Understanding how odds work is one of the most fundamental steps to becoming a successful bettor. Odds convey the amount that you can win when your bet is successful.
There are several conventions for displaying odds, and most bettors have their preference. Midnite's platform allows you to select your preferred format, and we take this into account whenever we show you odds.
Decimal odds show you the amount by which you can multiply your wager when you successfully pick a winning bet.
For example, decimal odds of 1.55 conveys to the bettor that a $100 bet would pay out $155 (= $100 * 1.55) if it wins.
Note that by multiplying the decimal odds by your wager, you get your potential payout - not profit (or winnings)! The return of your stake is included in this payout.
Decimal odds of 2.00 will profit exactly what you wager - odds lower than 2.00 will profit less, and higher than 2.00 will profit more.
Fractional odds convey the ratio between profit and amount bet. They are similar to decimal odds in that if you multiply your wager by the fractional odds, you'll get your potential profit - whereas with decimal odds you would get your potential payout (wager included).
For example, fractional odds of 11/20 mean that for every $20 wagered, you can win $11. The numerator is how much you can win, and the denominator is how much you would have to wager.
Percentage odds represent the percentage that you must wager in order to be paid out 100% when your bet is successful.
For example, percentage odds of 64.52% tell the bettor that if he wagers $64.52, he would be paid out $100 if his bet is successful. This includes the bettor's stake, so the potential profit is $35.48.
American odds look different depending on whether you will profit more or less than your wager, in the case of a winning bet.
If a winning bet will win you less than your wager, then American odds show the amount needed to be wagered in order to profit $100.
For example, American odds of -150 tell the bettor that a $150 bet can win $100. American odds will be negative when they pay less than the amount wagered.
When you are betting on an underdog, American odds show the amount that you could win on a $100 bet.
For example, American odds of +300 convey to the bettor that a $100 bet profits $300 when it wins. Note that American odds are positive when they pay out more than the amount wagered.