Sports Betting in Canada- Understanding Odds and Payouts
For anyone interested in sports betting in Canada, the first step is to understand odds and how they affect your chances of winning, as well as the amount you will be paid out. When signing up with a reputable site, it is imperative to find on that has competitive odds on the sports and markets you are interested in.
In the world of wagering, the term refers to the likelihood of a particular event taking place such as Arsenal winning the Premier League or the Falcons winning the Super Bowl.
When a bookmaker posts high odds, it means that their research has shown that there is a slim chance of the wager being successful. Since the risk is much higher, the payout on the wager is also much higher. Lower numbers mean the wager has a higher chance of success and subsequently has a lower payout. Sports betting odds are mainly expressed in fractional format such as 5/1 (five to one) or decimal format such as 1.50. Identifying how the numbers are expressed is the first step to placing a successful wager.
Fractions are often used when enjoying the sports betting in Canada has to offer on American Football, Basketball, Baseball and Ice Hockey. An example would be 4/1 (four to one). Using this number, you can calculate your theoretical chance of winning as well as the potential payout amount. To calculate your chance of winning, take the two numbers add them together and divide by the right-hand number. In this case we get 4+1 = 5 then divide 1/5 to get 0.2 or 20% chance of winning.
If you want to know your sports betting payouts, add the two numbers and divide the total by the right hand number. Then you multiply this number by your stake. Here we get 4+1 = 5 multiplied by 1 to get 5. Multiply 5 by your stake of say $10 to get a payout of $50.
Decimals are slightly easier to understand. These are commonly used with European sports such as Tennis, Golf, Rugby, Cricket as well as horse racing or Formula One. An example would be 1.50. To calculate implied probability percentage, use the Formula 1/(odds) x 100. In this case 1/1.5 x 100 =66.6%. You can also use these numbers to easily calculate your total sports betting payout. To do this, simply add a monetary value to the number and multiply by your total stake.
If you have a price of 5.20 then you will be paid out $5.20 for every $1 you wager. If your stake is $20 then you simply multiply 20 x 5.2 to get a total payout of $104. This includes your initial stake of $20 so your total profit is $84.
The key to success is finding value. This means that the numbers posted do not match up with what you think will actually happen. For example, a bookmaker might release odds of 8.00 on a particular horse to win a race. However, your research has shown that there is a much higher likelihood of the horse winning and the numbers should be much lower. This happens most often when the sports betting odds are first released. The market has not had time to absorb all the information and invariably the numbers will drop fairly quickly.
It is important to note that posted odds at a sports betting in Canada site should act as a guideline for your wagering decisions and not dictate them. It is always best to do your own research and create your own theoretical numbers before comparing them to what is available.