Arguably, one of the most important things you need to understand in online betting is the value of odds. You can not underestimate the importance of knowing how to use odds correctly. We guide you through what odds are, what they mean and how to find and use the best odds.

• Betting Odds Explained Nfl
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• Betting Odds Explained Uk Rugby
• How To Read Betting Odds Uk

Report this website. We got your feedback. Betting Odds Explained For Beginners. Wondering how betting odds work? Our guide to sports betting odds gives you all the information you need to confidently place bets on your favorite sports! What are betting odds and how to calculate them. Learn all about decimal odds, US style and fractional odds. Includes odds conversion table.

Betting odds are there to tell you the likelihood of an event happening; they tell you how much you stand to win. They may seem confusing at first but once you get to know them, it will make your betting life much easier – and much more profitable. Here, at BettingOnline.co.uk we will go into some depth about how to best use betting odds to bring value to your bets.

How Does Probability Affect Betting Odds?

Betting, at the very basic level, is all about your ability to predict what is going to happen in a certain sporting event. If you can correctly predict the outcome, then you will win your money. Any sporting event has a number of possible outcomes. If you roll a die, then there are six outcomes possible. As such, if you bet on one specific number being rolled, then there is a 16.66% chance of winning (100 / 6). Betting odds are designed to represent the likelihood of the event happening. Generally, in the UK, they are represented as fractions, although you can access them as decimals.

Calculating Probability Using Betting Odds

When you see fractional odds, you can use these numbers to calculate the probability of an event happening according to the bookmaker. To explain the calculation, we’ll use the letters A and B for A/B. The probability is calculated with the following formula: Probability (%) = B/(A+B).

Betting Odds Explained Nfl

Examples:

8/1 works out to be 1/(8+1) = 0.11 – which means that there is an 11% chance that it will happen.

4/1 works out to be 1/(4+1) = 0.20 – which means that there is a 20% chance that it will happen.

1/1 works out to be 1/(1+1) = 0.50 – which means that there is a 50% chance that it will happen.

1/9 works out to be 9/(1+9) = 0.90 – which means that there is a 90% chance that it will happen.

However, the more you know the sports you are betting on, the more you will understand whether the odds offered by the bookmaker represent what you think the probability is.

Value Bets

If you think a football team has a 50% chance of winning but is given odds of 2/3, then the bookie is stating that they are paying out for the probability of 3/(2+3): 60%, which means it is not a value bet. However, if the bookie is offering odds of 2/3, then they are paying out for the probability of 2/(3+2): 40%, which makes it a value bet, that you should snap up.

Calculating Winnings Using Betting Odds Explained

Once you have established whether the odds on offer represent a value bet, you can then establish what you will win if you take up the bet. This really is very simple to work out and you don’t need to be a maths genius to work out your potential winnings. Let’s again use A/B to represent odds. The way to work it out is that for every B you bet, you stand to win A, as well as getting your original stake back.

Examples:

8/1 – every £1 you bet means you will get £8 plus your original stake

4/1 – every £1 you bet means you will get £4 plus your original stake

1/1 – every £1 you bet means you will get £1 plus your original stake.

1/4 – every £4 you bet means you will get £1 plus your original stake

Understanding Decimal Odds

If you want to bet on exchanges or more European betting sites, then you may find that the odds are generally represented by decimals. Some people prefer decimal odds, and as such, many sites give you the option to view all odds in decimals if that is your preference. Many people actually find these easier to work out than fractional. As such, they are also very important to understand. The calculation is as follows: winnings = (odds x stake) – stake. Here are some examples of how decimal odds work.

8.0 works out to be (8.0 x £10 stake) – £10 stake = £80 – £10 = £70

4.0 works out to be (4.0 x £10 stake) – £10 stake = £40 – £10 = £30

2.5 works out to be (2.5 x £10 stake) – £10 stake = £25 – £10 = £15

1.25 works out to be (1.25 x £10 stake) – £10 stake = £12.50 – £10 = £2.50

What Works Better, Decimal or Fractional Odds

What is better very much depends on what you are used to – and one really isn’t better than the other. Fractional odds are more traditional than decimal odds, but decimal odds are coming more into fashion. Fractional odds were originally used in the UK, most predominantly at the race tracks and in high street bookmakers. There are a couple of differences between them. Most beginners and people new to betting find decimal odds easier to understand. Because of this more UK high street bookies have made them more available to their punters to attract more punters. They are also widely available on online betting sites. When you go to any major horse racing event, including Cheltenham, in the past, you would only be able to access odds in fractions. Now, you can generally see them available in fractions.

Another difference is that fractional odds represent the winnings only, whereas decimal odds represent the winnings plus the stake you get on return. Because of these differences, we’re generally finding that more sites and bookies are transitioning to decimals. Decimals are generally used in betting exchanges also, which are becoming more popular with punters. Also, when odds decrease or increase slightly, this is easier to represent in decimals as fractional odds tend to have very high number fractions involved, which make calculations harder for the punter.

Making the Most of Odds Comparison

When you understand odds, you need to make sure that you get the best odds available for your particular bet. The odds offered at different bookies represent what is going on in their market for that event. As such, these can vary from bookie to bookie. If there are too many people making a bet on one outcome, then bookmakers will change odds to lure punters to bet on a different outcome. As such, this could lead to a skew of good value and bad value odds. Therefore, you can either look through all different online bookmakers to check out where the best odds lie, or you can use our odds comparison site to help you. Taking time to compare odds yourself can be very time consuming, so getting a helping hand makes it much easier. You can find the best tips and the best odds for your bets here on our site.

To Sum It Up

Betting odds are the most important thing you need to understand when it comes to online betting so you can understand values and winnings. As soon as you get the hang of the odds, you can understand the likelihood of an event happening – and how much you stand to win if it does happen. Getting good value odds and the best odds is a major part of successful betting.

The ever-expanding world of online betting offers endless opportunity for bettors to handpick the best odds and bets from a wide array of offers.

Betting Odds Explained +100 100

Many bookmakers will claim to have the best-valued odds, but the burning question every tipster and punter is keeping their minds on is whether they will truly get the best deal for their money.

All of those who want to remain on top of things and always make sure they get the best odds possible need to make sure they understand how betting margins work.

What betting sites and bookies in general will do is adjusting the odds in order to attract bets from as many bettors as they can with a simple aim of securing a profit whatever the outcome may be.

The way they do this is by offering odds that often exceed the statistical probability of a chosen event, making sure they secure what is called a bookmaker’s margin. It is usually represented as the betting over-round or the market percentage with amounts over 100% and it is that difference between the actual value and the marketing value of a particular product – in this specific case a bet.

How do you calculate a betting margin?

If we are to bet on a match between Novak Djokovic and Andy Murray with Djokovic available at the betting odds of 1.65 and Murray standing at 2.35, the betting margin for this particular game will be:

(1/1)*100 + (1/2.35)*100 = 60.6 + 42.55 = 103.15%

Betting Odds Explained Uk Rugby

This is close to 100%, so punters are getting a good deal, but the bookmaker has put in a 3.15% margin here, so if they have an even book, with the same amount of money placed on each player, their profit is 3.15% of the market.

How To Read Betting Odds Uk