A good understanding of the types and operation of odds is only the beginning of success in cryptocurrency sports betting.
With the proliferation of cryptocurrencies today, sports betting has also picked up on trends like Bitcoin in several sports bets.
In cryptocurrency sports betting, as in other traditional forms of betting, the odds represent the ratio between the amounts wagered by players to the bet or bet.
Simply put, for the benefit of newcomers to the company, odds help players predict how likely an outcome is among several other possible outcomes, and this determines how much best crypto betting sites participants will ultimately win.
But it is not all about the odds as we have different types of odds in cryptocurrency sports betting and it is more than necessary for you to understand how they all work.
In any case, don't worry because the types of odds for betting on cryptocurrency sports are no different from traditional ones and we will help you by simplifying them below.
There are only three main types of cryptocurrency sports betting:
Fractional coefficients
It is sometimes also referred to as British odds, British odds or mostly called traditional odds due to its popularity in the UK.
Fractional odds are mostly found in horse racing and football betting and are written with a slash (/) or hyphen (-) between the numbers, for example 4/1 or 4-1. But here is the full list.
Fractional odds give the net amount of what bettors will receive relative to their bets.
For example, in football sports betting, the fractional match odds are often written like this: Chelsea is playing against Manchester City and the odds are 4/1.
This means that if a bettor bets 2 bitcoins it will be multiplied by 4 if they bet on Chelsea to win and they will win and they will also restore their 2 bitcoin bet to get 10 bitcoins as their winnings. For the four most popular online football bets, see this guide.
That is, your actual win (profit) plus your bet gives you the payout.
Using these same fractional odds to calculate the probability of the outcome, the fractional odds of 4/1 can be calculated as 1/ (4 1) = 0.20.
This means that the probability that the result will occur is 20%.
The math looks simple, but it takes enough practice to gain an in-depth knowledge of how odds are calculated, converted to other types of odds, and even placed by bookmakers with odds.
Decimal coefficients
These types of crypto sports betting odds are widely spread in continental Europe, Australia, New Zealand and Canada, hence they are called European odds, Digital odds or continental odds.
This type of odds is much easier to understand because you can tell the favorites and underdogs in the game at a glance.
Decimal ratios, unlike fractional ones, are more convenient for beginners because they show the total payout, not just the profit.
The odds include both your profit and your bet, so the added benefit is that it's easy to calculate your winnings.
Decimal coefficients are written, for example, as 4.00, 1.3, and so on. So all you have to do is multiply your bet by a decimal factor and that's your gross payout.
For example, if you bet $100 as the dollar equivalent of 4 ethers in a sportsbook with decimal odds of 1.3, multiplying your bet and the odds will give you a payout of $130, which includes your bet.
When you subtract your bet from your payout, you'll have $30 in net profit.
