ELECTION COVERAGE
What Do These Betting Odds Mean?
Many people use betting markets to shape their expectations.
I enjoy gambling. On sporting events, at the poker table, or an election. Heck, give me some odds on the number of claps this post will get, and I’ll make a bet.
In the betting world, the more likely event is called the favorite, whereas the less likely event is called the underdog. Over the past 36 hours, the betting markets for the next president of the United States have been all over the place. First favoring the challenger, Joe Biden, then favoring current President Donald Trump, before swinging back to having Biden heavily favored (which is where we stand as I finalize this post).
While it is important to know who is the favorite and who is the underdog in certain contests, how much of a favorite or underdog is just as important. That is where the betting odds come into play. The three most popular betting odds are American odds, fractional odds, and European (or decimal) odds.
American Odds
American odds are what I’m most familiar with as most US sportsbooks — the clearinghouse for legal sports betting in the US — use these types of odds.
