Guide to betting odds: How do they work?
Anyone who places bets needs to know how to understand and calculate odds. The odds are a measure of your chance of winning according to the bookmakers. If your wager succeeds, you will also see how much money your chances of winning.
While betting odds may seem confusing at first glance, this guide will provide you with all the information you need to make informed decisions when gambling online.
What are the odds of winning a bet?
Bookmakers calculate betting odds in order to determine the probability of an event happening.
These odds are often represented as a fraction (2/1) of a decimal (3.3), which is common in the UK and Europe. You can also use the moneyline (or American way) to indicate a number that has a plus/minus (+200).
All events that bookmakers take bets on, such as horse racing or football, are subject to betting odds.
What is the definition of probability?
Probability is simply the likelihood of something happening. If the bookmaker predicts an outcome for an event with a high probability, it is more likely to occur than not. If the event is considered to be low-probability, it's less likely than not.
UK bookmakers often show probability as a fraction. It would be two numbers separated using a forwardslash (e.g. 1/2).
Probability can be described as a coin toss in which there are two outcomes: heads or tails. A coin toss has a chance of getting heads, and the odds of it happening are 1/1. This would indicate that there is a 50% chance that the outcome will be won. The betting odds can be used by punters to determine the likelihood of a particular outcome.
How to calculate the probability of betting odds
Now that you are aware of the odds, which consist of two numbers separated by forward slashes, you can use them for calculating the probability of an actual event.
You can easily explain the method of calculating probability (in percentage terms), from odds by replacing the numbers in the odds with letters. Thus, for example, 2/1 becomes 1/1. It is calculated as: Probability (%) =B/(A+B).
Below are some examples of betting odds, converted into percentages, to calculate the probability.
How to interpret betting odds
Once you have figured out how to calculate the probability of an event, you can use the betting odds for potential returns if it happens.
Fractional odds will tell you how much you can win relative to the stake that you placed on the bet. You can bet PS1 on West Ham beating Tottenham at 4/1. If it is successful, you will receive PS5 (PS4 profit plus your PS1 stake). Below are more examples of betting odds. Playing Pick 3 Punter - Help You Can Earn Knowledge
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