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Tackling betting odds is the first step to understanding betting in general. What are betting odds, and how do they work? Let's dive in!

How to read betting odds?

Before we plunge into betting odds, let's tackle this question.

Odds can be presented in a few different ways. To make it worse for newbies, their numbers mean drastically different things. Common ways for odds to be displayed are American odds, fractional odds, and decimal odds:

1. American odds are the default betting odds used by American sportsbooks, also going by the name of US odds or Moneyline odds. They can be confusing at first, as they aren't as straightforward as a decimal or fractional odds—notes The Athletic. American odds focus on winning or wagering $100 on a given bet (it doesn't mean you can't bet other amounts, though). American odds are accompanied by a plus (+) sign in front to indicate the underdog or a minus (-) to indicate the favorite. Since the underdog is less likely to win, a bettor gets a higher payout betting on them. Depending if it's a negative or positive sign, American odds either indicate the amount a bettor needs to wager to win $100 or the amount they would win for every $100 staked. With a team whose odds are proceeded with the plus sign (the underdog), let's say +150, a $100 bet will win you $150 in profit. So while with +150, you make $150 on a $100 wager, -150 means you must bet $150 to win $100. If the Browns are in the Super Bowl and they're projected to win with the odds of -500, you'll have to bet $500 to win $100.

2. Decimal odds, like all other methods, represent the perceived percentage chance of success. Decimal odds are shown as one number—the amount a winning bet would collect on a $1 bet, i.e., how much the bettor will win for every $1 they wager. The more you wager, the more you win—emphasizes Lines. For example, if decimal odds on a football team are 4.50 and you stake $10, the return, if the bet goes in, would be $45, and the profit would be $35 (4.5 - 1, multiplied by stake). If the odds of something happening are 3.00 and you bet $100 on it, expect a $300 payout in case of a win (while a profit equals $200). Decimal odds have the broadest application around Europe, being the display format of choice for betting exchanges worldwide. For many punters, they are the most straightforward representation of probabilities. Decimal odds illustrate, in a simplified way, the return you will receive if your bet is successful to a unit stake of 1.

3. Fractional odds are especially popular among British and Irish bookies, and they are also known as British odds, U.K. odds, or traditional odds. Fractional odds are a way of displaying betting odds used by some of the world's largest bookmakers. They were originally used in horse racing and are one of the oldest forms of odds for sports gamblers. In fractional odds, typically written with a slash (/) or hyphen (-), a bettor multiplies the fraction shown by the amount of a bet to show the profit a winning bet would collect. So, 6/1 odds means they win $6 against every $1 you wager (besides receiving wagered amount back). So, if you stake $10 at 6/1 and win, you get a total payout of $70 ($60 profit + $10 stake). Simply put, fractional odds are the ratio of the amount (profit) won to the initial bet. Fractional odds are slightly more challenging to read than decimal odds. To decipher them, let's look at a tennis matchup between Novak Djokovic (6/5) and Rafael Nadal (4/6). If the number on the top or on the left (the numerator) is bigger than the one on the bottom or on the right (denominator), we are dealing with an underdog. If the denominator is bigger than the numerator, we look at a favorite. To tackle how much you are about to win with fractional odds, multiply the stake by the fraction. For example, if you bet 100 on a said Djokovic and win, the equation is 100 x 6/5, which gives 120. Add it back to your stake, and you get a total payout of 220.

All odds have their specific benefits, so deciding whether one format is better is a matter of personal choice and discovering what your brain feels most cozy with and computes best. Luckily, many sportsbooks give users the freedom of choice, so switching between various types of odds is doable and easy.