Understanding Canadian odds: Demystifying betting formats for newcomers

04.03.2024 - 08:02 / traveldailynews.com / Stavros Andriopoulos

By mastering this common betting format, you’ll be well-equipped to bet confidently and clearly, whether you’re wagering on sports, horse racing, or any other event.

Hey there, newbie bettors! Are you feeling a bit overwhelmed by all the different betting formats out there? Well, fear not – we’re here to help demystify one of the most common formats: Canadian odds. In this article, we’ll break down everything you need to know about Canadian odds, so you can bet with confidence and clarity.

What are Canadian odds?
Alright, let’s start with the basics – what exactly are Canadian odds? Also known as “decimal odds” or “European odds,” Canadian odds represent the amount of money you stand to win for every $1 wagered. For example, if the odds are listed as +200, it means you’ll win $2 for every $1 you bet. Conversely, if the odds are listed as -150, it means you’ll need to bet $1.50 to win $1.

But here’s where it gets a bit tricky – unlike other betting formats, Canadian odds can be either positive or negative. Positive odds indicate an underdog, while negative odds indicate a favorite. So if you see a positive number, it means you’ll win more than your original wager, while a negative number means you’ll win less.

Alright, let’s talk about how to read Canadian odds like a pro. When you see Canadian odds listed, the number represents the amount you stand to win for every $1 wagered. So if the odds are listed as +300, it means you’ll win $3 for every $1 you bet. If the odds are listed as -200, it means you’ll need to bet $2 to win $1.

But wait, there’s more – Canadian odds can also be used to calculate your potential payout. To do this, simply multiply your wager by the odds. For example, if you bet $10 at odds of +200, your potential payout would be $10 x 2 = $20. If you bet $10 at odds of -150, your potential payout would be $10 / 1.50 = $6.67.

One of the most common formats you’ll encounter is fractional odds, also known as British odds or traditional odds. Unlike Canadian odds, which represent the amount you stand to win for every $1 wagered, fractional odds are expressed as a fraction, with the first number representing the potential winnings and the second number representing the stake. For example, if the odds are listed as 3/1, it means you’ll win $3 for every $1 you bet, plus your original stake.

Another popular format is American odds, also known as moneyline odds or US odds. Like Canadian odds, American odds can be either positive or negative, with positive odds indicating an underdog and negative odds indicating a favorite. However, unlike Canadian odds, American odds are expressed as either a positive or negative number, with the positive number representing the potential winnings on a $100 bet