Betting in Europe or on a betting exchange like BetFair means you will come across European decimal-style odds.
Decimal odds are great in that they make it easy to work out your payout. They may offer the easiest way to calculate your profit and so most online bookmakers offer the option to display their odds in this style.
It is easy to calculate the profit by multiplying the value of the bet by the decimal odds value. I.e. we have the following odds of two basketball teams. New York Knicks that offer the price of 1.90 and Chicago Bulls that offer 2.00. If you bet €100 on the Knicks then you need to multiply your bet: €100 x 1.90(decimal odd) = €190. This is the exact payout. The same thing you do in case you bet on the other team. You bet €100 so you multiply it by 2.00 that is offered by the Bulls and the outcome is €200. This again is the profit.
Decimal odds are commonly used in European football. Let’s take an example of a Saturday football match between Omonoia Nicosia and ALKI for the Cyprus football championship. The football match will have one outcome of the possible three (1st team to win, draw and 2nd team to win). Let’s assume that the bookmaker offers these odds:
If we bet €100 on Omonoia to win then we multiply €100 by for a total payout of €150 for a €50 clear profit.
If we bet on a draw then the mathematics works out like this: 3.60 x €100 = €360. That is a total payout of €360 for a €260 net profit.
And if we bet €100 on ALKI to win then: 5.60 x €100 = €560, for a €460 net profit.
Decimal Odds are the easiest way to calculate the total payout and it is the most common style in Europe. You will meet it also online as most of the online bookmakers use this option.