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New to the world of betting online? Have a vague idea but want to learn more? You have certainly come to the right place. We have put together this guide on understanding betting odds looking to support beginners hoping to understand just how odds work.
Why is this so important? Truly understanding how they work and how to interpret odds can help you place the most informed and accurate bets. To learn everything you need to know from what betting odds are, the different types, how to calculate potential returns, common mistakes and some top tips to get started, keep reading below and find honest UK sports betting reviews!
Betting odds are what bookmakers use as a way to represent how likely a particular event is to occur. They are the ratio between the amount wagered by the bookies and the punter. For example, 3/1 means that the bookie is wagering 3x what the bettor has. This would mean that if you were to win this bet, you would take home three times your wager.
Odds link directly to probability, providing you with the ability to predict the outcome of an event. Low odds imply that betting sites believe something is more likely to happen and, therefore, offer a lower payout on a bet placed should it win. This is vice versa with higher odds.
Understanding how betting odds work is crucial to placing informed bets and potentially getting you winning selections.
There are several different types of betting odds that bettors can expect to come across during their time at various betting sites. We have taken a look below at the three main ones you should be aware of.
These are the most commonly used odds in the UK and the ones bettors can expect to regularly come across. In short, they display the odds of something happening in the form of a fraction.
The number on the right of the fraction is what you would need to stake in order to win the number on the left - easy, right? Let’s take a look at an example:
Odds displayed at 3/1 show that if you place a £1 bet on these, you would receive £3 back. You would also receive your original £1 stake back, totalling £4. But most bookies will automatically calculate and show you your potential winnings before you place your bet.
Another way to show odds is as a decimal. Some sites in the UK may display these, while most will offer bettors the option to see odds on a site as either a fraction or a decimal.
To calculate your potential winnings from decimal odds, simply just multiply your stake by the odds! So, if you were to bet £1 on odds at 5.00, you would win £5 if your bet was a success. Simply do 100 divided by the decimal. Take a look below:
Odds of 5.00 would mean the probability is 100/5, which is 20%.
Odds of 10.00 would be 10%.
It can also be possible to come across some betting sites in the country that display their odds the American way.
This is when a ‘+’ or a ‘-’ is used, and is mainly used for events taking place in the US such as American Football and basketball.
They work in a slightly different way, so if the odds have a ‘+’ sign, the bet is odds against. A ‘-’ sign the bet is odds on.
So if you are betting on an underdog, a positive number is shown. This shows the profit you would get if you bet £100. Betting on a favourite would see the number shown as a minus. We’ve included an example below:
+250 means if you bet £100 you would win £250.
-170 means you would have to place £170 in order to win £100.
Betting odds represent the likelihood of any particular event or outcome occurring. The odds are the ratio between the amount that is wagered by the bookmaker and the amount by the punter.
So if the odds of an outcome to happen are, say, 7/1, this means that the bookies are staking seven times the amount that the better has. If the bettor then wins, they will take 7x their bet from the bookmaker plus their initial stake. So if you were to bet £1 on odds of 7/1, you would receive £8 back should your bet win!
Now that this makes more sense, we can look at how the bookies factor in their profit margin.
It is not uncommon for sites to adjust odds so that the total implied probability is over 100%, as this ensures a profit for the bookmaker regardless of the outcome of the event. An example?
The most important thing to remember when using any online betting platform is to make sure you are practicing responsible gambling wherever possible. Ensure that you are using a licensed and reputable bookmaker for a safe betting experience. Set yourself limits for your spending that you can stick to, not spending more than you can afford, and avoid chasing any losses. This can help to make sure that your betting remains a bit of fun and enjoyment!
There are also various repsonsible gambling tools avaialbe at bookmakers that you can take advantage of such as deposit limits, time limits, reality checks, and self-exclusion tools. If you or someone you know feels that they would benefit from further support regarding online gambling, there are some orgnaisations and helplines offering advice such as GamCare and GambleAware that can be contacted via your chosen bookmaker.
