The first step to succeed in a sport bet is knowing how to read and clearly understand the bets that a casino is offering.

Casino payouts are also known as casino odds, they have the information about which is the most probable winner and how much you can win.

Reading and understanding casino payouts
Reading and understanding casino payouts

 

There are many ways of presenting the odds: Fractional , decimal, moneyline, etc. This post is going to be focused on decimal way. If your casino is not using fractional way, please note that there are a lot of online odds converters, for example:

http://oddsconverter.co.uk, http://www.sportsbookreview.com/picks/tools/odds-converter/, http://www.sportinglife.com/bettingzone/converter,

In European casinos, sports odds are typical presented in decimal way as follow:

Favorite draw Underdog
Team one 1.5 X 3.5 Team two 2.1
Casino payouts
Casino payouts

The payouts:

The payout is a number that indicates how much the casino is going to pay you if you win. In this example if you bet 1 to the favorite and it wins, casino will pay you 1.5 (1 from your bet and 0.5 from profits).

Your bet Casino payment Real profit
2 for Team one (1.5) 3 1
2 for draw (3.5) 7 5
2 for Team two (2.1) 4.2 2.2

The team with most possibilities to win is the team with less payout and is known as favorite, the team with highest payouts is known as underdog.

Payouts are computed based on the statistical information of each team. The casinos have a lot of people recollecting data and making the calculations for each possible result. The process of calculate an sport bet is very easy, however it requires the adequate information of each team. For more information of how calculate sports bets please read.

Each casino can have different payouts for the same bet. For that reason, it is important before bet, to search for the casino with the highest payout.

Compute your bet.
Compute your bet.

The probabilities

Based only on payouts, you can observe that economically it is better to bet for Team two. It is the only option to double your money. Most of the people would bet for Team two only for the casino payout. However, to improve your bet it is important to see beyond the payouts.

The payouts tell about the most probable winner. If you calculate the inverse of the payout you get the probability to win of that team. For example if the payout is 1.3, the probability is 1/1.3=0.769 which in percentage is 76.9%.

Returning to our example:

It is a fact that even with a 99% of probabilities of winning you can lose a bet. It is impossible to predict the future.

However, if you bet for teams with at least 60% of probability of winning you will have more chance to get profits because in theory you will win 6 of each 10 bets.

P.S.

Check out the casino payouts and compute the probabilities of winning. Sometimes the payout can blind you with the idea of a lot of profits, use the probabilities to make a balance between possible profits and possible winner.