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Betting Odds
Former Member
Posts: 1,876,323 The Mix Honorary Guru
Ok, following on from the reporting posts thread in Anything Goes, would somebody be able to explain betting odds to me, pleeease 
I don't understand what the numbers mean, and what the difference is when the numbers are on different sides of the / etc.
I'd be really grateful if someone could explain :wave:
I don't understand what the numbers mean, and what the difference is when the numbers are on different sides of the / etc.
I'd be really grateful if someone could explain :wave:
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Comments
But on Betfair and the likes, they use decimals odds, which are much easier to deal with.
But that leaves out the whole 11 to 4 type odds, its often not to a ratio of 1. Obviously understanding X-1 odds are easy, but when its something 11-4 the maths become a little more complicated.
so a 5/1 odd means that you win 5 times the stakes plus the original bet -
5/1 £1 bet = 5 pound winnings + 1 bet returned = £6
1000/1 £1 bet = £1000 winnings + £1 bet returned = £1001
so the higher the numbers for the odds on the left, the better the bet.
So a sure thing would be -
1/2 £1 bet = 50p winnings plus £1 stake returned = 1.50
You also get wierd odds as well to reflect precise betting - so things like
7/2 £1 bet = £3.50 winnings plus £1 stake = £4.50 (I think...)
You divide the bet by the second number, then times by the first - but I may be wildly and embarressingly out there.
Think you might be right there Jim. I find fractional betting akward, I have really got used to decimals odds on Betfair. Would quite like to see fractional odds done away with. I guess it was like using inches and feet, then changing to centimeters and meters.
:thumb:
I'm pretty sure thats how it works, though frankly I've never bet on anything other than the lottery and their odds are about 200 billion to one.
:yes:
Decimal odds include the unit stake 4/1 (fractional) for example is displayed as 5.0 in decimal odds. To calculate your return on a bet, simply multiply your stake by your odds. £100 at 2.50 would therefore return £250. £20 at 5.00 would return £100 – these returns include your stake.
I was brought up using decimal odds, so thats perhaps why I find it easier. Guess it just what works best for you really.
:yes:
Me too :crying:
Father and son down the betting shop?
What dont you understand?
I was lucky at university one of our lectures is the head of the betting reserach unit. He was a big fan of Betfair and taught us using the Betfair model.
He used to give us tips and everything
:thumb:
ok, so the smaller the numbers on either side, the more chance of winning? because that site said 2/1 was good, but Jim said 1/2 was good too? I get that the less chance of winning, the more money you will get though. so, if someone says good odds, do they mean more chance of winning, or more money if they did win? And what about random different numbers on each side of the /? Ooo, i think my head's going to explode with trying to work it out
1000000000/1
1000000/1
10000/1
1000/1
10/1
5/1
4/1
7/2 - effective 3.5/1 but you can't ever use fractions
3/1
2/1
1/1 or evens - essentially this means it should happen but you'll win fuck all
1/2 - very, very likely - no real chance to won't happen.
So Calvin says he's 90/1 to get banned. Since I know that's going to happen in about 23 minutes it's really, really god odds. Since after all he gets banned in 22 minutes from now and I make a huge amount of money...
If your intrested enough you could buy this book. Its really good at explaining both fractional and decimal odds betting, its written for the layman and has some handy little tips for the gambler within you.
Thanks anyway, the list of odds helped
Generally yes. You cant combine fractions and decimals, so you cant have 3.5/1 but you can have 7/2.