Odds

Definition

Odds serve a dual purpose by representing both the probability of a specific outcome and the potential payout for a successful bet on that outcome. Generally, higher odds indicate a lower likelihood of occurrence and a greater potential reward. Conversely, lower odds suggest a higher probability of the outcome, resulting in a smaller potential payout. This relationship underscores the principle that higher risk corresponds to higher potential reward.

For example, in a match between a team leading the league and a team at the bottom, the odds would heavily favor the front-runner. Given the high likelihood of the leading team winning, the payout for a successful bet on them would be lower. On the other hand, betting on the underdog involves greater risk, leading to a larger potential payout for a successful bet of the same size compared to a bet on the favorite.

Different odds formats

When dealing with sports predictions, odds can be presented in different formats, with the two most common being European and American (sometimes referred to as 'Burger' odds).

European Odds:

• Format: Decimal (e.g., 1.5)

• Always positive numbers

• Payout Calculation: Multiply the odds by the stake (amount of money bet) to determine the potential payout if the bet wins.

  • Example: Bet $100 with odds of 1.5; potential payout = $150 ($100 collateral + $50 profit)

American Odds:

• Format: Whole numbers, positive or negative (e.g., -200)

• Negative odds indicate favorites, representing how much needs to be bet to win $100.

• Positive odds represent underdogs, indicating potential winnings on a $100 bet.

  • Example: Bet $100 with odds of -200; potential payout = $150 ($100 collateral + $50 profit)

  • Example: Bet $100 with odds of +200; potential payout = $300 ($100 collateral + $200 profit)

In summary, 1.5 European odds are equivalent to -200 American odds, and 3.0 European odds are equivalent to +200 American odds.

Setting preferred odds display in the bot

Choosing between European and American odds format is a matter of personal preference, and both formats express the same information differently. The potential payout for a bet remains consistent regardless of the chosen format. Smart Bet Bot allows users to select their preferred odds display format easily:

1. Go to the main menu and press the 'Options' button.

2. In the Options menu, select 'Odds Display.'

3. Switch between European and American odds by pressing the 'European <-> American' button. The ✅ indicates the selected format.