Not that long ago betting on sports was a rather simple process. Football and basketball dominated most of the action that was placed and just about every bet was on a game’s pointspread or total line. Most local bookies relied on a phone and a paper tablet and pen to run the entire operation. The gap between the humble origins of sports betting and where the industry is headed today is about as wide as it gets.
As one of today’s modern bookies, you probably rely on a quality Price Per Head site to help you run and manage your own independent sportsbook. For one, low weekly price per head fee that you only have to pay for your active sports betting customers, you receive a comprehensive online sports betting software package that can handle the day-to-day administrative end of things. The main benefit of utilizing a price per head shop for processing all the transactions that are a big part of any sports betting business is the additional time you will have to work on the sales and marketing aspect of the operation.
There are a long list of features and benefits that are included in your price per fees, but one of the most basic ones that is often simply taken for granted is a sports betting odds calculator. There is a rapidly growing list of sporting events on a global basis that today’s highly sophisticated player is looking to wager on. This being the case, the actual betting odds can be presented in three different ways depending on where that event takes place.
Along with the basic numbers used to reflect the pointspread and total line for sports such as football and basketball. Betting odds for other sports such as baseball and hockey use a moneyline to designate the favorite from the underdog.
There are basically three different ways that these types of betting odds are presented on a betting board. The most common way in the United States is the moneyline, which is also referred to as American Odds. An example of a moneyline listing for a NHL game appears as follows:
New York Rangers +115
Philadelphia Flyers -125
In this scenario, you can win $115 on a $100 bet that New York wins as an underdog (as signified by the plus sign). Philadelphia is the favorite in this matchup and you would have to stake $125 to win $100.
The UK will use fractions to post its version of moneyline odds while the rest of Europe will often times present their betting odds as decimals. A sample listing of all three betting odds along with an implied probability of winning is presented as follows:
American UK European Probability of Winning
-300 1/3 1.33 75 %
-500 1/5 1.20 83.3 %
+1000 10/1 11.00 9.1 %
+125 5/4 2.25 44.4 %
One very popular betting sport that utilizes fractions all of the time is horse racing. You may find some moneyline listings for horse racing futures, but the betting odds for an actual race come out as fractions when the morning line is first released.
It is your job as a private bookie to understand each type of betting odds along with the implied winning probability. However, it is the job of your online sports betting software to present the odds in their proper form when it comes to posting the numbers on the board.
Another feature of your Pay Per Head software should be a built-in odds convertor calculator as well as a chance of winning odds calculator. Both tools are instrumental as you begin to expand the betting options of your independent sportsbook’s betting board to include international events that utilize one of the other two methods to present the odds for a specific contest.