If you want to come out on top against the bookies it is vital that you understand the fundamentals. When it comes to sports betting there is nothing quite as fundamental as the odds that the bookies offer. Unfortunately, betting odds can prove very confusing. That’s especially true for people who are new to betting.

Fractional odds are some of the most simple to understand, as they present your potential winnings as a fraction of the money you stake: while the denominator represents the amount bet, the numerator is the amount your stake will yield in a winning bet. For example, odds of 1/1 mean you’d get a return of $20 for a winning $10 bet. What does this mean exactly? Consider it like a fee to broker the wager so that between one winning bet cashing and another losing based on the same -110, the book will still end up ahead between the two.

What Does 220 Mean Betting

1. 1 / (2+1) = 0.33 or 33%. For odds of 8/13 this is the equation: 13 / (8+13) = 0.62 or 62%. That’s how the maths works but when it comes to the actual odds that bookmakers set, it’s a little more complicated.
2. 1X2 stands for the three outcomes possible in a game. The 1 is for an away team win, the X for a draw and the 2 for a home team win. What does UNDER 4.5 mean? The UNDER 4.5 meaning is that less than.

That’s where this article comes in. We’re going to explain exactly how betting odds work, how they are set and the differences in the ways they are displayed. After taking in all the information below, you will be much better equipped to set about making some profit.

What Do Betting Odds Represent?

At their most basic, betting odds tell you two things:

1. How much you stand to make should the selection win
2. The probability of the selection winning

Take this example. If you were looking through the weekend Premier League fixtures and saw a team had fractional odds of 2/1 (that’s decimal odds of 3.0) you would know that you stand to win £2 in profit from every £1 that you stake should the team win. You’d also know that the bookmaker who set the odds ranks the team’s chances of winning as one in every three times the game is played.

If you saw a team had fractional odds of 8/13, you’d know that for every £13 you stake, you will win £8 or profit and that if the game was played 21 times in total, the bookies think the team would win 13 times and fail to win eight times (what is known as the implied probability).

Working out an implied probability percentage from fractional odds is simple. You just divide the stake by the combined sum of the two numbers which make up the fractional odds. In the case of 2/1 the equation looks like this:

1 / (2+1) = 0.33 or 33%

For odds of 8/13 this is the equation:

13 / (8+13) = 0.62 or 62%

That’s how the maths works but when it comes to the actual odds that bookmakers set, it’s a little more complicated.

How Do Bookmakers Set Their Odds?

The basic business model of a sportsbook is fairly uncomplicated. Bookmakers set the odds and take bets on an event. When that event ends they pay out everyone who backed the winner and then keep the rest for themselves.

But, consider the following horse race.

As you can see, the combined implied probability of the selections above is 100%. From a bookmaker’s perspective that is a big problem. That’s because, presuming they’ve got the same amount of liability on each selection, they’d never make any money as they’d have to collect and payout the same amount.

So, the bookmakers will build something called an overround into their odds. Here’s a real example of a match odds market from a football match:

With an total implied probability of 101.7%, the bookmaker who set those odds is guaranteed to make a profit of 1.7% assuming that they have the same amount of liability on all three selections. Of course, it rarely works out that the bookies manage to spread their liability evenly but you need to know that when you look at a betting market you’re not simply looking at a reflection of how the bookies think the event will pan out. There’s much more going on behind the scenes.

Armed with this knowledge of how the bookmakers set their odds, you can concentrate on finding value. That is, finding a bet where you believe the odds (and therefore the implied probability) is too big. If the bookies think that a side has a 50% chance of winning but you think they’ve got a better chance than that, that’s value.

The Difference Between Decimal and Fractional Odds

You will have seen above that we’ve spoken about both fractional and decimal odds. They are just different ways of conveying the same information but they do add another layer of complexity.

All the major online bookmakers will shows their odds as both fractions and decimals so it’s important that you understand just what they are showing and how to switch between the two. Thankfully, it only requires simple maths.

To go from a fraction to a decimal is as easy as dividing out the fraction and adding one. Here’s how that looks for odds of 2/1:

(2/1) + 1 = 3.o

And using our second example from above, 8/13, it looks like this:

(8/13) + 1 = 1.62

If you want to go from decimal odds to fractional odds is similarly simple. You just minus one from the decimal odds, turn that number into a fraction and reduce it down to it’s simplest form.

Let’s take decimal odds of 4.5, this is the equation:

4.5 – 1 = 3.5
35/10 -> 7/2

What Does 1 2 Mean In Basketball Betting

If the decimal price is 1.25, you convert it into fractional odds like this:

1.25 – 1 = 0.25
25/100 -> 1/4

Here’s a list of some of the most common fractional odds and their decimal equivalents (for a more in-depth list click here).

Key Terminology

When reading betting advice or searching for a value bet on the bookies’ websites you’ll come across some key terms relating to betting odds. To round up our article on betting odds, we’ve covered the most widely used terms to ensure you don’t get confused in your search for winners.

Stake – The amount of money that you place (or wager) on a specific bet.

Price – The price of a bet is simply another way of referring to the odds. You can either say that a football team can be backed at odds of 2/1or that their price is 2/1.

Odds On & Odds Against – Two of the key terms that you’ll hear when it comes to betting odds are ‘odds on’ and ‘odds against’. These terms refer to whether a price is greater or lower than evens. Any price above evens is known as odds against, while anything below evens is odds on.

Short and Long Odds – If something is described as being short odds it means the price is low. A long odds shot will provide you with a bigger win but is much less likely to win.

We live in a society where greed and the desire to make as much money as possible is the new norm. In the sports betting industry, it is no different. Bettors are very rarely satisfied with a modest 1-0 or 2-0 day, while profiting a small amount. Instead, we have terms like “double bet” where bettors decide to risk more than they normal would on a single bet and try to increase the bankroll with one big payout. If they are successful in doing so, great. If not, the bankroll suffers a major hit and it’ll be much harder to make up the lost money. This is why bettors should tread carefully when thinking about making a “double bet”

What Does Double Bet Mean?

If you hear someone using the term “double bet” in reference to sports betting, you should probably clarify the context in which they are using that term. A “double bet” can mean two different things from two different people. One usage is more common in North America, while the other is seldom used here, but more common in Europe.

Betting What Does +140 Mean

Let’s take a look at the North American meaning first. If you hear the term “double bet” used on this continent, it is referring to a bet in which the handicapper decides to double the amount of what they would normally bet. This is also known a “double pop” or pressing your bet. For example, if you normally bet $100 on a game and you absolutely love a game or team for whatever reason, you would “double bet” them and wager $200.

In other markets, a “double bet” is generally used to describe the simplest form of a parlay, which is a bet on two teams or individuals. In order to win this bet, you would have to pick both games correctly. The good thing about a parlay is that you can parlay just about any betting option you want – a point spread, the money line, totals and so on.

Are Double Bets Worth Making?

If we are talking the North American meaning of “double bet” then yes, making double bets are worth it when the situation asks for it. I am a big believer that bankroll management is crucial to surviving as a serious bettor. However, I understand the process of building your bankroll is gruelling, so I would support anyone who decides to make a “double bet” if they absolutely love the situation. Don’t get me wrong, every situation can turn into a disaster in the blink of an eye, which is why these “double bets” should be very infrequently made.

What Does 1 X 2 Mean In Soccer Betting

In the European sense of the meaning, then some “double bets” are much more attractive than others. For example, a money line parlay is a better bet in most cases than a point spread parlay. Money line parlays are calculated by multiplying the payouts of each individual game, so the total payout reflects the risk involved. If you are betting into money line odds that are good, the parlay payout will be good. With a point spread parlay, the odds are generally fixed and much lower than they should be. A two-team parlay has four possible combinations – you can win both games, win the first and lose the second, win the second and lose the first or lose both. Each outcome is just as likely to happen as the others. In order for you to break even over the long term with this style of bet, you would need to get 3/1 odds, instead of the typical 13/5 odds. Should you feel the need to “double bet” and indulge in the parlay option, you need to understand that you are making a bet in which the sportsbooks have a real significant edge, both at the present time and over the long term.

What Does +100 Mean In Betting

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