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Betting Odds Explained – A Beginners Guide

How Betting Odds Work Australia

Betting odds are numbers used by sportsbooks to show the probability of an outcome happening. Sports betting involves odds, these are what punters use to calculate their winnings. Moreover, they make wagering on sports a rewarding activity. If you are new to wagering, you should learn how betting works. Betting odds today are not that difficult to understand but you have to know the basics first. You will also find out who sets the best odds and what probability is all about.


After you know exactly what betting lines entail, you’ll soon be making wagers on different sports. This in-depth guide will introduce you to the basic level of what are odds. They play an essential part in the wagering process. There is no point in wagering if the lines are not available. You’ll be glad to know that the best sports betting sites are on this page, scroll down and see what is on offer!

Sports Betting Sites with the Best Odds

Find the best betting odds at the sports betting sites listed below:
Unibet Sportsbook

World-Class Sportsbook

Impressive Betting Options

Thelotter Sportsbook

Best Lottery Service

Massive Jackpots

NZ$2400 Bonus 98% Payout - Rating: 4.9/5
TitanBet Sportsbook

Reliable Sports Betting Site

Well-Stocked Events

NZ$2000 Bonus 97% Payout - Rating: 4.8/5
#4 Sportsbook

Fantastic Bookie

Competitive Odds for Sports Games

NZ$3000 Bonus 99% Payout - Rating: 4.8/5

NZ$800 Bonus

97% Payout

NZ$800 Bonus 96% Payout - Rating: 4.5/5

NZ$5000 Bonus + 75 Spins

99% Payout

Rating: 4.8/5

98% Payout

NZ$5000 Bonus + 75 Spins 99% Payout - Rating: 4.8/5

NZ$1000 Bonus

98% Payout

NZ$1000 Bonus 97% Payout - Rating: 5/5

NZ$1600 Bonus

97% Payout

NZ$5000 Bonus 98% Payout - Rating: 4.9/5

NZ$1500 Bonus

98% Payout

NZ$1500 Bonus 99% Payout - Rating: 4.8/5

NZ$1600 Bonus

98% Payout

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NZ$300 Bonus

97% Payout

NZ$300 Bonus 96% Payout - Rating: 4.5/5

NZ$300 Bonus

97% Payout

Rating: 5/5

98% Payout

NZ$300 Bonus 97% Payout - Rating: 5/5

How Do Betting Odds Work?

The way odds work is that you have to take your stakes and multiply it with the betting lines to get a possible outcome. See below one of the many odds examples which are explained in depth in our other guides:

  • Stakes x Odds (decimal) = Winnings

There is a betting odds calculator tool available on the internet which helps you convert the lines to different formats.

How Do You Read Betting Odds?

We give you the basic concept of how to read sports betting odds in our guide below:

  • Odds tell you, punters,  how much they are likely to win if your sports bet is successful.
  • Sports bets are displayed in decimal, fraction or American format.
  • Sportsbooks write odds next to the player or team involved in a specific game.
Sports Betting Odds Guide Australia

Sports Bets

Firstly, if recreational bettors plan to wager on sports for fun, then losing money shouldn’t be a problem. Also, you should be a responsible gambler. If betting for fun is what you are interested in, then consider the following:

  • Odds – You have to understand the value in lines and be able to compare different bookmakers.
  • Budget – plan a budget on how much you are willing to lose. Once you have decided on how much you want to spend, then don’t change your mind. Wagering on sports won’t be fun when you spend too much and lose.
  • Single Bets– never put too much money on a single bet and limit the number of wagers that you place. You need to choose carefully which bet to go with. You can try out live betting which is an exciting move to bet on sports.
  • Different Bets – try out different bets and see what happens. This can add some excitement to your experience.
  • Choose a sport– it only makes sense to concentrate on sports you love watching. This way, you will likely make sound betting choices.
  • Key Strategy– it’s essential to learn the basic strategy. However, extra knowledge can improve your chances of winning greatly.
  • Results – the outcome of a sports event shouldn’t be something you shouldn’t stress about. Keep in mind that you are betting for fun so never make the betting results a big deal.

We advise players to include bankroll management and staking plans.

Betting Odds FAQs

Are odds difficult to understand?

No. Odds are not difficult to understand as long as you know the formula and what they mean in sports betting.

How are betting odds shown in Australia?

Odds in Australia are represented in decimal by a sportsbook.

What is probability?

A tournament will have certain results so the probability is when you can calculate the possible outcomes of an event in percentage. This is where your chances of winning are divided by the total number of opportunities that are present.

How to calculate betting odds payout?

Australia uses the decimal odds formula to calculate odds.

Who sets odds for sports betting?

A bookmaker is the one who sets the odds for a particular outcome of an event.

What betting sites have the best odds?

The bookmakers with the best odds include premium websites such as:

  1. Unibet
  2. Neds
  3. Titanbet
  4. Youwager
  5. Ladbrokes

Check Out Other Sports Betting Guides