You might be wondering how you can read betting odds to figure out the exact chances of a particular outcome happening and the amount of return you will get. This will depend on the type of odds used for League of Legends betting, also called the odd format. Each odd format has a different method for reading them. Here are some of the most common types of odds LoL.
Fractional odds use a fraction to represent the return that you will get and the chances of the outcome happening. For example, a particular outcome for a League of Legends match might have fractional odds of 5/3, pronounced five to three.
Firstly, fractional odds of 5/3 tell you that you will get $5 in return if you bet $3 and win the bet, where $2 is your reward for winning the bet. In the same way, if you bet $6, you will get $10 in return, with $4 being your reward.
Secondly, since odds of 5/3 get you a return of fewer than two times your betting amount, an outcome with these odds will have a higher chance of occuring. On the other hand, an outcome of odds 3/1 has much fewer chances of occurring because the reward is three times the betting amount.
You can convert Fractional odds into Decimal odds directly using matches. Odds of 5/3 become 1.67 for the decimal format, and 3/1 become 3.0. Decimal odds are the easiest to read. The number represents the exact multiple you will get in return. For example, if you bet $100 on an outcome with odds of 3.0, you will get $300 in return, with 200 being your winning amount.
American odds use a number with a positive or negative sign. Odds of -150 mean you will need to bet $150 to win $100. On the other hand, odds of +150 mean you will get $150 in return for betting $100.