If you bet on events but don’t totally understand how the odds work then don’t worry you are not alone. It is something that is not explained often and just assumed that people know. If you have always wondered exactly how it works then, Bonusbets.com has put together a short guide to help you get to grips with it.
When it comes to odds, you will note that there are two formats that are commonly used. Sometimes odds are offered as fractions, and other times they are shown as decimals. But have no fear you do not have to be good at maths to make sense of them. The odds tell you two different pieces of information. First off you can see how likely the bookies think it is that an event will happen. Clearly, they are going to pay out less when an event is a sure thing so if you see a 1/1 bet then it is basically a foregone conclusion – so while you won’t be winning a lot of money your chances of a successful bet are high and you will at least get some money back.
The second purpose of the odds is that they show you how much you will win if you place a bet, and this is what we will now look at.
If you see two numbers separated by a /, then you are looking at a fractional odd. This can be any two numbers 3/1, 7/1, 10/2 there can be many combinations. But what does it mean when odds are presented in this way?
Let’s look at odds of 4/1 and what this tells us. Basically, for every £1, you bet, if the event is successful, you will get £4 in winnings. So, overall you will collect £5, your £4 win and the original bet of £1 that you placed. So the odds of 8/1 also tells us the same sort of thing. Basically, for every £1 you bet, if the event is successful, you will get £8 in winnings. So, overall you will collect £9, your £8 win and the original bet of £1 that you placed. You can also work out the percentage chance of winning, so for example 9/1 means that there is a 10% chance that you will succeed.
While these look different and can seem confusing the odds work in a similar way and still give you the information you need to make a decision about betting and understand what you might win. 8.00 is a decimal odd, so let’s look at how it works.
Using £1 as a standard stake, you take this from the number and you are left with the winnings. So, 8.00 means £1 stake and £7 winnings. Overall you are going to get £8 back as you get the winnings and your original stake back. If you bet £2, then you would get £14 in winnings, your £2 stake and a total of £16 in your pocket. 2.00 is the equivalent of 1/1 odds in fractions, so you are betting £1 and winning £1, getting a sum of £2 back if successful.