Our course covers everything you need to know, from understanding betting odds to applying them to calculate implied probability. The first thing you’ll need if you’re new to betting is an explanation of how betting odds are calculated and how to read them at betway.com
Once you understand them, betting odds assist you in determining the likelihood of a particular event and your possible earnings.
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Even though they initially appear difficult, they are simple to comprehend when basic math is used.
What do odds on a wager mean?
Bookmakers employ betting odds to convey the probability of a particular result in an event.
Although they can also be written with a plus or negative in front of a number (+200), known as moneyline or American odds, they are most commonly represented as fractions (2/1) or decimals (3.0).
You can frequently find several possible outcomes in betting markets for any one event.
Consider betting on football matches as an example.
You will have the option of selecting a win at home, a tie, or an away victory. Based on their likelihood, each of these three scenarios will be assigned a number at betway.com
Nonetheless, betting odds are applicable to any event with a predetermined result and are frequently observed in politics, music, TV, and sports.
Betting odds assist a client in calculating their possible rewards from a wager in addition to displaying probability.
How do odds for betting operate?
To put it simply, betting odds show the likelihood of a result and are typically expressed in decimal or fractional form.
The amount that we might win if that specific result materializes is then indicated by that representation at betway.com
How to interpret odds when betting
The potential winnings in connection to our stake are indicated by fractional odds. The possible profit is indicated by the number on the left if we stake the amount on the right at betway.com
For instance, if a £1 wager on Team A to win at 2/1 is successful, £3 will be returned. Of those returns, the bettor’s stake is £1, and the rest £2 is profit.
Here are a few more instances:
10/1: A profit of £10 for every £1 invested.
5/2: A profit of £5 for every £2 bet.
4/11: A profit of £4 on a stake of £11.
The wager is referred regarded as odds-on if the number on the left is less than the number on the right. It is called odds-against when the converse is true, and it is called evens when the odds are 1/1.
Conversely, decimal odds indicate our possible profits, including our stake. To get the overall returns, just multiply the stake by the odds at betway.com
For instance, if Team A wins at 3.00, a £1 wager will yield a return of £3. Similar to the wager with the fractional odds mentioned above, the bettor’s stake is £1 and £2 of the returns are profit betway.com/betting-terms/how-do-betting-odds-work-and-how-to-read-them-betting-odds-explained/
Here are a few more instances:
10.00: A £1 wager would yield a £10 return, including stake.
2.50: A £4 wager would yield a £10 return, including stake.
1.50: A £2 wager would yield a £3 return, including stake.
In terms of decimals, 1/1 odds equals 2.00.
Lastly, moneyline odds indicate the possible return on an investment. Using an example will make it simpler to grasp how they operate:
Group A +130
Team B: 150
Team A is the underdog in the game, as shown by the plus sign in front of their odds at betway.com
£130 will be won for every £100 wagered in a winning wager. A £10 wager will yield a profit of £13 and the £10 deposit if Team A wins.
Team B is the clear favorite to win the game, as indicated by the minus sign in front of their odds.
If the wager with a £150 stake is successful, the bettor will get £100. In contrast, a £10 investment would yield a £166 return, of which £6 would be profit.
Calculating probability with odds
Additionally, we may calculate the implied likelihood of a result using betting odds.
Longer odds, to put it simply, indicate a less likely event, though you can go a bit further.
The number on the right-hand side of the fraction must be divided by the total of the two integers in order to compute probability from fractional odds at betway.com
Therefore, a 9/1 odds would imply a 10% implied likelihood.
This is due to 1÷10=0.1 and 9+1=10. When expressed as a percentage, 0.1 is equivalent to 10%.
Here are a few more instances:
5/1: 5+1 = 6, 1÷6 = 0.167 (16.7%)
6/4: 6 plus 4 = 10, 4 ÷ 10 = 0.4 (for 40%)
2/5: 2+5 = 7, 5÷7 = 0.71 (71%).
The process of calculating probability from decimal odds is a little easier. All we have to do is divide one by the decimal odds.
Consequently, an estimated probability of 10% would result from odds of 10.00 at betway.com
This is due to 1÷10=0.1. When expressed as a percentage, 0.1 is equivalent to 10%.
Here are a few more instances:
6.00: (1·6= 1÷6=0.167, or 16.7%)
2.50: 1 ÷ 2.50 = 0.4 (for forty%)
1.40: 1.40 ÷ 1.40 = 0.71 %
How to change odds from fractional to decimal
It is rare that you will need to manually convert fractional odds to decimals in most cases. On the Betway website, you will have the option to choose your favorite instead at betway.com
However, this is how it’s done:
The number on the left is divided by the number on the right, then one is added to get 6/1 as a decimal.
Hence, 6+1=7.00 and 6÷1=6.
Here are a few more instances:
10:00: 10:00·10:00 and 10:00+11:00
1.5 and 1.5+1 = 2.50 for 6÷4
2/5: 0.4+1=1.40 and 2÷5=0.4
We hope that this article has provided you with a general understanding of betting odds and their application. I wish you luck when you wager online in the future at betway.com
