Motorsports Betting 101: Reading Betting Odds for Dummies

Understanding betting odd conventions: the US, UK, and Europe

There are three main ways odds can be written out based on where you are in the world. First we have the American (or moneyline) odds, which has the same name as a ‘moneyline bet’ but they have different meanings. Next we have British (or fractional) odds. Last, but not least, we have European (or decimal) odds.

Different regions of the world use different methods to tell the same story. Let’s say we have a bet that has about a 33% chance to win. In America, that would look like +200. In the UK and Ireland they would call it 2/1, and in the rest of Europe, Australia, and Canada it would be described as 3.0.

So what do the numbers mean? The numbers tell us, each in their own way, how much we could potentially win if we make that bet.

In the moneyline system, the number +200 means you can win $200 with a $100 bet. No matter your bet size, you will always get the same odds. So a $1 bet would win $2 and a $5 bet would win $10. When you win a bet you always get your bet size back as well as the winnings. When you lose a bet, you give up your entire bet size and, obviously, there are no winnings.

The fractional number 2/1 means you can win $2 with a $1 wager. With fractional odds, the first number is the amount you can win by betting the second number. Typically, the second number is a “one,” but sometimes the second number is not a “one.” For instance, if George Russell qualified on pole with his current form, his odds to win the race may be 1/3. In this example you could win $1 by betting $3.

European odds use a decimal system and their representation of these 33% odds are presented as 3.0. This number means the return on a $1 bet. So the number 3.0 represents a $3 prize on a $1 wager, with $2 being your profit or winnings. This method is the only one of the three where your original bet is counted in your return. I find the decimal system to be a bit confusing because you really aren't “winning” $3 on a $1 bet. You are winning $2 in addition to getting your $1 bet back, which totals $3. To me, it seems like your winnings are higher than they actually are. I’m sure people who frequently bet these odds could disagree with me, but this is an example of how odds can be confusing to novice bettors.

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Convert odds to a system you best understand

I am based in the United States, so you will see me post a lot of moneyline odds. Occasionally, I will use fractional odds since I think they look cleaner with large underdogs. For instance, 25/1 looks a lot simpler than +2500. If you’re confused about an odds number, you can use the table below or refer to any of the good odds converting websites found via your favorite search engine. Whichever you choose, never make a bet unless you know exactly what the odds mean.

Odds Conversion Table

How do you know whether to bet on specific odds?

How should we bet into these odds? In our example, our wager had a 33% chance to win. That means we should only make this bet if we think its likelihood is more than 33%. Overall, we’re trying to look for value and where we think the sports books have put up a bad line.

Be mindful that odds are subject to change at any moment. So, if you think you have a bet worth making, you should do it as soon as possible. That’s because sports books will adjust their odds as information continues to come in. The odds may move in your favor to give you a bigger payout on your bet. The odds also may move against you and give you a smaller payout on your bet. These odds are locked in as soon as you make your bet, which is why it’s advisable to move quickly when new information (such as practice performance, driver health, car updates) becomes available.

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What can we bet on in motorsports?

Motorsports are unique where there are a large number of drivers in an event, but they are not necessarily going head-to-head with each other. You can bet certain drivers to win, or to finish in the Top 3, Top 6, and Top 10.  You can also bet on a driver to be the fastest qualifier, first to make a pit stop, first to retire, and my personal favorite, fastest in free practice. Sometimes there are surprises in practice, and if you’re paying close attention, you can nail an underdog with a fast lap. There are some head-to-head options where you can bet one driver to beat another. These bets are widely available in NASCAR, but in F1 it is typically just a driver versus their teammate and the options can be limited.

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What other bets can be made?

In team sports, there are a handful of bets that are available. The most common bets in team sports are the spread, moneyline, and over/under. Betting on motorsports is a bit different from team sports. Motorsports typically do not have a spread or over/under, but they do have plenty of “moneyline” options where you can pick a certain driver to win. We will cover the various types of bets in part two of our Betting 101. 

Class dismissed.