UK Bookmakers and Betting Exchanges use betting odds to show the likelihood of a specific outcome happening.
Betting odds are usually written down as fractions or decimals. If you are using American odds, the numbers will come with a plus (+) or minus (-) symbol.
For any given event, bookmakers can provide multiple outcomes for any one event.
Example: Let’s take betting on a football match.
You can choose to bet on the home team or the away team winning. You can also bet on a draw. Bookmakers and betting sites will provide odd values for each outcome based on the probability of them coming true.
How do Betting Odds Work?
The basic function of the betting odd is to give a numerical representation of the chances of an event happening.
Betting odds will also give you an idea of how much you can possibly win should you end up with a winning bet or qualifying bet.
Types of Betting Odds
There are three basic types of betting odds. They are:
- Fractional
- Decimal
- American
Fractional Odds
Fractional odds are also known as British betting odds. They are called fractional because they are usually written in fractions or ratios.
Example of this odds format is 6/1 or Six to One.
Decimal Odds
This is more straightforward and easy to compute. They display the amount that you could win for every £1 wagered.
American Odds
This is also called Moneyline Odds. They have a plus (+) or minus (-) at the front of the odds. The odds with the + symbol will have a lower probability of occurring, but a higher payout.
Reading Betting Odds - How Much Will My Bet Win?
Below is a quick breakdown of how you can read betting odds or make sense of an odds table or the odds displayed on your betting website.
Fractional Odds
With fractional odds, the number on the left shows the potential profit should you bet the amount on the right.
Example: 8/2: Win £8 per every £2 bet staked
3/15: Win £3 per every £15 bet staked
Odds On and Odds Against
When the number on the left-hand side of the fraction is smaller than on the left, this is referred to as “Odds-On”.
When the number on the left is bigger than the number on the right, this is Odds Against.
8/2 is Odds On. 3/15 is Odds Against.
Decimal Odds
Decimal odds show how much you could potentially win by multiplying your bet stake by the odds.
Example: Odds of 3.0 on a bet of £1. Multiply the odds by the bet amount and you get the potential qualifying bet settlement of £3.00.
A bet of £6 on 4.0 odds will return £24 should that bet win. A bet of £2.5 on odds of 1.50 should return £3.75 if you are to win.
American Odds Formats
Also known as Moneyline odds, American Odds tell you the potential profit from a win. Those that have the (-) before the odd numbers are the favorites to win and those that have (+) are the underdogs.
It is calculated on multiples of 100.
Example: Team A has odds of +150.
Team B has odds of -160.
If you get a qualifying bet from a bet on Team A with +150, you win £150 per every £100 bet. If you bet £10, you win £15 in profit plus your stake.
If you bet on Team B and they win, you will win £100 per every £160 bet.
In addition to the above, other odds terms and odds formats you may encounter include:
- Actual odds
- Traditional odds
- Continental odds
Odds Calculators
There are many odds calculators on the internet today. For example the free online calculators at WSN and SportsLine.
You can even download an app to your phone. Try checking if the betting site you are signed up with has its own odds calculator.
Having one handy will help take away the hassle of computing the possible winnings from your odds. If it is simpler odds like the Decimal odds or Fractional odds, you can simply multiply or simply divide the numbers yourself to calculate the potential winnings.
Spread Betting
Spread betting has gone up in popularity in the UK over the last few decades. It gives punters an alternative to actual bet stakes.
What is Spread Betting?
With spread betting, you are not betting on the outcome – win, lose, or draw. Instead, you are betting on the accuracy of the betting odds.
You will essentially be betting on the accuracy of the sportsbook’s predictions on the probability of an event like how many goals will be scored.
