Betting Odds in Crypto Gambling

The betting odds in crypto gambling are no different from traditional sportsbook odds in most ways. Odds vary wildly between different crypto-betting platforms. Understanding the odds in crypto betting helps gamblers succeed because choosing the best odds affects potential payouts.

Bettors should evaluate odds at several crypto sportsbooks before making a bet. Newcomers should read this guide to crypto betting odds, which can open the door to better strategy and more successful betting results.

Key Takeaways:

  • Understanding betting odds is crucial for making informed betting decisions in the crypto gambling space.
  • Odds can vary significantly between different crypto-betting platforms, affecting potential payouts.
  • Bettors should compare odds across sites to ensure the best value for their bets.
  • Knowledge of how odds work can lead to more successful betting outcomes and improved strategy.

Basics of Betting Odds

Betting odds come in three different forms: American odds, fractional odds, and decimal odds.

American Odds

American odds use the plus (+) and minus (-) notations and are based on a base $100 bet. Like point spreads, the notations show the favorite (-) and the underdog (+). A small favorite would be listed as -110 odds, meaning you would have to bet $110 to receive $100 in winnings.

If you bet on the underdog, you’ll see the odds listed at +200. This means, if you bet $100 on the underdog, you’ll receive $200 if the underdog wins. If you bet on a +500 proposition, then the payout would be $500 for a win.

Fractional Odds

People often call fractional odds “British Odds.” Whatever they’re called, fractional odds are common when betting on horses. If you find a horse that’s listed as 7/1, it equates to 7:1 or 7-to-1 odds in American betting.

If you bet on 7/1 odds, you’ll receive $7 for every $1 wagered. Similarly, 7/2 odds would mean $3.50 in payouts for every $1 wager. On the other hand 1/3 odds would mean you win $1 for every $3 wagered.

Decimal Odds

Decimal odds are also known as European odds. These are similar to American odds, but they add the potential return into the bet (instead of the winnings.) For instance, a 3.00 odds is similar to +200 in American odds.

That is, you would wager $100 to receive $200 in winnings. In the terms of decimal odds, you would wager $100 and receive back $300 — your original $100 bet plus $200 in winnings. If you saw 3.05 odds, then you would receive the $100 stake and $205 in winnings.

Odds in Crypto Betting

That’s how sportsbooks present odds in three different ways, but it only scratches the surface of the type of bets you’ll encounter. Each of the crypto betting sites we recommend offer many bet types, including straight bets, parlay bets, futures odds, and prop bets. Here’s a quick overview of the betting options, plus how odds are expressed for each bet type.

Types of Straight Bets

Sports bettors will encounter three main sets of odds when they first visit a sportsbook: point spreads, moneyline odds, and over/under odds. Most sportsbooks list all three odds next to a matchup.

Point Spreads

The object of spread betting is to make it as realistic to bet on the underdog as it is on the favorite. Point spreads assign points to the underdog’s total or subtract them from the favorite’s total. Because scoring is high and matchups can be one-sided, point spreads are huge in NFL football, along with most college sports.

An example of a point spread would be the Dallas Cowboys as 6-point favorites against the New York Giants. The spread would be listed Cowboys -6 or the Giants +6. Because you take points away from the favorite’s score, the favorite receives a minus (-) designation.

Moneyline Bets

The object of moneyline odds are to make it easy to bet on the outright winner. If you don’t want to have to deal with point spreads, you make moneyline bets. To compensate, payouts are weighted.

A bet on the favorite receives a much lower payout when it wins. A -200 bet on a favorite means you would have to bet $200 to win a payout of $100, or bet $100 to win a payout of $50.

A bet on the underdog receives a much higher payout when it wins. A +200 bet on an underdog means you would win $200 when you make a $100 bet, or win $100 when you bet $50. Similarly, you would win $20 in winnings when you bet $10 on the underdog.

Over/Under Bets

The over/under bet is also known as a totals bet. Sometimes, a bettor doesn’t have a good feel of which player or team will win. At the same time, they have an idea that a game will be high-scoring or low-scoring. For those bettors, the over/under bet is perfect.

For instance, you might know who’ll win a game between the Cincinnati Bengals and the Buffalo Bills, but you think it will be high-scoring. If the over/under is set at 50.5, you expect the teams will combine for 51 or more points. Therefore, you bet the over on the Bills-Bengals game.

If the Bengals beat the Bills 27-24, you win the bet. Alternately, if the Bills defeat the Bengals 27-24, then you still win the bet. But if one of the teams beats the other 28-21, the total is 49 and you lose the bet. Similarly, if one team wins 51-0, you still win the bet. It doesn’t matter how the total is reached — but the team’s combined scores must be over the point.

Over/under bets are a huge part of single-game parlays (same-game parlays.) Many bettors want to combine several bets on the same game in a parlay, figuring one game is more predictable than multiple games. Thus, they bet on the point spread and the over/under proposition.

How do odds work in crypto betting?

The odds work the same in crypto betting as they do in traditional sports betting. Bettors can make straight bets, parlay bets, or proposition bets. When they make prop bets, they can choose between game, team, and player props. The odds at crypto betting sites include point spreads, moneyline odds, or over/under lines. They can choose to bet using American odds, fractional odds, or decimal odds. It’s all there.

Do I have to bet $100 in American odds?

Whether it’s American, fractional, or decimal odds, you don’t have to bet $100 to make the bet. This is just the equation for determining the payouts. You could make a $5 bet, a $10 bet, or a $50 bet and the conversion factor would be the same.

Comparing Odds Across Platforms

Cryptocurrency gambling odds are as good as the odds on traditional sports betting sites — often they’re much better. Learning how to interpret odds across various crypto betting sites help you find the best betting options, whether you prefer pre-game or in-game betting.

Try the pregame option first before while you first see the betting odds explained. Live betting requires bettors to quickly find the best crypto betting odds. Once you have a complete understanding of betting odds, you can exploit and enjoy live in-game betting.

Could you give an example comparing crypto betting platform odds against traditional bookmaker sites?

Bettors must compare the odds on crypto betting platforms on an individual basis. The odds in general at traditional sportsbooks are not better than crypto sportsbooks. The same can be said the other way around. Instead, individual crypto sportsbooks might have better odds than their traditional counterparts.

Crypto sportsbooks save on labor costs and time spent processing payments. Those savings often are passed on to the customer in the form of bigger crypto bonuses. Honest crypto betting platforms can pass on savings in the form of better odds than traditional bookmakers. Thus, if you search for better odds, you’ll find them. It’s an expansive subject, so read crypto betting sportsbook reviews to learn which sites have the best odds.

Impact of Odds on Payouts

Betting on different odds directly affects your potential winnings. Imagine two crypto sportsbooks that have different odds on the same game. If you bet on one site, the payout for a winning underdog is $200. On the other site, the payout is $220.

When you win on the first site, you’ll pocket the two hundred bucks. On the second site, you’ll pocket two hundred and twenty bucks. Both are good payouts, but betting on the second platform is much more advantageous.

The difference in payouts helps you grow your bankroll when you get lucky. That sustains your bankroll in the times that your bets don’t pan out. If you find a site with betting odds on a game, always choose that option.

Can you give examples of calculating payouts from betting odds?

Moneyline odds are the type of odds that confuse people the most. The reason moneyline odds exist is to avoid point spreads and let gamblers bet on the outright winner. To make it fair to bet on the winner, the payouts for underdog winners is much bigger than it is for favorites.

Thus, if you bet on the Denver Nuggets to beat the Los Angeles Lakers, then you might see the Nuggets as -200 favorites. The Lakers, on the other hand, might be +175 favorites.

In this scenario, you would have to wager $200 to collect $100 in winnings on the Nuggets. The minus sign means a team is the favorite, so you have to wager more money than you would win if you picked the winner. Meanwhile, you would receive $175 for every $100 you wagered on the Lakers — if the Lakers won the game.

If you want a comparison, you could win $175 on the LA Lakers by wagering $100, but you would need to wager $350 on the Nuggets to receive that same $175 payout.

Tips for Working with Odds

Making informed decisions in sports betting requires the gambler to build their knowledge over the months and years. Go one step at a time, mastering each part as you go. Over time, you’ll become an expert when betting on games and events. Follow these tips to master sports betting.

Track Successes and Failures

Keep a record of every single bet you make. Refer back to check if you’re a winning bettor or not. Don’t expect your memory to be correct. Anecdotal information isn’t enough. Instead, use an online sportsbook’s “History” section to track your progress.

Analyze Your Past Bets

If you lose more than you win, analyze why you keep losing. Do you bet on the favorite too often? Do you bet on the away team too much? Are your picks close to winning and how can you close the gap?

Specialize on a Sport

We live in the age of specialization. Become an expert on one sport. One way to close the gap between the time you and an oddsmaker focus on the lines is specializing on one single sport. Become an expert, then find the best odds in that sport.

Research the Market

Find the crytpo sportsbook with the best odds for your sport. Read reviews that compare odds, or simply compare the odds on your favorite sport on several of the crypto platforms you’re considering. A pattern will emerge.

Make Rational Choices

Keep your emotions in check. Don’t bet on teams or players based on personalities. Stay objective about the odds and make picks based on rationality.

Set Limits on Betting

Just like casino gambling, sports bettors should set limits. Have a sports betting bankroll, which is a budget for your hobby. Once this is set according to your means and tastes, never deviate from this course. Only bet as much as your bankroll will allow in a given time. It’s the same as setting limits on a sportsbook.

Use a Betting Strategy

Focus on specific straight bets. Pick either moneyline bets, point spreads, or over/under lines. Master that type of betting. Also, always make straight bets when you’re learning the game. Avoid parlay bets until you master the art of the straight bet.

What are the best practices for betting odds in cryptocurrency?

Make certain a sportsbook offers its best bonuses for your chosen cryptocurrency before registering for an account and making a deposit. Also, check the sportsbook’s odds and promotions to see if they compare favorably to the competition. Nothing helps your chances of winning better than starting with better odds and a bigger bankroll.

Check the market trends when choosing which crypto to use. Don’t be concerned with day-to-day fluctuations, but the trends over the past weeks and months. If Bitcoin is performing better, than consider Bitcoin as a deposit option. If Ethereum is best, then deposit Ether. Sports bettors who don’t want to chart fluctuations should consider Tether or USD Coin, because those cryptos are pegged to the US dollar.

Conclusion

Understanding odds is the I-Ching of crypto betting. Once you can analyze betting odds in real-time, you’ll be more successful in gambling. Struggling at first is expected, but you’ll improve over time. Continued learning happens for sports bettors at all levels of skill, whether you’re a beginning, intermediate, or advanced bettor.

While you’re analyzing the odds at crypto betting sites, remember to analyze your own choices. Track results and improve as you go. Make weaknesses into strengths with the study of the game. Focus on one sports at a time, but read how to gain an edge with crypto bonuses. Once you build your bankroll, make pregame and live bets with confidence with a variety of odds and bet types.