Gambling odds are numerical expressions used to represent the likelihood of a particular outcome occurring in a gambling event, such as a sporting event, casino game, or lottery. Understanding these odds is crucial for gamblers as they determine potential payouts and inform betting strategies.
Odds Formats
There are several common formats for expressing odds, but they all represent the same concept, just in different ways. Behind the scenes, in most modern platforms, the odds are usually calculated and stored in decimal form, and therefore payouts will be calculated using decimals form too, regardless of which odds format you decide to use at BetWright.
Decimal Odds
Sometimes referred to as European Odds.
Expressed as decimal numbers (e.g., 6.00, 4.33).
The number represents the total payout (including the original stake) for each unit staked.
Example: 6.00 means a £1 bet returns £6 (including the original $1 stake).
Fractional Odds
Sometimes referred to as British Odds.
Expressed as fractions (e.g., 5/1, 10/3).
The first number (numerator) indicates how much you will win on a stake of the second number (denominator).
Example: 5/1 means you win £5 for every £1 bet, plus your original stake.
Moneyline Odds
Sometimes referred to as American Odds.
Presented as either positive or negative numbers (e.g., +500, -200).
Positive numbers show how much profit you'd make on a £100 bet.
Negative numbers show how much you'd need to bet to make a £100 profit.
Example: +500 means a £100 bet wins £500, while -200 means you need to bet £200 to win £100.
Probability Odds
Sometimes referred to as Implied Probability.
Presented as a percentage of chance (e.g., 50%, 30%).
Represents the implied chance of an outcome happening.
Example: 20% means there's a 1 in 5 chance.