbers (definitely a bigger payout).

Know your preferred bet type.

If odds have three different kinds, sportsbooks also have three different bets. Like odds, these bets have different approaches and uses. Betting is fun and games, but it tends to be boring and straight-up predictable if we stick to just one type of bet, which is why sportsbooks have different kinds of bets for this matter.

Single Bets 

These are straight bets where your aim is to win. These consist of Moneyline, the traditional betting to win. Betting Across the Spread where the odds consists of a favorite and underdog, in which the bet takes place on the points the team must garner to win. And Over Under in which you bet on how the game will end up, whether the scores will be low or the points will increase. 

Multiple Bets

Trying out multiple bets has bigger chances for more payouts, which is why most bettors choose this on sportsbooks to maximize their chances of winning. Multiple bets consist of Parlay, where you bet on multiple picks and making sure every pick is correct (or else you won’t win), teaser bets, where it’s similar to parlay bets. Still, you have the option to choose the options of the bet, and the round-robin, which according to FanDuel’s sportsbook, is a type of wager where you combine parlays in one bet. 

Other Bets

Other bets include betting on futures, usually about who will be the champion, individual players who will win awards, etc. A hedge bet, where you bet on your futures bet for more profit. And lastly, cashing out, which is pulling out your bet halfway before reaching its end game. This is technically backing out to your futures bet if the team you bet on isn’t doing well in the middle of their season.

But then again…

It doesn’t matter how much you try to learn everything in this piece. Understanding the basics of a sportsbook is entirely up to how you approach it. This just gives you an idea of what to expect and know when betting on sports online. You may want to make a different approach, or you may still find this complicated to your taste, but it’s fine. Online sports betting takes time. In the meantime, why don’t you check on who’s leading against your favorite sport at online sports betting singapore and see if now is a good time to play and apply what you’ve just learned.