Football betting odds tell you how likely an event is to happen. Also, they also tell you how much money you will win. Although, at first, they may appear confusing and complex our comprehensive guide takes you step-by-step to explain them.
Guide to Odds – Fraction and Decimals
If you are new to betting you might just cheerfully be playing along without really understanding what the different odds mean. It can seem too much of a rookie question to ask, so if you have arrived here because you are searching for the answers, you will find what you need.
Odds are often shown in two different formats, and it can really throw you if you don’t understand what they mean. You will find that odds can be displayed as fractions or decimals, and while this might sounds as if you are back in the maths classroom, it really is simple once you understand the difference and what they mean. If you understand bets you are best placed to know two things, firstly how likely the bet is to be successful.
A 1/1 bet is basically 50/50 so pretty likely to go either way, but of course, because of the high chance, you won’t win as much money if you are right. In contrast a 1000/1 bet (which you won’t actually see often, it is just to make the point, means that the likelihood of being right is much less, so, should you win the amount of money you get back is much higher, but in likelihood, you will lose. Secondly, the odds show you how much money you will win, and the rest of this guide explains how this works.
So, when odds are written with a / separating the two numbers, this is fractional odds. 3/1, 11/2, 4/1…. and what does it mean?
So, for 3/1 odds the information is telling you that you will win $3 for every $1 you bet if the bet is successful. So if you bet $1 and win you will get $4 back, your original stake and your winnings.
9/1 odds, therefore, tell you that you will win $9 for every $1 you bet if the bet is successful. So if you bet $1 and win you will get $10 back, your original stake and your winnings. It also means that there is a 10% chance of winning.
Although they are displayed differently these work in a very similar way, so sometimes you will see that the odds are shown as 2.50 and this is what we call a decimal betting odd.
We use $1 as the stake number, and this is added to the winnings, so 2.50 means that if you bet $1 you will win $1.50 if the bet is successful, $2.50 overall as you get your original stake back. So if you bet $2 and won you would get $3 of winnings, $5 back overall. 2.00 is a basic 50/50 bet so if you bet $1 and win; you get $1 winnings and your stake back which gives you $2. If you were to bet $5 and be successful, you would get $5 in winnings and your stake, so a total of $10.
Fortunately, most online bookmakers have options to convert the odds automatically, but it is always a good idea to know the maths behind them.
Basic Online Sports Betting Odds
In case you aren’t comfortable with odds, it tends to be somewhat confounding, however, it truly doesn’t take long to get your head around. More or less, odds are the likelihood of something occurring and the sum you get in the event that it happens is reflected in the numbers.
Odds will be shown as a portion or recorded as a decimal, yet they both pay-out the equivalent and it’s about inclination. The least complex wagers you will see will be recorded as 5/1 and this fundamentally implies on the off chance that you put down a wager and it comes in, you will get 5x the sum you bet, and also your wager back. Thus, in the event that you bet $1, you will get $5, basic as that. This is exceptionally fundamental learning about how chances function, and this gets increasingly confounded when the numbers are switched.
Betting Margins and Edge
Sports bettors are immediately at a disadvantage because of betting margins. It then becomes a priority to find an edge in terms of finding a wrong price or a bookmaker that allows large stakes before changing the football betting odds. A key weapon in the battle to beat the bookies is odds comparison. Some football bettors are solely driven by price and in a fickle market will always bet at the best odds. The internet has given rise to many odds comparison sites which compare odds from the major players and highlight the discrepancies. Free bets and promotions will only go so far to maintain loyalty and most people bet after comparing the odds.
However, trends in modern technology, machine learning and the use of the internet have swayed things slightly in favour of the football bettors. No doubt the bookmakers will be trying to readdress the balance back in their favour and this contest will continue forever. Anyway, you should now have the knowledge to read football betting odds, understand how likely it is to happen, and how much you stand to win.