Betting Odds Explained - How Do Betting Odds Work - The Ultimate Guide

Betting Odds Explained

In this article we explain all you need to know about betting odds including the various ways they can be displayed as well as answers to some of the most commonly asked questions on this topic.

Betting Odds Explained – How Do Betting Odds Work?

Understanding betting odds is extremely important and is one of the first things you should learn when entering the gambling world. By doing so, not only will you be able to identify how likely an outcome is to happen, but also how to calculate the return value for a given stake.

What Are Betting Odds?

Betting odds are used to express the likelihood of a given outcome occurring and allow you to determine the expected return from your stake should the predicted outcome become a reality.

There are three different ways that betting odds can be displayed.

Fractional Odds Explained

Favoured by bookmakers in the UK and Ireland, fractional odds quote the amount that will be paid out, should the bet win, relative to the stake.

Example: For odds of 2/1, for every £1 you place, you will make a profit of £2 (should the bet win) meaning the total return would be £3.

Decimal Odds Explained

Favoured by bookmakers in continental Europe, Australia, New Zealand and Canada, decimal odds quote the exact amount that will be paid out, should the bet win, including the stake.

Example: For odds of 2.0, for every £1 you place, you will receive a total return of £2 (2.0 x £1).

Most bookmakers allow you to chose how you want your odds to be displayed however if you want to convert fractional odds into decimal odds and vice versa then you can use our odds conversion calculator.

American Odds Explained

Favoured by American bookmakers, American Odds can be either positive (+) or negative (-).

  • A negative number shows how much you have to stake in order to achieve a profit of $100.

Example: For odds of -150, you would have to stake $150 to get a $100 profit.

  • A positive number shows how much profit you will make if you stake $100.

Example: For odds of +150, if you staked $100 then you make $150 profit.

Betting Odds FAQ

Below we’ve listed some of the most commonly asked questions regarding betting odds along with the answers.

What Does Odds On Mean?

Odds On is a term used when an outcome is more likely to happen than not. In gambling terms, the potential profit you stand to win is less than the amount staked.

What Does Odds Against Mean?

Odds Against is a term used when an outcome is less likely to happen than to not. In gambling terms, the potential profit you stand to win is more than the amount staked.

What Does EVENS Mean?

EVENS (also seen as EVS) is referred to a bet that is at odds of 1/1 or decimal equivalent 2.0.

 

Summary

Bookmakers use betting odds to translate the probability of a given outcome occurring into a more usable form in order to offer betting.

Grasping this concept will lay the foundation for your betting knowledge and can help you be a more successful bettor.