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Here are some other examples… 6. Which odds format is best? When it comes to matched betting though, decimal odds are the clear winner. Betting exchanges display their odds as decimals too, so it makes sense all round to go with decimals. What are moneyline odds? Moneyline odds, also known as American odds, are commonly used in you guessed it America.

It gives us a rough idea of how likely something is to happen. The actual probability of an outcome happening is usually a little less than the implied probability. Bookmakers offer odds that they believe are lower than the actual chances of something happening. This is how they make their money in the long-term. If a bookmaker believes the outcome of an event has a high probability of happening — meaning that it is more likely to happen than not — odds will be shorter, so a punter can less money.

A very simple example of probability in action is probably when tossing a coin, where there are two outcomes heads or tails. You have the same statistical chance of getting either; the chance of getting either is 1 out of 2. What Are Fractional Odds? Fractional odds are the oldest forms of odds for horse racing and they are still the preferred format used in the UK in shops and on UK racecourses.

Fractional odds are simple to calculate because they are given in fraction form. The denominator or 2nd number to the right is the amount bet and the numerator or 1st number on the left is the amount that your bet will return. Decimal odds they are sometimes known as European odds or American odds are popular because of their simplicity.

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Free, void, cashed out or partially cashed out bets do not qualify. Free bets must be used on 4 or more selections with selection odds of 1. Free bets are non-withdrawable and stake not returned with winnings. Please Play Responsibly. New reg only. Odds Allow You to Calculate Winnings Another important thing to note about what do betting odds mean is that they allow you to calculate what your likely winnings from a bet will be.

This is simply a case of multiplying the odds by your stake. You may also see odds written in what is called the decimal format. Of course, being able to calculate your likely winnings also makes it easier to assess the relative value of each bet. This makes it simpler for you to assess the relative risks of betting on particular markets. This means that you can shape betting strategies more effectively. Understand the Different Formats If you are betting in the UK you will see odds presented in two different formats.

Both are essentially representing exactly the same thing — the probability of an even occurring. Traditionally in the UK and Ireland odds have been represented as a fraction. These are pretty easy to understand, as they are a straightforward representation of probability. But while many experienced sports bettors will be very familiar with fractional odds and how they work, they can be a little confusing at times.

Calculating likely wins can often seem somewhat complex when you are faced with fractional odds. If you find fractional odds tricky then the good news is that UK and Irish bookies now also tend to give you the option of seeing odds as decimals too. This makes knowing how to calculate betting odds much simpler. This is the format that is more usually in place at bookies from continental Europe.

If you have ever watched horse racing from France on the TV, for example, you may well have noticed the way that the odds are written. Decimal odds give you exactly the same information as fractional odds, they are just written as a number with a decimal point. This format can make calculating winnings from bets much simpler and quicker. These odds also include your stake as winnings, something that does not happen with fractional odds.

You can switch between odds at most online bookmakers now with a simple click of a tab. We already know that odds of simply mean taking the first number which is 2 and then dividing it by the second number which is 1. In this example, the first number divided by the second number still gives us a total of two hence the odds of People get confused by complex odds but we are still doing the same thing. That is to divide the first figure by the second.

So is fifteen divided by eight which is 1. So is in fact 1. We can do the same with which is divided by 30 which is 3. When it is the other way around, it is Called "odds on" The Decimal Odds Betting System You may have gone onto a betting site and seen odds of 3. Many people think this or they become confused by this betting terminology. In , more and more online betting sites are switching to decimal odds. In many ways, they are a much simpler way of seeing the odds. No more do you need to divide one figure by the other like with some of the more complex fractional odds.

Decimal odds will be shown like 3. There is only one thing to remember with decimal odds and it is this. The figure shown is the sum total of what you will return. This is different to what the actual odds are, let us explain. All winning bets return stake and it is the same with decimal odds. So if you see odds of say 3. So now we can see that odds of in fractional odds and 3. Putting it all to Work Here are a few examples to highlight what we have been talking about.

Decimal odds show what you win but in both cases, you still return your stake. What Type of Bets Can you Make? There are numerous different bet types in horse racing. For example, there is no rule that says that you can't bet on more than one horse. In fact, if you wanted to then you could back every single horse in the race although why would you want to? In short, then there are three main bets that you can place in horse racing although the variables within these three types are wide.

A win bet is simply as the name implies, this is a bet on a horse to win.

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