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If you’re new to the world of betting, it can be rather difficult to know which horse, football team or political leader to place your bet on.
Bookies like those at Bestodds.com don’t simply list the options in ascending order from best to worst, instead, they operate a traditional system of fractions and decimals.
Learning how to understand online betting odds is one of the first things you need to learn before placing a bet. It doesn’t take a mathematician to understand betting odds but you do need to learn the rules to be successful.
Whether you bet on the web or on your mobile, being able to read betting odds is a great skill to develop.
43% of Brits gamble at least once a month⎯and you could join them today by learning where to stake your cash.
By following this handy guide, you’ll learn what betting odds are and how to read them, while putting yourself in a winning position when you stake your next flutter.
What are Betting Odds?
Bookmakers create betting odds to inform players who is most or least likely to win an event. Odds exist on almost everything, from sports matches to betting on who the next Pope will be.
Odds are calculated based on a range of factors, including historical precedents. In the example of the next Pope, bookies consider the type of people who have traditionally taken the role and how their age would impact their chances. Using such information, they generate odds.
In the UK, betting odds are listed as fractions. A decimal system is used in Europe. In America, they display odds as a number with a plus or minus sign in front of it.
By understanding odds, you can determine the expected pay-out you’ll receive from a bet. Read on to learn the differences between the three different systems.
Understanding Betting Odds
Fractional Odds
Fractional odds are the most common type of betting odds in the UK and Ireland. They invoke panicked memories of our school years, when fractions were boring. But now, they could make you money. We promise it’s not complicated⎯once you know how to read them.
We’ll use the example of 5/1 to illustrate the rules of fractional odds. The number on the right is the amount you bet. The number on the left represents the potential winnings you could cash out.
If you place a £1 bet, you’d win £5. For a £20 bet, you’d win £100. You also get your initial stake back, so you would take home £6 or £120, respectively.
Sometimes, you’ll see a fractional bet with a different number on the right⎯such as 5/2⎯but the rule is the same. In this instance, you have the potential to win £5 for every £2 played. A £20 bet would secure you £50 in winnings, plus the original stake of £20 returned to you.
Decimal Odds
Decimal odds are used throughout Europe, as well as in Australia and Canada. They are slightly easier to understand than fractional odds.
Decimal odds are shown as a number, like 5.5. In this example, every £1 you bet could generate £5.50. You simply multiply your bet by the decimal odds. A £50 bet would bring in winnings of £275, plus your original stake.
American Odds
As their name suggests, American odds are found in the United States. They are sometimes called moneyline odds and they always use a baseline value of $100. These odds are displayed as a number with a plus or minus symbol in front of it. A plus symbol means that the competitor is less likely to win⎯they’re the underdog, while a minus sign means they have a higher probability of winning.
The higher the number, the more likely it’ll win or lose. For example, competitors with odds of -200 have a better chance of winning than those with odds of -150. The specific number on the right of the symbol states the amount being risked. For example, betting on a -200 odd means you are risking $100 to win $200.
Who Should I Bet On?
The most likely winner doesn’t carry the best odds, meaning that the bookie will pay out a smaller amount than what you put down. The best odds – whether you are sports betting with Mastercard or any payment provider – sit with the worst contender, but that doesn’t mean a bet here isn’t worthwhile.
There is always a higher risk in picking the underdog, but a much higher reward potential. Striking the balance is part of the art of gambling.
David Prior
David Prior is the editor of Today News, responsible for the overall editorial strategy. He is an NCTJ-qualified journalist with over 20 years’ experience, and is also editor of the award-winning hyperlocal news title Altrincham Today. His LinkedIn profile is here.
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