Betting on sports is all about odds. The term odds is used in sports betting to describe the returns a user can earn on a successful bet. Odds are often referred to as prices, in reference to the value of a bet on a particular selection.
Odds are offered in three different formats, Fractional, Moneyline and Decimal odds. The decimal odds is the easiest to understand and is the one adopted by NaijaBet.com.
- Decimal Odds: Decimal odds are also known as Continental Odds or European Odds, and are popular in Europe, Canada and Australia. These odds reflect the payout on a successful bet in decimal form, and factor in the return of the stake.
A user bets N1,000 on Barcelona to beat Inter Milan at odds of 2.50. If Barcelona wins the match, the user will be paid out: 2.50 x 1,000 = N2,500. The N2,500 payout reflects the fact that the user has only earned N1,500 from the bet, as the stake was included in the payout.