Betting and odds go hand in hand. Wherever there is a bookmaker and a casino, where there is betting on sports, you have your odds displayed next to the event, racer, match, whichever form of sports is taking place.
Here is how to understand betting odds, they are quite simple.
Fractional odds have mainly been used in the UK and to some extent they still are. Essentially, fractional odds are a bit outdated yet tradition holds its ground.
They are still to be found in some casinos, especially online.
You must understand that the odds, whether fractional or decimal tell you how likely something is to happen and at the same time how much money you can win by betting on that something.
When you see fractional odds, they are displayed like 8/1, 10/1, 1/1, you get the picture. They represent the probability of something happening. The way you calculate the probability is by dividing the second number by the sum of the two numbers.
Here is an example:
- 10/1 would be 1/(10+1) which is 0.9 or 9% chance of something happening.
- 1/1 would be 1/(1+1) which is 0.50 or 50% chance of that event coming to be.
These are also your rates, depending on how much you bet.
- 10/1 and you bet 1$ means you get 10 dollars.
- 1/1 and you bet 1$ means you get 1 dollar.
- 1/2 and you bet 1$ means you get half a dollar.
Fractional odds are pretty simple once you get the hang of them, yet complicated once the odds shift a bit. That is why more and more bookmakers and casinos are moving to decimals.
Decimals have been adopted by many online casinos and even bookmakers in real life. They are easier to work with and present a simple alternative to fractional odds and allow for miniscule changes in the odds without making the situation much complicated for the punter.
Here is what you can win if you see decimals, your prize equals the odds times the what you bet minus what you bet. It would be like this.
10.0 you bet 10$ and it the prize is calculated like this 10*10-10 which is 90$.
- 5.0 you bet 10$ and you win 5*10-10 which is 40$.
- 2.25 you bet 10$ and you win 2.25*10-10 which is 12.5$.
- 1.0 you bet 10$ and you get 1*10-10 which is 0$.
The bigger the decimal the less likely that the even you’re betting on will take place. The smaller the decimal, the more likely that the event will take place and the less money you win.
You will likely find decimals online but if you do happen to run into fractional odds, you will know what you are up against and whether to bet or not.