One of the most important skills to learn in sports betting is how to calculate sports betting payouts. This will help you determine how much you should bet and formulate a better betting strategy. The first step is to know the odds of the games you bet on. Then, you can multiply the odds by the amount you bet.
This will ensure you bet with the correct odds and make a profit. Using Excel to make this calculation will allow you to check the odds and make informed decisions. It will also help you calculate the best bets for specific spreads or totals. A good way to test this is to play with real-life examples of sports betting markets.
In the United Kingdom, sportsbooks use fractional odds. These odds show how much your bet would multiply if you won. For example, if you bet $10 on a team at 7/2 odds, you would win $15 and keep the other $35 as profit. In the rest of the world, odds are presented in decimal form. These numbers represent how much money you can win for every $1 you bet.
Another important factor to consider when calculating sports betting payouts is the moneyline odds. This type of bet is most common in the US, but it is also used in games played outside the country. The odds of a team being underdog is always a good idea and will ensure a higher payout than betting on a favorite.
Negative odds, on the other hand, are the opposite of positive odds. A minus sign indicates a favorite and a plus sign means an underdog. If you bet $100 on a favorite, you will win $100. If you bet $100 on the underdog, you’ll get a $230 payout.