Betting odds come in different formats with varying preference depending on which part of the world you live and which method you prefer. The two main types of betting odds are Decimal Odds and American Odds. The difference is substantial and its important to get comfortable with decimal odds because its the preferred method of the Wise Guys and big professional players.
Decimal odds are used worldwide and are becoming more popular in the United States. The format is a simple numerical representation of the return of the bet which includes the amount wagered. The potential return of decimal odds is extremely easy to calculate by simply multiplying the amount you wish to bet by the decimal odds offered remembering to include the original amount wagered. Here is an example from Super Bowl 45.
Using the decimal odds example above from Super Bowl 45, if you bet $1000 on Arizona +7 the potential return on your $1000 wager would be $1,909. Odds x Wager = 1.909 x $1000 = $1,909
As this includes your original $1000 wager the potential profit is $909. Additionally, if you placed a $1000 wager on Arizona Money Line (3.2) the potential return would be: $3,200
Odds x Wager = 3.2 x $1000 = $3,200 ($1000 wager + $2,200 profit)
Decimal Odds are fairly simple and straight forward once you get the hang of it and understand the advantage. We use decimal odds because we wager 6% flat wager across the board. We do not spike wager and we use the 6% as a benchmark for amount wagered not to win amount. If you're still having trouble feel free to refer to this handy conversion chart below: