Betting Odds Guide
If you’re new to betting, it’s important to know how the odds work before you bet and this is a guide for you explaining how betting odds work!
To summarise, betting odds are a numerical representation of how likely the betting event is likely to occur. If you were to roll a dice the chance of getting the number correct is 16.67% which is 100 divided by 6 equalling to 16.6666666667 which translates to a coefficient of 6/1, or 7.0 if you remove the bookies margin and same can apply in flipping a coin in which you have 50% chance of winning.
Odds can tell you how much money you will win if the bet came through if you were to bet on a team who were offered at the odds of 5/1 in sport and you bet a £1 and your teams win, you’d receive £5, plus your stake back for a total of £6.
Although it may be confusing for starters, you still do need to learn how betting odds work if you want to make it in the betting world and there are 3 types of betting odds them being: decimal, fractional and U.S style.
Decimal odds are becoming very popular among the bookies. They are mostly used in Europe and Asia and its odds that use a decimal point rather than a fractional format.
4/1 betting odds would result to 5.00 when it comes to decimal odds and to get this number you take the percentage of winning which is 20% for these odds and see how many times it goes into a 100 in which case is 5 here.
To figure out how much you’ll win with decimal odds, you have to multiply the odds by your stake so for example if your odds are 5.00 and you make a stake of £20, you would do 20x5 and then subtract 20 making your total winnings of £80.
Fractional odds used to be the most used odds globally in the past. They still are the most common used odds in the UK.
When you see the odds of 4/1, these are how the fractional odds look meaning you have a 1 in 4 chance of winning, or 20% chance otherwise can be looked at as 80% chance of losing. The winner would get paid £4 after every pound waged.
Same goes for 19/1 odds, you’ll win £19 after every pound wagered, but you’d also have only 5% chance of winning.
American Style Odds
In the USA, the betting odds are expressed with a plus/minus sign. The plus sign would indicate the underdog, while the minus sign would indicate the favourite so for example someone offered at +300 to win they’d be the underdog, while the favourites would be something like -150.
If you wanted to win $100 then you’d have to bet $150 in order to win that amount if your pick was to be with the odds of -150. If you bet the £150 on the underdogs then your winnings would be £250 (£150 stake and £100 winnings). If you were to bet £100 on the underdog with +300 odds then your total winnings would be £400 (£100 stake + £300 winnings).
If you are still having problems understanding the difference between Decimal, Fraction and American Odds then we recommend you to use Odds Converter.