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.
- 2 1 Betting Odds Explained
- What Are 2 To 1 Odds
- 2 1 Betting Odds Explained Plus Minus
- 2 1 Betting Odds Explained Point Spread
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:
- How much you stand to make should the selection win
- The probability of the selection winning
Thus even odds 1/1 are quoted in decimal odds as 2.00. The 4/1 fractional odds discussed above are quoted as 5.00, while the 1/4 odds are quoted as 1.25. This is considered to be ideal for parlay betting, because the odds to be paid out are simply the product of the odds for each outcome wagered on. When looking at decimal odds in betting terms. Feb 27, 2020 When you bet for the underdog, it is called betting 'against the odds.' For example, if odds are 3/1 for the Cowboys this Sunday, then it is three times more likely that they will lose than win. Odds of 3-1 indicate that if you bet $100, you will win $400, the original amount of your bet plus the profit. Odds of 1-3 will win you $33 on a $100.
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:
- Jun 01, 2010 If it's odds to win, that means the team/etc. Has a 2/3 (66%) chance of winning. If the odds of a team to win are 2-1, the payout odds will be the opposite: 1-2 (but actually a little less because.
- Nov 22, 2011 2 / 1 = 16 / 8 (Multiply both sides by 8.) 16 / 8 is greater than 15 / 8. So if you were betting on something, you would prefer 2/1 odds over the same event that only gave you 15/8 odds. Hope this helps.
1 / (2+1) = 0.33 or 33%
For odds of 8/13 this is the equation:
13 / (8+13) = 0.62 or 62% Money bags real estate.
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.
| Selection | Fractional Odds | Decimal Odds | Implied Probability | Profit From a £10 Bet |
|---|---|---|---|---|
| Horse 1 | Evens | 2.0 | 50% | £10 |
| Horse 2 | 3/1 | 4.0 | 25% | £30 |
| Horse 3 | 7/1 | 8.0 | 12.5% | £70 |
| Horse 4 | 7/1 | 8.0 | 12.5% | £70 |
2 1 Betting Odds Explained
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:
| Selection | Fractional Odds | Decimal Odds | Implied Probability | Profit From a £10 Bet |
|---|---|---|---|---|
| Man Utd | 1/2 | 1.5 | 66.7% | £5 |
| Draw | 18/5 | 4.6 | 21.7% | £36 |
| West Ham | 13/2 | 7.5 | 13.3% | £65 |
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
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).
| Fractional Odds | Decimal Odds | Implied Probability |
|---|---|---|
| 1/10 | 1.10 | 90.9% |
| 1/5 | 1.2 | 83.33% |
| 2/5 | 1.4 | 71.43% |
| 1/2 | 1.5 | 66.67% |
| 1/1 (evens) | 2.0 | 50% |
| 3/2 | 2.5 | 40% |
| 2/1 | 3.0 | 33.33% |
| 4/1 | 5.0 | 20% |
| 9/1 | 10.0 | 10% |
| 100/1 | 101.0 | 0.99% |
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.
What Are 2 To 1 Odds
Welcome to the Sports Betting Odds section of The Sports Geek. If you are new to sports betting and don't understand how to read betting odds (+150, -110, +2200, etc) we will lay it all out for you and help you learn how the betting odds work.
Betting Site | Bonus | Bet Now | |
|---|---|---|---|
| 1 | up to €30 Free Bet | Go to Site | |
| 2 | 22Bet | 100% up to €122 | Go to Site |
| 3 | 100% up to €200 | Go to Site | |
| 4 | 10Bet | 100% up to €50 | Go to Site |
| 5 | 100% up to €50 | Go to Site |
Sports Betting Odds Explained
Many people don't know how to read or calculate sports betting odds, so below we have done our best on explaining how betting odds work. The most common type of sports betting odds used in North America are the American style odds which we explain below.
American Style Sports Betting Odds
Most online sportsbooks will list their odds in what is called 'American Odds'. There are a couple different versions of sports betting odds, but these American Odds are the most common odds used. Reading and understanding sports betting odds can bet a little confusing to beginners, so we have provided an example below using two NFL football teams:
American Odds
- Matchup Odds
- New England Patriots +120
- Pittsburgh Steelers -140
The number shown in the bracket represents the odds. The American Odds have two components to them, the first being the positive or negative sign, and the second being the number that follows the sign.
2 1 Betting Odds Explained Plus Minus
The sign in front of the number indicates whether placing a wager on that outcome will pay out more money then you have wagered or less money then you have wagered. If the odd is negative (-) it means that outcome is more likely to happen and placing a bet on that outcome would payout less than the amount you wagered, while a positive (+) odd shows that the outcome is less likely to happen and it would pay out more than the amount you wagered.
The next step is figuring out exactly how much the bet pays out, which is where the numbers in the odds come into play.
A listed odd with a – sign in front of it, such as the -140 in our example above, shows us how much money you would need to wager in order to win $100. So using the -140, this would show us that you would need to bet $140 in order to win $100 in profits. You can easily substitute the $100 bet for a $10 bet by moving the decimal place over one spot, showing us that you would need to wager $14 in order to win $10 in profits.
Examples:
A listed odd with a + sign in front of it, such as the +120 in our example above, shows us how much money you would win on a $100 bet. Using the +120 odds, it shows us that a $100 bet on that outcome would pay out $120 in profits. Again this can easily be converted into smaller or larger size bets. A $10 bet on +120 odds would pay out $12 in profits.
Examples:
Below is an example of NFL betting odds taken from an online betting site.
In this example you can see Los Angeles is listed at +130 ($100 bet pays $130 plus of course your original wager back) and New England is listed at -150 ($150 bet pays $100).
The great thing about betting online is that the online sportsbooks will do the calculations for you before you place your bet. You can click on the outcome or team you would like to bet on, and then input the amount you wish to wager and it will show you your potential pay out before you confirm your bet.
Ready To Start Betting?MyBookie and BetUS are my two favorite sportsbooks and make betting very easy. You will also get a Free Money Bonus at each sportsbook if you follow either link above.
Decimal Style Sports Betting Odds
Decimal style odds are used mostly in Europe, and are pretty easy to understand. To calculate the decimal style odds all you will need to do is simply multiply the amount you wish to wager by the decimal odds shown and you will get your payout. For example it may look something like this:
If you wanted to place a $10 wager on the USA at 2.40 you would simply need to multiply your $10 wager by the 2.40 odds (10 x 2.40) to find out that the payout is $24. It is important to realize that with decimal style odds it includes the amount you wagered, so to find out profits you would need to subtract your wager ($24 – $10) to find out your potential payout is $14 in profits.
If you wanted to place a $10 wager on Brazil you would again just multiply $10 x 1.55 to find out that you would win $15.50 total or $5.50 in profits.
2 1 Betting Odds Explained Point Spread
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:
- Jun 01, 2010 If it's odds to win, that means the team/etc. Has a 2/3 (66%) chance of winning. If the odds of a team to win are 2-1, the payout odds will be the opposite: 1-2 (but actually a little less because.
- Nov 22, 2011 2 / 1 = 16 / 8 (Multiply both sides by 8.) 16 / 8 is greater than 15 / 8. So if you were betting on something, you would prefer 2/1 odds over the same event that only gave you 15/8 odds. Hope this helps.
1 / (2+1) = 0.33 or 33%
For odds of 8/13 this is the equation:
13 / (8+13) = 0.62 or 62% Money bags real estate.
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.
| Selection | Fractional Odds | Decimal Odds | Implied Probability | Profit From a £10 Bet |
|---|---|---|---|---|
| Horse 1 | Evens | 2.0 | 50% | £10 |
| Horse 2 | 3/1 | 4.0 | 25% | £30 |
| Horse 3 | 7/1 | 8.0 | 12.5% | £70 |
| Horse 4 | 7/1 | 8.0 | 12.5% | £70 |
2 1 Betting Odds Explained
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:
| Selection | Fractional Odds | Decimal Odds | Implied Probability | Profit From a £10 Bet |
|---|---|---|---|---|
| Man Utd | 1/2 | 1.5 | 66.7% | £5 |
| Draw | 18/5 | 4.6 | 21.7% | £36 |
| West Ham | 13/2 | 7.5 | 13.3% | £65 |
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
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).
| Fractional Odds | Decimal Odds | Implied Probability |
|---|---|---|
| 1/10 | 1.10 | 90.9% |
| 1/5 | 1.2 | 83.33% |
| 2/5 | 1.4 | 71.43% |
| 1/2 | 1.5 | 66.67% |
| 1/1 (evens) | 2.0 | 50% |
| 3/2 | 2.5 | 40% |
| 2/1 | 3.0 | 33.33% |
| 4/1 | 5.0 | 20% |
| 9/1 | 10.0 | 10% |
| 100/1 | 101.0 | 0.99% |
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.
What Are 2 To 1 Odds
Welcome to the Sports Betting Odds section of The Sports Geek. If you are new to sports betting and don't understand how to read betting odds (+150, -110, +2200, etc) we will lay it all out for you and help you learn how the betting odds work.
Betting Site | Bonus | Bet Now | |
|---|---|---|---|
| 1 | up to €30 Free Bet | Go to Site | |
| 2 | 22Bet | 100% up to €122 | Go to Site |
| 3 | 100% up to €200 | Go to Site | |
| 4 | 10Bet | 100% up to €50 | Go to Site |
| 5 | 100% up to €50 | Go to Site |
Sports Betting Odds Explained
Many people don't know how to read or calculate sports betting odds, so below we have done our best on explaining how betting odds work. The most common type of sports betting odds used in North America are the American style odds which we explain below.
American Style Sports Betting Odds
Most online sportsbooks will list their odds in what is called 'American Odds'. There are a couple different versions of sports betting odds, but these American Odds are the most common odds used. Reading and understanding sports betting odds can bet a little confusing to beginners, so we have provided an example below using two NFL football teams:
American Odds
- Matchup Odds
- New England Patriots +120
- Pittsburgh Steelers -140
The number shown in the bracket represents the odds. The American Odds have two components to them, the first being the positive or negative sign, and the second being the number that follows the sign.
2 1 Betting Odds Explained Plus Minus
The sign in front of the number indicates whether placing a wager on that outcome will pay out more money then you have wagered or less money then you have wagered. If the odd is negative (-) it means that outcome is more likely to happen and placing a bet on that outcome would payout less than the amount you wagered, while a positive (+) odd shows that the outcome is less likely to happen and it would pay out more than the amount you wagered.
The next step is figuring out exactly how much the bet pays out, which is where the numbers in the odds come into play.
A listed odd with a – sign in front of it, such as the -140 in our example above, shows us how much money you would need to wager in order to win $100. So using the -140, this would show us that you would need to bet $140 in order to win $100 in profits. You can easily substitute the $100 bet for a $10 bet by moving the decimal place over one spot, showing us that you would need to wager $14 in order to win $10 in profits.
Examples:
A listed odd with a + sign in front of it, such as the +120 in our example above, shows us how much money you would win on a $100 bet. Using the +120 odds, it shows us that a $100 bet on that outcome would pay out $120 in profits. Again this can easily be converted into smaller or larger size bets. A $10 bet on +120 odds would pay out $12 in profits.
Examples:
Below is an example of NFL betting odds taken from an online betting site.
In this example you can see Los Angeles is listed at +130 ($100 bet pays $130 plus of course your original wager back) and New England is listed at -150 ($150 bet pays $100).
The great thing about betting online is that the online sportsbooks will do the calculations for you before you place your bet. You can click on the outcome or team you would like to bet on, and then input the amount you wish to wager and it will show you your potential pay out before you confirm your bet.
Ready To Start Betting?MyBookie and BetUS are my two favorite sportsbooks and make betting very easy. You will also get a Free Money Bonus at each sportsbook if you follow either link above.
Decimal Style Sports Betting Odds
Decimal style odds are used mostly in Europe, and are pretty easy to understand. To calculate the decimal style odds all you will need to do is simply multiply the amount you wish to wager by the decimal odds shown and you will get your payout. For example it may look something like this:
If you wanted to place a $10 wager on the USA at 2.40 you would simply need to multiply your $10 wager by the 2.40 odds (10 x 2.40) to find out that the payout is $24. It is important to realize that with decimal style odds it includes the amount you wagered, so to find out profits you would need to subtract your wager ($24 – $10) to find out your potential payout is $14 in profits.
If you wanted to place a $10 wager on Brazil you would again just multiply $10 x 1.55 to find out that you would win $15.50 total or $5.50 in profits.
2 1 Betting Odds Explained Point Spread
Decimal style betting odds are very simple to understand, but you won't see them displayed in many North American sportsbooks. With that said, most online betting sites will allow you to chose the style of betting odds you want displayed, with American odds set as the default.
