Are you interested in learning how to understand esports betting odds? Here at Strafe, we have you covered! Our brief but thorough tutorial covers everything, calculating your win %.
The good news is that esports betting odds are mostly comparable to those a traditional bo
okmaker offers. If you want to be successful with your esports betting endeavors, you must at least have a fundamental understanding of the science, odds, and formatting involved.
Esports Odds – How They Work
Odds are a way to display the likelihood of an outcome, which you can use to estimate your percentage chance of winning and the potential payout from a wager. The odds used to be heavily monopolized and biased in favor of the bookmakers. There is so much rivalry in the current esports betting odds market that the odds have never been more equitable. There are many ways to present odds, with decimal, fractional, and American being the three most used nowadays.
What is the Difference betting Odds VS. Esports Odds?
The good news for all of you who enjoy sports betting odds is that there aren’t many fundamental differences between how esports betting odds operate and traditional sports betting odds. Both use variations of the same formats and formulas to calculate your percentage winning odds and our potential winnings should the bet be successful.
The differences between esports and sports betting are in how the odds relate to the various bet types. Odds are calculated differently between sports betting and esports betting, just as between online casinos and sportsbooks. This guide teaches you the ins and outs of esports betting. You will have a considerable advantage when reading esports betting odds if you are already familiar with sports betting or casino odds.
Different formatting for Esports betting odds: How to read them
Esports betting odds may be shown in various ways, as we’ve just mentioned above. We won’t go over them here; instead, we’ll concentrate on the three most common: fractional, decimal, and American. There are significant differences in how the three odds are read, with some being simpler to comprehend than others. The three odds types are broken out below, along with explanations of how to read and understand each. Learning these odds is crucial for all your esports bets, whether you wager on COD or Hearthstone.
This is the most conventional odds type, which originated with horse racing and is still the most used odds format in the United Kingdom and Ireland. When using fractional odds, one side of the fraction indicates one team/outcome, and the other represents the opposite. The fractional odds are straightforward to grasp in their most basic forms. For example, if you bet £10 on a team to win at 2/1, your return will be £20, and the likelihood of the team winning is 33.3%.
How did we arrive at that conclusion? Your £10 investment is multiplied by the top number (£10 x 2 = £20) and then divided by the bottom number (£20 1 = £20). Divide the sum of the two numbers by 100 and multiply it by the second number, which in this example is 100 3 = 33.3% x 1. If you backed a team with the opposite odds, your rewards would be £5, and your winning chance would be 66.6%.
With figures like these, fractional Esports betting odds are simple, but odds like 23/10 get more complicated. Fortunately, two things can assist us here.
- Online Esports Odds Converters
- More modern and simpler odds formats
Decimal odds are the most widely used esports betting odds today because they are the most commonly understood and easiest to read. Unless you live in the United States or the United Kingdom, these are the esports betting odds you’ll most likely have to deal with – so pay attention.
When it comes to decimal odds, multiply your stake by the odds to calculate your potential winnings. For example, if you bet £10 on a team to win at odds of 3.1, your potential winnings are £31. However, unlike fractional odds, decimal odds will show you your potential winnings and stake. Divide one by the odds and multiply by 100 to get your win percentage. That is (1 3.1) x 100 = 32.3% in this case.
American odds, which are only utilized in the United States and sometimes Canada, seem entirely baffling to sports and esports bettors from other countries. However, if you understand how they operate, you’ll be amazed to see that American odds are the simplest of all. Positive and negative chances are available in the United States.
Positive number odds
The number displayed in favorable number esports betting odds is the amount you stand to win if you bet $100. For example, odds of +200 indicate that you can win $200 if you bet $100. This does not include your stake, so with your stake, only your profit is calculated – just like with fractional odds.
See also: The Highest LOL Esports Average Salary
Negative number odds
The number in unfavorable number esports betting odds refers to the amount you would have to wager to win $100. For example, if the odds are -200, you will need to risk $200 to win $100.
How to calculate the expected value?
While you can always utilize a good esports betting odds site like Esports.net to discover the best odds, you can also conduct some essential research by calculating the anticipated value of a bet yourself.
Expected value tells us how much we should anticipate gaining on average on each wager. This implies that you may repeat the identical betting situation to see if the odds are worth betting on. The expected value of a stake may be calculated by multiplying your winning chances probabilities by the amount you’d win, and then subtracting the likelihood of losing multiplied by the amount you’d lose. This probability may be calculated by dividing each decimal odd by one.
These numbers show that all bookmakers will skew the betting odds in their favor to remain profitable. However, the secret is to utilize an esports betting site like Esports.net to ensure that you only use bookmakers with the lowest possible betting margins so that you may benefit the most if you are fortunate enough to win.