betting odds explained
In a nutshell, the odds are the chances of something happening. In the main they are expressed mathematically, so you should have paid more attention at school... But there are some non mathematical terms for odds in betting we will talk about later. Odds are very important to placing a bet, especially online where it’s possible to shop around and get the best odds quite easily. The importance of odds lies in the fact that better odds make you more money; ike when you choose a saving account you would choose 10% interest over an account paying 9%. For the same race/match on the same day with the same participants not all bookmakers give the same odds and it can make quite a BIG difference to your payout. If you don’t use a best odds finding service you aren’t making the most of your betting tips.
Betting odds explained, fractional odds vs decimal odds
In the UK we mainly use fractional odds which are written
like this;
|
Fractional odds
|
4/1
|
12/5
|
11/4
|
4/6
|
13/2
|
5/1
|
|
Decimal equivalent
|
5
|
3.4
|
3.75
|
1.5
|
7.5
|
6
|
The above fractional odds are expressed as “4 to 1”, “12 to 5” etc. What that means
is that if there is a race, for instance and you bet £1, where the odds are
4/1, you will win £4 and be returned your initial £1 stake, so you'll
get back £5. Looking at the above odds examples, which odds give the best
payout for a pound stake? The winnings are listed below;
|
Odds
|
4/1
|
12/5
|
11/4
|
4/6
|
13/2
|
5/1
|
|
Stake
|
£1
|
£1
|
£1
|
£1
|
£1
|
£1
|
|
Win
|
£4
|
£2.40
|
£2.75
|
50p
|
£6.50
|
£5
|
|
Cash
|
£5
|
£3.40
|
£3.75
|
£1.50
|
£7.50
|
£6
|
So if you could choose any of the above odds you would choose 13/2! And
it's easier still if you look at the decimal odds to find out which odds are better
- it's simply the biggest number.
Betting odds explained, long odds
In betting terms 13/2 are the longest odds, as well as being the
best odds. In any single event, the least likely winner is given the longest odds,
but you can shop around to get best odds from several betting sites. At the time
of writing this article there is an upcoming football match between Manchester United
and Bayern Munich. Looking at the odds we can get from various companies for Manchester
Utd to win we have odds ranging from 8/11 to 4/6. So for a £10 stake you can
pocket either £17.73 or £15 if Manu U wins, your choice! For a horse
race today, we have randomly picked a horse in a random race, we can get odds ranging
from 85/40 to 7/4 for the same horse winning. So for a £10 stake you can pocket
either £31 or £27.50, again your choice. Everything is the same but
using different betting companies.
Betting odds explained, short odds
The opposite of long odds is short odds. Odds are usually short
if something is likely to happen, or if it's a very popular betting choice (favourite).
For example in the above football match Manchester United are most likely to win
as they have short odds.
Betting odds explained, evens
Between long and short lives 'Evens', even odds
or simply EVS. What it means is that if you win you will double
your stake money; these odds could also be written as 1/1 (decimal equivalent is
2.0). If you bet £10 and win you will get your stake back plus another £10
= £20 in your pocket.
Betting odds explained, odds on or against
Odds on is when an event is so likely that the number on the right
of the “/” is greater than the number on the right (e.g. 4/6, 5/9), so your win
is actually a fraction of your stake. Odds against is the opposite
where the number on the left of the divide is bigger (e.g. 150/1, 16/3), your win
would be a multiple of your stake.
Now you know what odds are you can recognise and use the best odds to make your
horse racing tips, football tips, golf betting tips and all your hot tips pay out
to the max!
To know exactly what you will get out of the your bet use our calculation tool below;
Odds calculation/conversion tool here
