Understanding The Types of Crypto Betting Odds for Beginners

For anyone just getting familiar with the world of crypto sports betting, getting started can seem like a hassle, especially when it comes to reading betting odds. You might be wondering what all those numbers mean and how they relate to your winnings. But you don’t have to worry because it’s not as complicated as it seems; once you understand the basics, the rest is pretty straightforward.

So if you wish to know more about sports betting odds for Bitcoin and Ethereum, you’re in the right place. This guide will take you through the basics of betting odds, what the different types mean and how to apply this knowledge.

What Are Betting Odds?

In simple terms, sportsbooks use odds to make you understand two things:

• The probability of something occurring, and
• How much money do you stand to win if you win your bet?

For instance, assuming you place a bet on a football match, the odds indicate which team has a better chance of winning. Then, if your prediction is correct, these odds also indicate the amount of cryptocurrency you will receive as a payout. So while odds may seem like mere numbers, they are important to determine how much you may win from your wager.

The Three Types of Odds You Will See in Crypto Betting

Different sportsbooks, including crypto betting ones, display odds in various formats and below is a breakdown of the three most common ones:

Decimal Odds

If you are new to betting, then decimal odds are easiest to understand. They are widely used throughout Europe, Australia and Canada. When using decimal odds, the number represents your total return for each unit that you stake, which includes both your winnings and your original stake.

For example, if the odds are 2.50 and you stake 0.01 BTC, your total payout would be 0.025 BTC. Simply put, this is your stake multiplied by the odds, which equals your 0.015 BTC winnings plus your 0.01 BTC stake. It is a simple and beginner-friendly format that allows you to visualize exactly what you could win.

Moneyline Odds

Moneyline odds are common with American sportsbooks and are slightly different from other formats. Bookies usually present them as negative or positive numbers, which have different interpretations. A positive number represents the profit you will make when you wager on a bet of 100 dollars or its cryptocurrency equivalent. Therefore, if you were to wager 0.01 BTC at +200, you would receive 0.02 BTC as your profit with a total return of 0.03 BTC.

On the other hand, a minus sign indicates the amount you have to bet to gain a profit of 100 dollars. In crypto terms, you would have to bet 0.015 BTC to get 0.01 BTC profit and end up with 0.025 BTC.  To be fair, this format can be slightly confusing, but it becomes easier as you get used to it.

Fractional Odds

Fractional odds are commonly used in the UK, and you will often see them written as 3/1 or 5/2. This format shows how much profit you will make compared to your stake.

For example, odds of 5/1 mean you win five units for every unit you stake. So if you stake 0.01 BTC, you will get 0.05 BTC in profit and 0.06 BTC overall with your original stake added. To convert to decimal odds, simply divide the number on top (numerator) by the one below (denominator) and add “1” to whatever you get. So for a 5/1 odd, it is 6.0 in decimals.

How to Spot a Value Bet

When you understand how odds work, the next thing to learn is spotting a value bet. A value bet happens when a sportsbook doesn’t accurately reflect the real odds of an event happening, as opposed to other bookies.

For example, a sportsbook may offer odds of 3.00, which implies a 33.3% chance of winning. However, if you’ve done your research and believe the real chance is closer to 50%, then you have found value. In other words, you’re getting more payout than the risk deserves.

To find value bets, though, compare your own probability estimate to the implied probability odds. After doing that, you can then place a bet if you feel the sportsbook’s odds underestimate the actual outcome.

Tips for Beginners Betting With Crypto

• Start with decimal odds since they are easiest to read and perfect for beginners.
• Wager small amounts at first so you can learn without losing much
• Compare odds across various sportsbooks to find platforms that pay more than others.
• Keep track of your wagering history to fully grasp what works in the long term.
• Be strict about the budget and only wager what you can afford to lose
• Bet on games you are familiar with, as it makes decision-making easier

Wrap Up

Odds help you see how likely an event is to happen and how much money you can win. If you’re new to crypto betting, understanding odds is one of the most important things you can learn. So start small, don’t rush and take time to learn and practice. Once you get the hang of it, the better your betting experience will be.

Trusted Sites That Let You Bet with Crypto

From all we’ve mentioned, you should now know the basics of sports betting odds. If that’s the case, then it’s time to implement your knowledge using the below list of trusted crypto-friendly sportsbooks:

Bitcoin Betting Sites