{"id":193,"date":"2020-09-08T11:34:22","date_gmt":"2020-09-08T10:34:22","guid":{"rendered":"https:\/\/www.oddsmonkey.com\/matched-betting\/?page_id=193"},"modified":"2020-09-15T16:25:23","modified_gmt":"2020-09-15T15:25:23","slug":"how-betting-odds-work","status":"publish","type":"page","link":"https:\/\/www.oddsmonkey.com\/matched-betting\/how-betting-odds-work\/","title":{"rendered":"How Betting Odds Work"},"content":{"rendered":"\t\t
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BETTING ODDS EXPLAINED: WHAT THEY ARE AND HOW TO USE THEM<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Odds are the numbers used by online bookmakers to show how likely something is to happen. They give you a quick indication of how much you could expect to win if your bet wins. This guide will introduce you to the world of odds, the different ways they can be used and what they mean to you and your matched betting journey.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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With so many numbers appearing in different formats, betting websites can be overwhelming for the beginner. But as long as you can get to grips with a few simple mathematical ideas, it\u2019ll all become a lot easier. This guide will show you how betting odds work.<\/p>

What are\u00a0betting odds?<\/strong><\/h2>

Odds are numbers that express how likely events are to happen. To illustrate this idea, here are the three possible outcomes of a football match for any team:<\/p>

1. Win
2. Lose
3. Draw<\/p>

All of these have different possibilities, probabilities, chances \u2013 or odds \u2013 of happening.<\/p>

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How betting odds\u00a0work<\/strong><\/h2>

Betting odds are usually expressed either as fractions (e.g. \u20183\/1\u2019) or as decimals (e.g. 4.0). Fractions were traditionally used to bet on horse racing and were most popular in high street betting shops in the UK, before the advent of internet gambling.<\/p>

As the web has become more popular as a place to bet, European decimal odds have become more commonplace. Moneyline, or American, odds are favoured by US bookmakers and punters, and are often expressed as positive and negative values (e.g. +250, -400).<\/p>

While the differences may seem confusing at first glance, they\u2019re simply different ways of expressing the same thing.<\/p>

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How to read<\/strong>\u00a0betting odds<\/h2>

Once you understand betting odds and the differences between them, reading them becomes easy.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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How to understand fractional odds<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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If a bookmaker offers odds of 3\/1 for an event to occur, you stand to win \u00a33 for every \u00a31 you bet. If you bet on an event at odds of 7\/2, then you stand to win \u00a37 for every \u00a32 you wager (winnings plus your stake).<\/p>

You may also see odds expressed with the lowest number first e.g. 1\/2 or 2\/7. These are known as \u2018odds-on selections\u2019 and are normally used when the likelihood of something happening is higher than not. Of course, this also means that your winnings will be less than your stake. At 2\/7 you win \u00a32 for every \u00a37 you bet.<\/p>

When the numbers on either side of the slash are the same (e.g. 1\/1), we refer to them as \u2018evens\u2019.<\/p>

If you\u2019d like a bit more guidance, we have a full guide on\u00a0how fractional odds work in betting<\/a>.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\tUnderstanding decimal odds<\/span>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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In many ways, decimal odds are easier to understand. This is because all you have to do to calculate your potential winnings is multiply your stake by the odds. For example, if you make a \u00a310 bet at odds of 4.5, you could potentially win \u00a345 (including your stake).<\/p>

By contrast, fractional odds can become confusing. For example, which odds give the best return \u2013 16\/5 or 3\/1? You can work it out, but a glance at their decimal equivalents (4.2 and 4.0 respectively) quickly tells you which odds are most favourable. This is why we recommend that all beginners start betting using decimal odds.<\/p>

You should bear in mind that decimal odds include your stake. So, if you bet \u00a310 at odds of 2.5, you can expect to win \u00a325 (\u00a315 on top of your \u00a310 stake). You should also know that 2.0 is the evens line, so numbers lower than this return a profit that is lower than your stake.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\tMoneyline odds (also known as American odds)<\/span>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Moneyline odds aren\u2019t generally used in either the UK or Europe. But you might see them in American media and sites, especially those that cover boxing or mixed martial arts.<\/p>

Moneyline odds use $100 as the evens line, with either positive or negative outcomes. So, if you have odds above the line, this tells you how much you profit you stand to make from a $100 bet. For example, if you put your money down at odds of +175, you can expect to make $175 profit from a winning bet.<\/p>

If you the odds have a negative value, this tells you how much money you need to wager to win $100. So, if you want to bet on an event at odds of -175, you must bet $175 to win $100.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Converting decimal odds to fractions (and vice versa)<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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To convert decimals to fractions, subtract 1 from the decimal and find the nearest whole integer. So, if you have odds of 4.5, this becomes 3.5\/1, which you can turn into 7\/2 by multiplying both sides by 2. To convert fractional odds into decimals, divide the first number by the second and add one, e.g. 7\/2 +1 = 4.5.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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