Betting Odds A Guide

by Punter's Hero on August 5, 2010

in Latest News

So you want to put a bet on you’re favourite team or on the latest reality TV programme and you find a number of different bookmakers all with different odds.

But just what do those betting odds mean and how can you be sure that you are getting the best deal?

Well simply put odds are the bookmakers’ view of the chance of the subject winning. They are usually expressed as a fraction and in order to work them out you need to divide the first number by the second to get a multiplier.

So if there are odds of 20/1 and you bet a £1 then you would get £20 back as well as your stake. It’s simple enough for straight forward odds like 20/1 but what about if the odds are 6/4? Well if you bet a £1 you need to divide six by four to get the multiplier – 1.5 – so if you bet £1 on 6/1 you will get £1.50 back plus your stake.

Odds are set either at even money, odds against or odds on. Evens are odds of 1/1 and that simply means that for every £1 bet you will get a £1 back if you win plus your stake. This means that there is considered to be an equal chance that two teams will win – it’s basically a 50/50 chance.

If it’s an odds against bet this means that if your bet wins you will get more back then you put on so if there are odds of 3/1 you will get £3 for every £1 bet plus the stake.

An odds on bet means that if the bet wins you will get less back then you win less then you put on.  So with odds of 2/1 you will get 50p back for every £1 bet plus the stake.

Other terms that you may here are short or long odds. Short odds shows that the selection has a good chance of winning so you won’t win much if you do win the bet so for example a 6/4 bet will be considered short. While long odds mean that the selection has a poor chance of winning so you will get more back for your stake so for example odds of 50/1 will be considered long odds.

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