How to Read Betting Odds: A Beginner's Guide for Maltese Bettors
If you are new to sports betting, the first thing you will notice is the numbers. Every match, every market, every possible outcome has a number next to it — the odds. These numbers tell you two things: how much money you stand to win if your bet is successful, and the implied probability that the bookmaker assigns to that outcome. Understanding both meanings is the foundation of informed sports betting. This guide will teach you exactly how odds work, using examples from MGA-licensed sportsbooks available to Maltese players.
In Malta, all MGA-licensed sportsbooks default to decimal odds, which is the simplest and most transparent format. Decimal odds represent the total return (stake plus profit) for every €1 wagered. If a team is priced at 2.50, a €10 bet returns €25 (€10 x 2.50 = €25 — that is your €10 stake back plus €15 profit). The formula is simple: multiply your stake by the decimal odds to get your total return. To calculate profit, subtract your stake: €25 - €10 = €15. Fractional odds (e.g., 6/4) and American odds (e.g., +150) are used mainly in the UK and US markets, but almost every Maltese sportsbook will let you toggle between formats in your account settings.
The most important skill in reading odds is converting them to implied probability. Implied probability tells you what percentage chance the bookmaker believes an outcome has. For decimal odds, the formula is: (1 / decimal odds) x 100 = implied probability. So odds of 2.00 imply a 50% chance. Odds of 1.50 imply a 66.7% chance. Odds of 4.00 imply a 25% chance. If you believe the true probability is higher than the implied probability, you have found a value bet — the foundation of long-term betting profitability. <a href="/blog/sports-betting-malta-odds-comparison/">Our odds comparison guide</a> shows you which sportsbooks consistently offer the most accurate (lowest margin) implied probabilities.
Now let us look at how odds work across an entire match market. In a typical Premier League match between Manchester United and Liverpool, a sportsbook like <a href="/reviews/bet365/">bet365</a> might offer: Manchester United 2.80 (35.7% implied), Draw 3.40 (29.4%), Liverpool 2.60 (38.5%). Notice the percentages add up to 103.6%, not 100%. The extra 3.6% is the bookmaker's margin (also called the overround or vig). This is how the sportsbook makes money — they price outcomes so the total implied probabilities exceed 100%. A lower margin means better value for you. <a href="/reviews/pinnacle/">Pinnacle</a> consistently offers margins around 2%, making it the best choice for value-focused bettors.
Three common odds movements signal important information. Shortening odds (odds getting lower): heavy betting on one outcome, often indicating inside information or significant public money. This happened during the 2024 Champions League final when Real Madrid's odds shortened dramatically in the hours before kick-off. Lengthening odds (odds getting higher): the reverse — unexpected team news, injury updates, or simply the market correcting an overreaction. Odds holding steady: suggests balanced betting and no significant new information. Tracking odds movement is a skill that develops with experience. Use our <a href="/strategy-hub/">strategy hub</a> for more advanced analysis techniques.
Understanding odds also means understanding how they differ by market type. Match Result (1X2) markets have three outcomes, meaning three prices with combined margins. Over/Under 2.5 Goals has just two outcomes (Over or Under), meaning tighter margins and better value. Both Teams to Score (BTTS) also has two outcomes with low margins. Asian Handicap markets are the most complex but offer the lowest margins of all — often under 2% at Pinnacle. Handicap odds remove the draw outcome by giving one team a virtual goal advantage, meaning there are only two possible results. For accumulators, using Asian handicap or BTTS markets instead of 1X2 can significantly improve your overall expected value, as explained in our <a href="/blog/football-accumulator-betting-strategies/">football accumulator strategies guide</a>.
A practical example: suppose you want to bet on Over 2.5 Goals in a Serie A match. At bet365, Over 2.5 might be priced at 1.85 (implied probability 54.1%). At Pinnacle, the same market might be 1.91 (52.4%). The difference of 0.06 in odds represents a 1.7% difference in implied probability. Over 100 such bets with €50 stakes, using bet365's odds would cost you approximately €85 more in lost value compared to using Pinnacle's odds — assuming the same selection accuracy. This is why maintaining accounts at multiple sportsbooks pays dividends.
The golden rule for beginners: never bet on odds you do not understand. If you cannot quickly calculate the implied probability and assess whether it offers value, do not place the bet. Start with decimal odds (the simplest format), focus on markets with two outcomes (BTTS, Over/Under, Asian handicap), and always compare odds across at least two sportsbooks before committing your stake. The difference between a good bettor and a great bettor is not luck — it is understanding what the odds are really telling you. Explore our <a href="/strategy-hub/">strategy hub</a> for more guides, and use our <a href="/blog/sports-betting-malta-odds-comparison/">odds comparison</a> to find the best prices every time you bet.
