Everyone who is interested in sports betting at 1win (https://1wins.ca/) will sooner or later come across specific terminology. In this article, we will start with the basics. Over time, these concepts will become obvious and you will understand them on the fly.
What are Odds in Betting?
Odds show the ratio between your bet and the projected payout. They come in three types: decimal, fractional and American.
Decimal odds are common in Europe and Australia and show the final payout amount. For example, if the odds are 2.50, if you bet CAD$100, you will receive CAD$250 (CAD$150 profit plus your original $100).
Fractional odds are popular in the UK and show the profit relative to your bet. For example, a 5/1 odds means that you win 5 CAD for every 1 CAD bet. So, if you bet CAD 100, you will get CAD 500 profit plus your CAD 100 bet. That's a total of $600!
American odds are used mainly in the United States. Positive numbers show how much profit you will make by betting 100 Canadian dollars, and negative numbers show how much you need to bet to make a profit of 100 Canadian dollars. For example, +300 means you will win 300 Canadian dollars on a bet of 100 Canadian dollars, and -150 means you need to bet 150 Canadian dollars to win 100 Canadian dollars.
At 1win you can see the odds in all three formats and choose any of them.
What is Probability?
Probability is the chance of a certain outcome occurring. It is usually displayed as a percentage. There is even a formula for converting odds into probabilities, you can find it on the internet.
On 1win you can use odds and probabilities in your favour. For example, like this:
- In the 1win account settings, you can switch between decimal, fractional and US odds. Choose the format that makes the most sense to you;
- Compare the suggested odds probability of the odds with your own estimate. If 1win offers odds of 3.00 (33.33% probability) on a team that you think has a 50% chance of winning, this looks like a favourable bet;
- 1win has a betting calculator. Use it to see potential payouts and assess the risk/reward ratio;
Money Line and Spread
Two other important concepts in betting are moneyline and spread. Essentially, they are types of bets. Using 1win as an example, we will understand further how they work.
What is a Spread Rate
Spread betting is betting on the over/under of a game. The operator sets the spread to equalise the chances of two teams.
Suppose you are betting on a football match in which Team A beats Team B. The spread can be set at -7 for Team A and +7 for Team B. This means that Team A must win by a margin of 7 points for a bet on it to win. Conversely, a bet on Team B will win if it either wins the game outright or loses by less than 7 points.
That is, if you bet 100 Canadian dollars on Team A at -7 odds on 1win, Team A must win by more than 7 points to win the bet.
What is a Moneyline Bet
A moneyline bet is simply a bet on which team will win the game, without regard to point differential. Odds are set based on each team's probability of winning.
When in a moneyline bet, you simply pick the team you think will win. The odds reflect the perceived strength of each team. For example, a strong favourite might have odds of -200, while an underdog might have odds of +150.
For example, if you bet 100 CAD on a favourite with -200 odds on 1win, you will have to risk 200 CAD to win 100 CAD. If you bet on the underdog with +150 odds, a bet of 100 CAD will earn you 150 CAD if the underdog wins.
FAQ
What are odds and how do they work? Odds show how much you can win if your bet works. They come in three types: decimal, fractional and American.
What does Over/Under betting mean? The operator sets a total line and you bet on whether the actual number of points will be more or less than that line.
What is RTP and why is it important? RTP (Return to Player) is a percentage that shows how much money is returned to players in the long term (not in one go). For example, an RTP of 97% means that on average, for every $100 bet, 97 of it is returned to players.
How do live bets on 1 win work? Live bets are bets placed directly during a match.
