Basketball is one of the most popular sports globally, and in the Philippines, the most popular type of odds is the European (EU).
It is the most commonly used betting type. Unfortunately, many bettors get confused with the system.
Fret not, for OkBet will be teaching you the knicks and knacks of EU odds to help you with your basketball betting journey. Read along to learn more.
Understanding EU Odds
EU odds, also known as decimal or continental odds, are commonly used in Europe. It is considered a more straightforward format compared to American or fractional odds.
This type of odds represents the potential return on a winning bet, including the initial stake. It is presented as decimal numbers, typically ranging from 1.01 to several digits, depending on the probability of the outcome.
The Favorite and the Underdog
In sports, the opposing teams are labeled as either a favorite or an underdog.
The team with the lower odds is the favorite. They are usually represented with below 2.00 odds.
On the other hand, the team that receives odds of higher than 2.00 is the underdog. The higher the odds, the lower the probability that the result would come out based on the sportsbook’s assessment.
To calculate potential winnings with EU odds, multiply your stake by the decimal odds. The result represents the total return, which includes both the initial stake and the profit.
For instance, by betting P1,000 on a basketball team with odds of 2.50, the potential winnings will be P2,500.
Such an amount was determined by following the formula: bet x odds. In this case, where you bet P1,000 at 2.50 odds, the result will be P2,500.
It is also worth noting that odds fluctuate because of factors such as:
- Team news
- Betting volume
- Market sentiment
If you noticed that the odds change, it decreased, it is an indication that many players wagered on that particular result. It also means that there is an increase in the probability of the outcome.
Otherwise, a decreased probability is a result of an increased odds. It also indicates that bettors have lost interest in the match.
Another good thing about EU odds is that it can be converted into implied probability.
Implied probability is the conversion of decimal odds, such as EU, into percentages. It is a helpful way to learn the viable win of a bet.
To convert EU odds to percentages, follow this formula:
1/odds = decimal
Decimal x 100 = percentage
Here is an example:
Odds = 2.50
1/2.50 = 0.40
0.40 x 100 = 40%
Hence, the implied probability is 40%. Therefore, in 2.50 attempts, there is a 40% chance that the bet would win.
Advantages of EU Odds
Since EU odds follow the decimal format, sports bettors will have:
Easy understanding of the odds
This is perfect, especially if you are a beginner and trying out sports betting for the first time. It is easier on the eyes, unlike fractional odds which may even require calculations or conversions.
Comparison is Easier
The simplicity of EU odds adds to its allure because it is easy to compare with other bookmakers’ offered markets.
Additionally, since EU odds represent the total return, the stake, and the profit, bettors can easily compare the potential winnings offered by various bookmakers.
Through easy comparison, bettors can easily pick the best bookmaker with the most competitive odds.
Since EU odds are convertible into percentages, bettors who know the formula can easily calculate how much is their winning odds. This in turn is very helpful in making personal analyses and predictions of a game.
EU odds are flexible when it comes to bet sizing. The potential returns are directly linked to the stake. Hence, bettors can easily adjust their bet amounts in accordance with their risk tolerance and strategy.
Manageable Risk and Return
EU odds provide a clear picture of the potential return on a bet. Lower odds offer a higher chance of winning but yield lower profits.
On the other hand, higher odds imply a lower probability but offer a higher potential return. It’s crucial to find the right balance based on your risk tolerance and the perceived value of the bet.
Understanding EU odds is a fundamental aspect of basketball sports betting. These odds provide a transparent representation of potential winnings and allow for easy comparison across different sportsbooks.
By mastering EU odds, you can make informed decisions, assess value, and increase your chances of long-term profitability in basketball betting. Remember to combine your understanding of odds with comprehensive research, analysis, and proper bankroll management to enhance your overall betting strategy. Make sure to bet on legal websites that follow government gambling regulations to avoid any legal infractions.