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Internet betting has grown around the world in the past few years. It’s mostly because more and more people use smartphones and other electronic devices. The lockdown caused by the spread of the Coronavirus has also helped this growth. Because of strict laws about social isolation and lockdown in many countries, many people (bettors) now prefer to place bets from the comfort of their own homes instead of going to the outsourcing staffing services broker (bookmaker) in person.

If you want to try online gambling for the first time, now is the best time to do it. This is because the Coronavirus pandemic isn’t over yet, and the 2022 World Cup will be one of the biggest and most watched football tournaments in the world. So, online betting is likely to get more popular around that time, and if you have everything planned out, it could be a very profitable business for you.

Starting Up an Online Betting Website

If you start with a plan, it might be easy to start an online betting business. First, you’d need a website or other place where you can place your bets. We recommend that you use the WordPress platform because it has a wide range of free WordPress themes with easy-to-use features that make it possible for even people who don’t know how to code to make a beautiful website in less time.

Integrating Live Score Football API on your Website

Once you’ve made a website for online betting, you need to add a Football Live Score API. The football API website will automatically get real-time information and statistics for your website so that you can keep your audience up to date. This information includes scores, standings, past and upcoming games, goal scorers, comparisons between clubs, and much more.

Setting Up Different Types of Betting Odds

Now that you’ve added the football API to your website. You can add the odds for the next games. There are usually three types of odds that can be used when betting online.

There are three ways to measure: the decimal, fractional, and American systems.

Here, we’ll talk in-depth about all three of them and show you how to figure out the payouts for each type of betting odds. Also, to make sure there are no more questions. We will give an example for each of the odds and show how much they will win if they are right.

So, let’s talk about the different kinds of betting odds:

Decimal Odds | outsourcing staffing services

Decimal odds are the most common way for online bookmakers to show their odds to their customers. Because they are used a lot in Europe, Australia, and Canada, they are often called European odds, digital odds, or continental odds.

Because decimal odds are easy to understand and use. They are popular with bookmakers and sports bettors all over the world.

HOW DO DECIMAL ODDS WORK

Most of the time, Decimal Odds give a set number of decimals for two or more parties. And all the user has to do is place their bet. And if the outcome is good, the payment is figured out by multiplying the stake by the bookmaker’s odd decimal number. This is not the same as the profit.

Total Payout = Bet Placed by User * Bookmaker’s Decimal Odd Number

Say bet365 gives odds of 1.90 that Manchester City will beat Manchester United in an English Premier League (EPL) game, 9.00 that the game will end in a tie, and 21.00 that Manchester United will win.

So, if your client bets $100 on Manchester City to win and Manchester City does win, the payoff will be 1.90 * $100 = $190, less the bookmaker’s commission.

In the same way, if your users bet $100 on Manchester United to win and Manchester United does win, the payout will be calculated as follows, minus the bookmaker’s cut: 21.00 * $100 = $2100.

Fractional Odds

Online gambling and betting use odds that are given in fractions. They are popular with bookmakers in Britain and Ireland and are also called British Odds or U.K. odds. Even though it can be hard to figure out these odds, some of the biggest bookmakers in the world still use them.

HOW DO FRACTIONAL ODDS WORK | outsourcing staffing services

Most of the time, a slash (/) or a hyphen (-) is used to write fractional odds (-). Most of the time, these symbols separate the odds of two numbers (the numerator and the denominator). Let you figure out how much money your visitors win based on how much they bet.

To figure out the total payout, you have to take out the money you made by beating the odds.

The equation is waged amount * (numerator/denominator).

After figuring out the profit, add it to the initial bet that your client made on the odds.

Total Payout = Initial Bet + Profit from Winning the odds, or “wagered amount X (numerator/denominator)”

Assume that Liverpool is the favorite to win the UEFA Champions League in a given season and that bet365 has odds of 11/4 for Liverpool to do so.

So, if a user bets $100 on the odds and Liverpool wins the match, the user’s profit, minus the bookmaker’s cut, will be calculated as follows: $100 x (1/4) + $100 = $375.

Scores are kept the same way for live matches and other events.

American Odds

American Odds, which are also sometimes called “Moneyline Odds,” is popular with services that cater to American sports bettors. The odds are shown as either a plus (+) or a minus (-). This shows how much you have to bet to win $100 or how much you would win for every $100 you bet.

HOW DO AMERICAN ODDS WORK?

Unlike the odds, we’ve talked about so far.  American odds don’t give a way to figure out all football live score rewards. They always use a base value of $100. For the favorite. The bettor has to risk $100 to win $100, and for the underdog, the bettor has to risk $100 to win $100.

Recent results show that Philadelphia Union is the favorite to win against Minnesota United in a Major League Soccer match. So odds of -155 are set on the Union to win and +275 are set on a draw. Even though Minnesota United is seen as the underdog, the odds have been set at +425.

Because the odds are against Philadelphia Union. Anyone who wants to bet $100 on them must bet $155 to win $100.

In the same way, if you want to bet on a tie or Minnesota United. You have to bet $100 to win $275 or $425.

The Bottom Line:

These are the three most common ways odds are shown when betting or gambling online. So, if you want to get into the betting world, you need to know about these odds so that you can help your best app to watch free football mobile app users and website visitors choose the best ones. Lastly, we talked about how popular the odds are in different parts of the world. So that you can figure out what kinds of odds are popular where you live.