Odds- The possibility on the outcome taking place, stated in numbers form.
What is Chance?
Away from gambling, chance is frequently referred to in percentage terms. Any time you toss a coin then there s a 50% chance of it landing on heads and a 50% chance of tails. All probable outcome in any event will end up 100%.
If you roll a 6 sided dice, there is a one in six chance of any one number coming up. This may be expressed 16.66% (six possibilities divided by 100%).
Mastering Odds
Odds are merely a reflection of the chance or probability of a specific final result in a single event. In any event, every final result has a chance or likelihood of taking place. Odds are basically an interpretation of those chances. The bookmakers form odds or prices to reflect those chances.
Many online bookmakers provide the option of which type of odds you wish to use.
Decimal Odds Defined
Rather than using percentages, bookmakers use odds. Decimal odds are widely used in Europe and also known as European odds.
To convert chances into decimal odds just take the chance as a % and divide into 100.
100/% Chance = odds
Therefore if you believe something has a 20% chance of winning then
100/20 = 5
Say you would like to place a bet on an event which can have decimal odds of 5. In the event you win, for every one dollar you stake you will receive 5 dollars back. Stake $10 and you will receive back $50. You can see that your stake is part of the odds.
European odds multiplied by your stake equals the payout. The odds show the amount of units the bookmaker pays out per unit staked.
Overview of Fractional Odds
The more traditional fractional odds are often used in the UK. Using the 20% chance example again, the factional odds are 4/1. Fractional odds are saying that for every 1 time you win then 4 times you will lose. Which is the same as saying you have a 20% chance of winning and an 80% chance of losing.
Say you want to place a bet on an event which has odds of 4/1. In the event you win, for every pound you stake you will win $4 and you ll receive your one stake back, that gives you a total return of 5. If you place a bet of $10 at 4/1, then you will win $40 and have your $10 stake returned, giving a total return of $50.
UK odds multiplied along with your stake equals the winnings. The odds show how many units you win in terms of winning per unit staked.
US Odds
In an effort to bet on US Sports then you will also need to fully grasp American odds. American odds are also known as lines or money line odds. If US Odds are indicated with a sign then they show the amount you would win for a 100 stake. If there is a – sign then they show how much you need to stake to win 100.
So if you are betting on an event which could have decimal odds of 5, or fractional odds of 4/1, the US Odds would be 400. When you are betting at decimal odds of 1.5, or fractional odds of ½, then the US odds would be -200US. Odds can be divided into positive odds and negative odds.
Negative US odds show how big a stake is needed for a winning of 100 units. Positive odds show how big your winnings are if you bet 100 units.
Gambling “Odd Terms” Described!
Fixed Odds Betting
When you place a fixed odds bet, you are staking a certain fixed amount of money against the bookmakers money to predict the outcome of the event. The bookmakers odds reflect how much you will win from the bookmaker if your prediction is correct.
Stake
When placing a bet, your stake is the amount of money that you risk or gamble. If you win then your winnings are calculated according to the odds at which your bet was agreed.
Laying Odds
This can be yet another term for a bookmaker taking bets. By agreeing your bet, the bookmaker is laying that certain outcome of the event. The bookmaker is risking their money to lay, or to promise to pay the winnings, should your bet succeed.
Odds Against
Odds against is the term used to represent a bet where you will receive a return of more than double your stake. The profit on the bet will be more than your stake.
Even Money
Often known as EVS, this is when the return will be double your stake. The profit on your bet will be the same as the amount you staked. Both you and the bookmaker are risking the same amount on the bet
Odds On
Odds on is the term used to explain a bet that you will need to stake more than you will win, In fractional terms this is everything with odds of less than EVS, so 1/2 is odds on. The word “on” indicates that the odds are reversed. You may hear the expression 2/1 on referring to a selection with odds of 1-2
Short Odds
This suggests that a selection has a good chance of winning. Short odds will be where you wouldn’t receive a large return for your investment. For example a horse at 6/4 would be considered short odds.
Long Odds
This means that a selection has a poor chance of winning. If you bet at long odds you will receive a good return on your investment if you are correct. For example, a horse at 50/1 would be considered Long Odds.
FACT 1: Odds vary a lot between Bookies
You hear this talk about 20% better odds, but is that really possible?
The answer is that it is common for odds to vary by way more than 20% between the worst odds and the best for any outcome. You may think your bookie is usually close to the best odds but there are always many examples where every bookie is far from being the best odds.
FACT 2: A small increase in odds will give you a big increase in profits
It pays to shop around for the best odds if you can.
Comparing the odds of your selections would be very time consuming if you were going to each bookmaker’s website to check the prices of everything you fancy and then comparing them yourself to see which offers the most value. There are tools and sites that compare everything on one page on one matrix and the best prices are highlighted makes the whole process much easier and more rapid, giving you more time to spend studying the form! I exploit and tend to suggest OLBG and Betfair for this.
