- Understanding Football Gambling Odds
- How To Read Betting Odds: Guide To Understanding Odds ..
- Betting Odds Explained - A Beginner's Guide To Gambling
- How Do Odds Work In Betting? - Investopedia
The math underlying odds and gambling can help determine whether a wager is worth pursuing. The first thing to understand is that there are three distinct types of odds: fractional, decimal,. A listed odd with a + sign in front of it, such as the +120 in our example above, shows us how much money you would win on a $100 bet. Using the +120 odds, it shows us that a $100 bet on that outcome would pay out $120 in profits. Again this can easily be converted into smaller or larger size bets.
- Betting odds tell you how likely an event is to happen
- They also tell you how much money you will win
- However, at first, they may seem confusing and complex
- Our comprehensive guide takes you step-by-step to explain them
If you're new to betting, one of the first things you should do is learn how betting odds work. It's critically important because it allows you to understand how likely an event is to happen, and what your potential winnings will be. At first, it may appear confusing, however, read our guide and let us explain it to you.
In gambling, odds represent the ratio between the amounts staked by parties to a wager or bet. Thus, odds of 3 to 1 mean the first party (the bookmaker) stakes three times the amount staked by the second party (the bettor).
What is Probability?
The most basic level, betting provides you with the ability to predict the outcome of a certain event, and if your prediction is correct, you will win money. For any given event, there are a certain number of outcomes. Take rolling a dice for instance. If someone rolls a dice, there are six possible outcomes. Therefore, if you bet that the person rolls a ‘one', there is a 16.67% chance that will happen. What betting odds merely do is present how likely the event is to happen. Bookies most frequently in the UK do this as a fraction, i.e. 4/7, whilst the vast majority also offer the ability to view them as decimals. Again, let us talk you through them. All will become clear.
Using Betting Odds to Calculate Probability
Whenever you see two numbers separated by a trailing slash, i.e. 10/1, this is known as fractional odds. From this, you can calculate how likely a given event is to happen with a calculation. For ease of explanation, let's replace the numbers with letters i.e. 4/1 becomes A/B. Here is the calculation: Probability (%) = B / (A+B).
- 9/1 can be calculated as 1 / (9 + 1) = 0.10– There is a 10% chance that the event will happen.
- 4/1 can be calculated as 1 / (4 + 1) = 0.20 – There is a 20% chance that the event will happen.
- 1/1 can be calculated as 1 / (1 + 1) = 0.50 – There is a 50% chance that the event will happen.
- 1/4 can be calculated as 4 / (4 + 1) = 0.80 – There is a 80% chance that the event will happen.
Hooray! We're making progress. Given a fraction, we can now tell how likely (the probability) what we're going to bet on will happen. Now let's figure out how much money can be won using betting odds.
Using Betting Odds to Calculate Winnings
Betting odds allow you to calculate how much money you will win if you make a bet. Let's use the same examples as before, with the same replacement of numbers for letters, i.e. 4/1 becomes A/B. Quite simply, for every value of B that you bet, you will win A, plus the return of your stake.
- 9/1 for every £1 you bet, you will win £9.
- 4/1 for every £1 you bet, you will win £4.
- 1/1 for every £1 you bet, you will win £1.
- 1/4 for every £4 you bet, you will win £1.
What About Decimals?
Decimals are far more common on exchanges, such as Betfair, but all leading betting sites do give you the option to view betting odds in this format. They are an alternative to seeing betting odds in the fraction format, and in our opinion, are easier to work out. Here is the calculation: winnings = (odds * stake) – stake. Let's illustrate it with some examples
- 9.0 can be calculated as (9.0 * £10 stake) – £10 stake = £80 winnings.
- 4.0 can be calculated as (4.0 * £10 stake) – £10 stake = £30 winnings.
- 2.5 can be calculated as (2.5 * £10 stake) – £10 stake = £15 winnings.
- 1.25 can be calculated as (1.25 * £10 stake) – £10 stake =£2.50 winnings.
You can use our bet calculator to help you calculate winnings.
USE BET CALCULATOR
Understanding Football Gambling Odds
Decimal Odds Versus Fractional Odds
In truth, one isn't better than the other but there is certainly a trend emerging towards decimal odds. Historically fractional odds were used in the UK, especially on racetracks and on the high street. There are two key differences. Generally, decimal odds are easier to understand. Based on this, there has a movement to attract more people to horse racing by making it more accessible to the average punter. Ten years ago, if you were going to Cheltenham, all the odds would be displayed as fractional odds. Now, they're largely all in decimals. Don't hesitate to check out our exclusive Premier League Betting Offers !
The second difference between the formats is that fractional odds only represent winnings, and do not include the returned stake compared to decimals which do include the stake. The transition from fractional odds to decimals largely kicked off with the growing popularity of the betting exchanges such Betfair. For odds to change slightly, it's really difficult to marginally increase or decrease the probability without creating large fractions which are hard to compute for the punter.
Use Our Tool to Convert Betting Odds Into Your Favourite Format
Our odds converter toolwill allow you see odds in whatever format you like . Not only that, but it'll tell you how likely the selection is to win! Blue uno reverse card cake.
In Summary
Betting odds represent the probability of an event to happen and therefore enable you to work out how much money you will win if your bet wins. As an example, with odds of 4/1, for every £1 you bet, you will win £4. There is a 20% chance of this happening, calculated by 1 / (4 + 1) = 0.20.
Next steps
That's it! Hopefully, that clears up betting odds. You should now have the knowledge to read betting odds, understand how likely it is to happen, and how much you stand to win.
- Found this article useful? We have loads more similar ones in our learning section. Here are some popular ones;
- Our homepage lists all available betting sites for new customers.
How To Read Betting Odds: Guide To Understanding Odds ..
The Two Types of Odds Formats
There are all kinds of explanations on the Internet about various odds types, and the majority of them distinguish between fractional, decimal, and moneyline odds.
Unfortunately, this is misleading and mathematically speaking, incorrect. There are only two types of odds, which are unrelated to their displays as fractions, decimals or, as in America, whole numbers.
Just remember those long ago school days (for some of us!)… A fraction, such as 6/5, converts into a decimal 1.2, or vice versa. Both numbers are the same, only written using different formats.
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Here are the two main types of odds, including their formulas…
(1) Single-tier – (Net) Return Odds:
Our odds converter toolwill allow you see odds in whatever format you like . Not only that, but it'll tell you how likely the selection is to win! Blue uno reverse card cake.
In Summary
Betting odds represent the probability of an event to happen and therefore enable you to work out how much money you will win if your bet wins. As an example, with odds of 4/1, for every £1 you bet, you will win £4. There is a 20% chance of this happening, calculated by 1 / (4 + 1) = 0.20.
Next steps
That's it! Hopefully, that clears up betting odds. You should now have the knowledge to read betting odds, understand how likely it is to happen, and how much you stand to win.
- Found this article useful? We have loads more similar ones in our learning section. Here are some popular ones;
- Our homepage lists all available betting sites for new customers.
How To Read Betting Odds: Guide To Understanding Odds ..
The Two Types of Odds Formats
There are all kinds of explanations on the Internet about various odds types, and the majority of them distinguish between fractional, decimal, and moneyline odds.
Unfortunately, this is misleading and mathematically speaking, incorrect. There are only two types of odds, which are unrelated to their displays as fractions, decimals or, as in America, whole numbers.
Just remember those long ago school days (for some of us!)… A fraction, such as 6/5, converts into a decimal 1.2, or vice versa. Both numbers are the same, only written using different formats.
Online roulette money. On OnlineRoulette.money, you will find how to play and how to win at online roulette by using some of the tried and tested methods, systems, tips and tricks that have proved successful and that will make your playing more profitable. In broad strokes, a modern roulette. The first place you can play roulette online for real money is on Bovada. This is an online roulette game real money is involved in it. It's a good choice for people from the USA. The reason for this is that. Play Roulette Online for Free or Real Money Roulette online is a simple betting game where players bet on the outcome of a spin. The best roulette sites offer a gaming experience similar to brick-and-mortar. The beauty of online roulette is its simplicity. Our free casino roulette games require no sign-up or download. You can instantly experience the thrill of online gaming, without any risking any.
Here are the two main types of odds, including their formulas…
(1) Single-tier – (Net) Return Odds:
Fractional and Hong Kong odds are actually exchangeable. The only difference is that the UK odds are presented as a fractional notation (e.g. 6/5) whilst the Hong Kong odds are decimal (e.g. 1.2). Both exhibit the net return.
The European odds also represent the potential winnings (net returns), but in addition they factor in the stake (e.g. 6/5 or 1.2 plus 1 = 2.2).
(2) Two-tiered – Moneyline Odds: highlighting the amount of money risked, or the amount of money won:
Odds commonly referred to as ‘moneyline' are mainly US bookmakers odds and also known as American odds. Moneyline means the money wagered either to win 100 units (e.g. -400), or money which will be won from a 100 units wager (e.g. +120).
However, both Indonesian and Malaysian odds, although displayed as decimals are, strictly speaking, ‘moneyline' odds but their basis is 1 unit and not 100. Whilst the Indonesian odds closely resemble the American moneyline odds, Malaysian odds are a kind of 'inverted' Indonesian style, combined with Hong Kong odds.
Although this may all sound pretty confusing, and the odds certainly look very different at first glance (see table below), just have a closer look at the above formulas – all odds are calculated using their net returns (formula for net return: 1/probability – 1) and change their formula at 50% probability (this is what is actually understood under by term ‘money-line').
European, British, American, Malaysian, Indonesian, and Hong Kong Odds
BETTING ODDS CONVERSION TABLE
SINGLE-TIER – (Net) Return Odds
Fractional Odds (also known as Traditional or British/UK)
Betting Odds Explained - A Beginner's Guide To Gambling
Fractional odds are favoured by bookmakers in the United Kingdom and Ireland.
Fractional odds quote the net return that will be paid out to the bettor, should he win, relative to his stake. Odds of 6/5 ('six-to-five') imply that the bettor will cash £120 from a £100 stake. Should the punter win, he always receives his original stake back, plus the winnings.
So, if the odds are 6/5 and the stake is £100, then the total return is £220 (£120 winnings plus the original £100 stake).
How Do Odds Work In Betting? - Investopedia
Odds of 1/1 are known as ‘evens' or ‘even money'. Not all fractional odds traditionally show the lowest common denominator. Texas holdem offline app. Perhaps most unusually, odds of 10/3 are read as 'one-hundred-to-thirty'.
