A Definitive Guide to Betting Odds
Localizing is often viewed as a simple process that involves a few language translations, and businesses are ready to expand into new markets. iGaming is truly a global industry, so comprehensive localization needs to be a part of your business strategy.
Comprehensive localization goes beyond language to include not just providing more alternatives for customers but also satisfying local expectations. This includes the most popular sporting events in each region, offering odds on local matches in lower-tier leagues giving customers more personal choices. Betting odds are also an extremely significant factor that should not be overlooked. There are different betting customs and nuances around the world. Cultures in different parts of the world are accustomed to the way they bet and have their own ways of assessing the odds and what makes sense to them. Being able to provide different odds formats, such as American, English, Decimal, Hong Kong, Indonesian, and Malay odds, not only sets you apart from your competitors but also ensures your business meets the preferences and expectations of the individual market.
For instance, fractional odds (aka "British" odds, "U.K." odds, or "traditional" odds) are popular among British and Irish bookies. Decimal odds (also called "European odds," "digital odds," or "continental odds") are prevalent in continental Europe, Australia, New Zealand, and Canada. By providing odds representing the region, you will increase your popularity and profitability along with local trust.
To learn what is the difference between types of odds, how to calculate returns for each format and convert from one to the other, keep reading this article.
Differences in odd types:
- American odds (Moneyline)
The odds are presented in American betting markets with a minus (-) or plus (+) number in front of the numbers. Positive odds indicate how much money will be won on a $100 wager. Moneyline odds represent how much must be wagered to win $100 if the figure quoted is negative. In other words, a bet of $100 at -180, the bettor needs to stake $180 to win $100. A wager at +300 wins the bettor $300 for every $100 wagered.
- Decimal odds
Odds are presented in decimal form (also called European odds). To calculate decimal odds, divide 1 by the decimal odds. For example, if the odds are 1.65, bettors divide 1/1.65 to get the probability, which would be 0.606, then add 100, leaving a probability of 60.6%.
- Fractional odds
The odds are presented (used most commonly in the UK) in a fractional format and look at the amount gained over the original bet. In other words, a 4/1 bet is worth $4 and the bettor gets $1 back for a win.
- Hong Kong odds
Hong Kong odds are quite similar to the decimal odds format. The odds in Hong Kong are presented as the net return for a winning bet of one unit. At 0.50 Hong Kong odds, winning $10 bets would return $15.00, or $5.00 profit (50% return).
- Indonesian odds
Indonesian odds come in two types: positive and negative. The odds at which bets pay out at a higher payout are called positive indo odds. There will either be a '+' symbol before the number, or no symbol at all. The number will represent the odds of a wager, similar to American odds. However, it will be calculated on the basis of one unit wagered. Indo bets that are negative are the inverse of positive indo bets. Negative odds are indicated by a '-' symbol before the digits. As with positive odds, negative indo odds are also based on one unit. Despite this, the number shown does not represent how much the bettor could win - it represents how much the bettor needs to wager to win one unit.
- Malay odds
The Malay odds use 0 as the base, which means even odds. A positive number indicates a favourite, while a negative number indicates an underdog. We consider this to be a very simplified system that's easy to understand.
Positive Malay Odds:
Positive Malay odds mean that for every unit a bettor wagers, they earn less than a unit in profit. Positive Malay odds have a '+' symbol or no symbol at all. A smaller number means a lower reward. As an example, if the odds of a team winning are just +0.1, then the bettor will win 0.1 units for every unit wagered.
Negative Malay Odds:
In contrast to positive Malaysian odds, negative Malaysian odds require betting on an underdog or unlikely outcome, resulting in higher profits. There is a "-" preceding negative Malaysian odds. In the Malay odds, a team with odds of -0.5 would be an example. A bettor will get their stake back plus two units for a bet of one unit.
We hope our short and easy-to-read guide has covered everything you need to know about the different types of odds. Applying this knowledge to your betting business will help you not only compete with your competitors but also meet the preferences and expectations of local betting markets, irrespective of where you do business.