Understanding Odds
When you first enter the world of sports betting, understanding how odds work and what they do can be a bit of a challenge. It's important to understand what each of the different types of odds means before placing any bets on events. Here's a quick guide on what odds mean, and how you can calculate returns.
What are odds?
Put simply, odds, or the price of a bet selection, refer to the likelihood of your bet winning. They are simply a way of demonstrating the probability. The higher the odds, the less chance a bet has of winning, but the higher your returns if it does.
How do I calculate the probability of my bet winning from the odds?
Calculating how likely your bet is to land, based on the odds is quite simple to do with the following formula:
100 divided by Decimal Odds
...or if you're using fractions such as 6/4 where 6 is A and 4 is B (A/B), convert your fractional odds to decimal by doing A divided by B + 1.
Example:
- A bet at 5.00 decimal odds - 100 divided by 5 = 20, so your bet has a 20% chance of winning
- A bet at 8/5 fractional odds - 8 divided by 5 + 1 = 2.60 - 100 divided by 2.60 = 38.46, so your bet has a 38.46% chance of winning
What are the different types of odds?
- Fractional Odds - odds are shown as a fraction. For example, 4/6 or 2/1. Returns are calculated by dividing the first number, by the second number, multiplying by the stake and adding the stake again
- Example: £10 at 6/5 = 6 divided by 5 = 1.2 x 10 = £12 + £10 = £22
- Decimal Odds - odds are shown as a decimal. For example, 1.83 or 8.50. Returns are calculated by multiplying the stake by the odds.
- Example: £20 at 3.00 = £20 x 3 = £60
- American Odds - generally not used in the UK but American Odds show the amount that would need to be wagered to return £100.
Can I change the type of odds format I use on site?
Yes, of course! All you need to do is go to the Settings tab at the bottom of the page, and then choose your Odds Format from here.