FAQ What Are Betting Odds

Anartistisonlyasgoodasthematerialstheyuse。

Atattyoldbrushandcheap,waterypaintsarehardlygoingtoproduceaworkofSistineChapelquality,afterall。

Thesamecanbesaidforpuntersandtheirappreciationofbettingodds。

Ifyoudon’tknowhowtheywork,howtheyarecalculatedorhowyoucanusethemtodecidewhetherabetisgood‘value’ornot,yousimplywon’tmakeasmanyprofitablewagersasyouwouldwithanunderstandingofalloftheabove。

Hopefully,thisguidewillprovidesomeusefulpointers。

Soyou’vegotyouronlinebettingaccountsetupandyouarereadytoplaceyourbet,butwhatareallofthesenumbersnexttothenamesofyourfavouritefootballteamsandyourfanciesforthatday’shorseracing?

Thosearetheodds;yourkeyaccomplicein‘bashingthebookies’。

WhatareBettingOdds?

Inshort,theoddssuppliedbyabookmakerhintatthelikelyoutcomeofaparticularscenariooccurring。

Dependingonwhereyouarebasedandwhoyouronlinebettingaccountiswith,thesewillbedisplayedindifferentways:intheUK,fractionsaretypicallyusedwhileinEuropethesameoddsaredepictedasdecimals。

‘American’odds,usedin,erm,America,aredisplayedas+and–figures。

Eventhoughdisplayeddifferently,thegeneralthemeisalwaysthesame:thelowerthenumber,themorechancethereisofaneventoccurring。

TaketheEnglishPremierLeaguetitlerace,forinstance。

Atthestartofthefootballseason,thebestbettingsiteswillpriceupeachteam’schancesofliftingthetrophy。

Clearly,somesidesaremorefanciedthanothers,whichiswhyManchesterCitymightbeastrongfavouriteandoutfitslikeBournemouthandWatfordareconsideredlengthyoutsiders。

FractionalOdds

MostofthebestbettingsitesintheUKdisplaytheiroddsasfractions。

Thestartingpointis‘evenmoney’,whichwouldbe1/1infractionaltermsbutisusuallyjustdisplayedas‘Evs’orsimilar。

Fromhere,selectionsareconsidered‘oddson’or‘oddsagainst’。

Anodds-onwagerisonewheretheoutcomeisconsideredlikelytooccur,andthesepricesrangefromafractionshortofevenmoney,e。

g。

5/6or10/11,rightthroughtoredhotfavouritesat1/10or2/11etc。

Fornow,don’tgettooboggeddownbytheactualnumbers,andjustrememberoneguidingprinciple:intheoryatleast,accountingforthewonderfulunpredictabilityofsportingeneral,anodds-onchancehasahigherlikelihoodofoccurringthananodds-againstselection。

DecimalOdds

DecimaloddsaretypicallyusedbyEuropean-focusedbookies,adagaintheprocessisexactlythesameasthatoffractionalodds。

Evenmoneyisdepictedas2。

00,andsonumbersbelowthisareodds-onchancesandthosehigherthantwoareodds-against。

Ifyouare‘fractionallyminded’youcaneasilyworkouthowdecimaloddscanbetranslatedintofractions;2。

00is1/1,1。

50is1/2,4。

00is3/1andsoforth。

Again,thelowerthenumber,thehigherthechanceofaselectionbeingsuccessful;takingintoaccountthevolatilityofsport,ofcourse。

AmericanOdds

TheAmericansdothingsslightlydifferently,althoughtheprocessisessentiallythesame。

Theseindicateanexpectedreturnbasedonalevelfigure;infractionaloddsthisisevenmoney,indecimalsitis2。

00andinAmericanoddsitis+100。

Thistellsusthatwewin$100ontopofourstakebeingreturnedifwebet$100。

Thecalculationisslightlydifferent,however。

Americanoddsuses–and+figurestocalculatelikelihoodofsuccessbaseduponthat+100marker。

So,ifaselectionis-125,thenyouwillneedtobet$125inordertomakeaclear$100profit。

For+figures,theamountyouwinisbasedona$100wager。

So,ifyoubetona+125chancethenyouwillwin$125froma$100stake。

Asyoucansee,thegeneralprinciplebehindeachtypeofbettingoddsisthesame,it’sjustthattheactualvalueslookdifferent。

ButthegoldenruleofbettingremainsthesamewhetheryouronlinebettingaccountiswithafirmintheUK,Europe,AmericaorTimbuktu:spottingthe‘value’,i。

e。

aselectionthatthebookmakershavepricedup‘wrongly’,inyouropinion,isthekeytolong-termbettingsuccess。

HowDotheBookmakersSetTheirOdds?

Wecouldallpriceupabettingmarket。

SaywewereaskedtosettheoddsforthePremierLeaguetitle,wewouldknowthatManchesterCityhaveabetterchancethanBournemouthandwouldsetouroddsaccordingly。

Buttheactualspecificsarefarmoreprecisethanthat,andforonesimplereason:thebookieshavetomakeaprofit!

Thebestbettingsitesofferpuntersoddsthatarecompetitive,i。

e。

theyareafairreflectionofthelikelihoodofaneventoccurring。

Buteventhesefactorinsomethingcalledthe‘over-round’,or‘juice’or‘vig’astheyareknowncolloquially。

This,isessence,isthebookmakers’profitmargin,andabuffershouldtheyexperienceahighnumberofwinningbets。

Takeabighorserace,forinstance,let’ssaytheGoldCup。

Thebettingmarketmovesinlinewiththeamountofmoneywagered,sobythetimethehorsescomeunderstartersordersthebookmakers’favouritewillbetheonewiththemostmoneybetuponit。

Shoulditwin,it’sadarkdayforthebookies!

Butit’snotcatastrophic,duetotheover-roundthathasbeenbuiltin。

ImagineabettingmarketwherebothTeamAandTeamBarepricedat7/4,withthedrawat13/5。

Ifyoudothenecessarymaths,you’llnotethatinpercentageterms,i。

e。

thatchanceofanyofthreeoutcomesoccurring,itequals100%。

Thatwouldmeanthatnomatterorwhowon(orifthematchendedinadraw),thebookmakerswouldn’tmakeanymoney。

Andso,theoddsofferedarelowerthanthat。

Intheaboveexample,TeamsAandBcouldbepricedat6/4andthedrawat12/5,andthepercentagevalueswouldequal109%;inthelongrun,thatequatestoa9%profitmargin。

Astheoldsayinggoes,youwillnevermeetapoorbookmaker!

Yourjobistosimplyaccumulateprofitbybettingsmart,pickingtheeventswheretheoddsarefairandjustified。