If you wish to place a bet on a sporting activities game concerning teams A and B, one thing you want to know is how much you would win if you correctly predicted the outcome. In fact, the first thing that the bookmaker will show you is the odds since they are just that - numbers that tell you how much you will gain if you win the bet. However, although they all translate to the same amount, you'll not find a consistent number at different sport spooks since each one adopts a clear method of indicating the odds. This article describes the different types of betting odds specifications and how to calculate the gains to be expected in each and every case.

There are three different types of odds specifications, they are: Decimal Odds also known as European Odds, Fractional odds also known as UK odds, and American odds. Perhaps because of their correct representation of the situation, the Decimal forms are viewed as the standard specification method. The purpose of odds specification, in whatever form they are given, is to relate the amount of money a bettor wagers to the amount he/she wins. For this purpose, one has to be familiar with three terminologies: stakes, winnings, and pay-outs.

There are three different types of odds specifications, they are: Decimal Odds also known as European Odds, Fractional odds also known as UK odds, and American odds. Perhaps because of their correct representation of the situation, the Decimal forms are viewed as the standard specification method. The purpose of odds specification, in whatever form they are given, is to relate the amount of money a bettor wagers to the amount he/she wins. For this purpose, one has to be familiar with three terminologies: stakes, winnings, and pay-outs.

Stakes are the amount of money wagered, winnings are the amount won in a bet, and pay-outs are the total amount paid when a bet is won. Obviously, pay-outs are winnings plus stakes. Although these terminologies may seem trivial, they are heart and soul of odds calculations.

Also, it is very important know three more terminologies regarding the strength of the teams in a match; they are Evens, Odds-on, and Odds-against. Evens are when the two contestants are equally strong and thus there is no favorite or underdog; you bet $1 to win $1, if no commission rates are involved. Odds-on is the odds of the favorite and in this case winnings are less than the stakes. Odds-against is that of the underdog, where winnings will usually be more than stakes. By way of example, in the most common case of sports betting on a match between two competitive contestants (evens odds), the odds assigned to both will be 1. 90 in Decimal odds, 9/10 in fraction, and -111 in American odds, all of which mean the same thing: "bet one dollar to win 90 cents". In fact, if there were no commission rate involved, or if the bets were just among close friends, these odds would have been 2. 0, 1/1, and, 100, respectively, for the three types of odds; they mean "bet one dollar to gain one dollar".

Also, it is very important know three more terminologies regarding the strength of the teams in a match; they are Evens, Odds-on, and Odds-against. Evens are when the two contestants are equally strong and thus there is no favorite or underdog; you bet $1 to win $1, if no commission rates are involved. Odds-on is the odds of the favorite and in this case winnings are less than the stakes. Odds-against is that of the underdog, where winnings will usually be more than stakes. By way of example, in the most common case of sports betting on a match between two competitive contestants (evens odds), the odds assigned to both will be 1. 90 in Decimal odds, 9/10 in fraction, and -111 in American odds, all of which mean the same thing: "bet one dollar to win 90 cents". In fact, if there were no commission rate involved, or if the bets were just among close friends, these odds would have been 2. 0, 1/1, and, 100, respectively, for the three types of odds; they mean "bet one dollar to gain one dollar".