Betting Odds
When betting on sporting events in a bookies, or at an online gambling website, you are faced with several odds in different forms and this can be extremely confusing if you are unaware what these odds mean. These different types of odds represent the same thing though, the amount you have to stake to win a certain amount of money from the bookmakers. All odds are based on probability and the several different types of odds are simply different ways of expressing the probability of you winning the bet. Here s a quick explanation of the main forms of betting odds…
Fractional Odds
These odds are commonly used in the UK and are often seen around the world in Horse Racing. They are based on fractions and represent the net winnings by the person placing the bet, relative to their stake. For instance, if there are odds of 5/1 on a horse then a £10 bet would give you net winnings of £50 and if there are odds of 1/5 then a £10 bet would give you winnings of £2.50 plus both would give you your original stake back. These odds are sometimes known as British odds, UK odds or traditional odds.
Decimal Odds
These are more often than not the odds found at European bookmakers. Decimal odds are basically, the decimal value of fractional odds, plus one. This means that with fractional odds of 5/1 the decimal equivalent would be 6 (5×1+1=5) whilst fractional odds of 1/5 would be 1.20 (1/5+1=1.20). Decimal odds are a favourite of betting exchanges as they are the easiest to work with in terms of trading due to their expression as a number.
Moneyline odds
These odds are often found in US bookmakers and are expressed in two forms, positive or negative.
Positive figures: Positive figures are showing how much money will be won on a wager of $100 and will be the case if the odds are better than even. Fractional odds of 5/1 will be seen as +500.
Negative figures: Negative figures are figures that show how much of a wager will be needed to win $100 and are given in the case of the odds being worse than even. Fractional odds of 1/5 will be seen as -500.
Even odds
Even odds are shown as either +100 or -100. It depends on the bookmaker as to whether it is a positive or negative symbol.
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