Odds explained
Contents
> What are odds?
> Types of odds (bookies, decimal, casino)
> The casino with the best odds
> FREE BETS up to £550
> How much will I win?
> What are the odds of it happening?
> Instant Bet Calculator
> Place and each-way bets
> Multiples (doubles, trebles, lucky 15 etc)
> Why Bookies odds aren't accurate
> What are odds?
> Types of odds (bookies, decimal, casino)
> The casino with the best odds
> FREE BETS up to £550
> How much will I win?
> What are the odds of it happening?
> Instant Bet Calculator
> Place and each-way bets
> Multiples (doubles, trebles, lucky 15 etc)
> Why Bookies odds aren't accurate
Online betting made easy!
What does 'odds on' mean? How much will I win?
This page has the answers to all your questions.
And to ease you into online betting, we've teamed up with Canbet, the global online sportsbook.
Canbet are the first UK sportsbook to offer a rebate - if your account shows a net loss during the month they'll refund 25% of that loss back to your account in real cash.
No other online betting organisation offers this service and we're happy to recommend it to our visitors as the best introduction to online betting.
What does 'odds on' mean? How much will I win?
This page has the answers to all your questions.
And to ease you into online betting, we've teamed up with Canbet, the global online sportsbook.
Canbet are the first UK sportsbook to offer a rebate - if your account shows a net loss during the month they'll refund 25% of that loss back to your account in real cash.
No other online betting organisation offers this service and we're happy to recommend it to our visitors as the best introduction to online betting.
What are odds?
Odds are a way of showing:
a) how likely something is to happen and
b) how much you'll win if it does happen
Types of odds
Odds can be shown in different ways.
In gambling, the main forms of odds you'll see are:
BOOKMAKERS ODDS eg 7-1 (as used in sports betting)
DECIMAL ODDS eg 11.0 (used on betting exchanges)
PERCENTAGE eg 25% (shown as payouts in casino games)
To explain odds, we'll answer the two most important questions
How much will I win?
AND
What are the chances of it happening?
Odds are a way of showing:
a) how likely something is to happen and
b) how much you'll win if it does happen
Types of odds
Odds can be shown in different ways.
In gambling, the main forms of odds you'll see are:
BOOKMAKERS ODDS eg 7-1 (as used in sports betting)
DECIMAL ODDS eg 11.0 (used on betting exchanges)
PERCENTAGE eg 25% (shown as payouts in casino games)
To explain odds, we'll answer the two most important questions
How much will I win?
AND
What are the chances of it happening?
What are the odds of something happening?
If you choose a card at random from a standard pack (13 cards of 4 suits, no jokers), what are the chances of selecting a diamond?
There are 13 diamonds and 52 cards. So the chance of choosing a diamond is 13 chances out of 52 ie 1 in 4.
The easiest way to show this is as a FRACTION ie 1 / 4. In other words there are four possible outcomes and only 1 of them is a winner.
Another way to show this is as a PROBABILITY. Probability ranges from 0 (impossible) to 1 (certain). The card bet above would be shown as 0.25.
As Percentage odds
PERCENTAGE odds would say this bet is a 25% chance.
As Bookmakers odds
You might think this would be shown as 4-1 in Bookmakers odds. It isn't, because bookies odds show the chances against the event. As there are 3 cases where this bet won't win and 1 where it will, the odds are 3-1.
Casino games
In casino games, the chances of something happening and the payout if it does are similar, but not the same eg the bet on 8 in Sic Bo pays out at 8-1, but the odds against it happening are 9-1. This difference is what is known as the House Edge.
Finding bets where the payout is close to the probability is how we calculate our winning strategies for each of our games (Sic Bo, Pai Gow, Keno, Punto Banco/Baccarat)
The odds of more than one thing happening
It's important to understand how odds change for multiple bets.
eg bet A is a 1 in 4 chance, bet B is a 1 in 8 chance
The odds of both winning are 1/4 multiplied by 1/8 = 1/32
The odds of either winning are slightly more complicated. What you have to do is work out the probability of neither winning, then subtract that from 1. The probability of neither winning is:
(3/4 * 7/8) = 21/32.
So the odds of either bet winning is 1 - (21/32) = 11/32.
If you choose a card at random from a standard pack (13 cards of 4 suits, no jokers), what are the chances of selecting a diamond?
There are 13 diamonds and 52 cards. So the chance of choosing a diamond is 13 chances out of 52 ie 1 in 4.
The easiest way to show this is as a FRACTION ie 1 / 4. In other words there are four possible outcomes and only 1 of them is a winner.
Another way to show this is as a PROBABILITY. Probability ranges from 0 (impossible) to 1 (certain). The card bet above would be shown as 0.25.
As Percentage odds
PERCENTAGE odds would say this bet is a 25% chance.
As Bookmakers odds
You might think this would be shown as 4-1 in Bookmakers odds. It isn't, because bookies odds show the chances against the event. As there are 3 cases where this bet won't win and 1 where it will, the odds are 3-1.
Casino games
In casino games, the chances of something happening and the payout if it does are similar, but not the same eg the bet on 8 in Sic Bo pays out at 8-1, but the odds against it happening are 9-1. This difference is what is known as the House Edge.
Finding bets where the payout is close to the probability is how we calculate our winning strategies for each of our games (Sic Bo, Pai Gow, Keno, Punto Banco/Baccarat)
The odds of more than one thing happening
It's important to understand how odds change for multiple bets.
eg bet A is a 1 in 4 chance, bet B is a 1 in 8 chance
The odds of both winning are 1/4 multiplied by 1/8 = 1/32
The odds of either winning are slightly more complicated. What you have to do is work out the probability of neither winning, then subtract that from 1. The probability of neither winning is:
(3/4 * 7/8) = 21/32.
So the odds of either bet winning is 1 - (21/32) = 11/32.
The problem with Bookies odds
The problem most people have in understanding odds is trying to link the bookies' odds of a horse winning and its actual chances. This is because bookmakers' odds are influenced by probability, but are not an accurate representation.
Bookmakers set their prices with two intentions: firstly, to attract money for outsiders; secondly, to minimise their losses should the predicted winner win.
Unlike the fraction examples given above, betting on a horse at evens does not mean that it has a 50% chance of winning. Remember that the bookmaker has set those prices.
The 'rake' for bookmakers - ie the amount of profit they expect on their takings - is around 25%. In other words, their payout percentage is around 75.
Compare this with our recommended casinos, where the payouts on all games are all around 97%.
Slot machine payouts
Even on slot machines, which many 'serious' gamblers consider to be a mug's bet, the payout is at least 95%.
If you're interested in slots, you should try Bodog Casino. They offer single and multi line games and their progressive jackpots regularly reach over £250,000. Their current offer of a 10% matching bonus up to £800 is a quick way to kickstart your bankroll. And with a payout rate of over 97%, you've got a great chance of winning.
Or you could try Captain Cook's, which is known as the 'luckiest online casino' after one of its punters won over $1,500,000 playing slots. Its payout rates are
legendary, having reached an incredible 99.77% in June 2006.
The advantage of bookies odds
The advantage with Bookies is that in most races the favourite will generally set off with odds better than 1 to 1. For example, in a race like the Grand National, the favourite - ie the horse most likely to win (in the bookies' opinions) - will sometimes pay out at 9-1.
Casino games and sports betting are different propositions and the odds and payouts are calculated very differently.
Remember that casino games have very few variables - the results always occur within predictable ranges.
With horse racing, lots of factors can affect the result; the weather or an illness to horse or jockey could have a major bearing on the result.
Successful sports betting
The key to successful betting on horse racing is to understand that whereas casino betting is an exact science - a battle against long-term probability - betting on horses is far more random.
Bookies try their best to ensure they don't lose - and in the main they don't.
But those random factors will always throw up the opportunity for a good return on your bet. Successful punters know how to read the market and see where the odds don't quite match up to the likely outcome.
The problem most people have in understanding odds is trying to link the bookies' odds of a horse winning and its actual chances. This is because bookmakers' odds are influenced by probability, but are not an accurate representation.
Bookmakers set their prices with two intentions: firstly, to attract money for outsiders; secondly, to minimise their losses should the predicted winner win.
Unlike the fraction examples given above, betting on a horse at evens does not mean that it has a 50% chance of winning. Remember that the bookmaker has set those prices.
The 'rake' for bookmakers - ie the amount of profit they expect on their takings - is around 25%. In other words, their payout percentage is around 75.
Compare this with our recommended casinos, where the payouts on all games are all around 97%.
Slot machine payouts
Even on slot machines, which many 'serious' gamblers consider to be a mug's bet, the payout is at least 95%.
If you're interested in slots, you should try Bodog Casino. They offer single and multi line games and their progressive jackpots regularly reach over £250,000. Their current offer of a 10% matching bonus up to £800 is a quick way to kickstart your bankroll. And with a payout rate of over 97%, you've got a great chance of winning.
Or you could try Captain Cook's, which is known as the 'luckiest online casino' after one of its punters won over $1,500,000 playing slots. Its payout rates are
legendary, having reached an incredible 99.77% in June 2006.
The advantage of bookies odds
The advantage with Bookies is that in most races the favourite will generally set off with odds better than 1 to 1. For example, in a race like the Grand National, the favourite - ie the horse most likely to win (in the bookies' opinions) - will sometimes pay out at 9-1.
Casino games and sports betting are different propositions and the odds and payouts are calculated very differently.
Remember that casino games have very few variables - the results always occur within predictable ranges.
With horse racing, lots of factors can affect the result; the weather or an illness to horse or jockey could have a major bearing on the result.
Successful sports betting
The key to successful betting on horse racing is to understand that whereas casino betting is an exact science - a battle against long-term probability - betting on horses is far more random.
Bookies try their best to ensure they don't lose - and in the main they don't.
But those random factors will always throw up the opportunity for a good return on your bet. Successful punters know how to read the market and see where the odds don't quite match up to the likely outcome.
BASICS
Odds explained
How much will I win?
Bookmakers odds
Bookmakers (or bookies) odds are shown as:
A-B
ie 'For every B units you bet, you will win A units'
(We'll call A the 'return' and B the 'stake')
Some examples:
3-1 means that every 1 unit you stake will return 3 units
7-2 means that every 2 units you stake will return 7 units
9-4 means that every 4 units you stake will return 9 units
Your stake is returned with your winnings, so your payout (ie the money you're given) is
A / B x stake + stake
eg if you bet £100 on a horse whose odds are 9-4, your overall payout on a winning bet is 9 / 4 x 100 + 100 = £325
You'll sometimes hear of an 'Odds on' favourite. What this means is that the event is so likely to happen that the bookies have set the odds so that the return is less than the stake.
For example:
1-2 (or 2-1 ON) means you get 1 unit for every 2 staked
2-7 (or 7-2 ON) means you get 2 units for every 7 staked
Don't forget, though, that your original bet is still returned, so you still win overall.
Eg a £100 bet on a horse at 1-2 pays out £150 (1 / 2 x 100 + 100).
If this seems a bit confusing, try our Instant Bet Calculator.
We've also included a section on other types of Bookies bets (each-way, place and multiple (Yankee, Lucky 15 etc)
Decimal odds
With decimal odds, things are simpler as the figure quoted is the payout per unit staked.
For example, for a £100 bet,
7.0 pays out £700 (7.0 x £100 staked)
4.1 pays out £410 (4.1 x £100)
1.2 pays out £120 (1.2 x £100)
Percentage odds
Percentage odds are an accurate way of showing how likely something is to happen (see explanation of probability).
Casinos show percentage odds by game. It shows what percentage of the total money bet they expect to pay out.
eg a payout of 25% shows that the casino expects to keep 75% of the money bet. The closer the payout is to 100%, the more likely you are to win.
The payouts for our recommended casinos are given on each of the full review pages but as examples,
Spin Palace Casino payout 99.50% on table games (eg Sic Bo)
Bodog Casino payout 97.1% on all games.
Bookmakers odds
Bookmakers (or bookies) odds are shown as:
A-B
ie 'For every B units you bet, you will win A units'
(We'll call A the 'return' and B the 'stake')
Some examples:
3-1 means that every 1 unit you stake will return 3 units
7-2 means that every 2 units you stake will return 7 units
9-4 means that every 4 units you stake will return 9 units
Your stake is returned with your winnings, so your payout (ie the money you're given) is
A / B x stake + stake
eg if you bet £100 on a horse whose odds are 9-4, your overall payout on a winning bet is 9 / 4 x 100 + 100 = £325
You'll sometimes hear of an 'Odds on' favourite. What this means is that the event is so likely to happen that the bookies have set the odds so that the return is less than the stake.
For example:
1-2 (or 2-1 ON) means you get 1 unit for every 2 staked
2-7 (or 7-2 ON) means you get 2 units for every 7 staked
Don't forget, though, that your original bet is still returned, so you still win overall.
Eg a £100 bet on a horse at 1-2 pays out £150 (1 / 2 x 100 + 100).
If this seems a bit confusing, try our Instant Bet Calculator.
We've also included a section on other types of Bookies bets (each-way, place and multiple (Yankee, Lucky 15 etc)
Decimal odds
With decimal odds, things are simpler as the figure quoted is the payout per unit staked.
For example, for a £100 bet,
7.0 pays out £700 (7.0 x £100 staked)
4.1 pays out £410 (4.1 x £100)
1.2 pays out £120 (1.2 x £100)
Percentage odds
Percentage odds are an accurate way of showing how likely something is to happen (see explanation of probability).
Casinos show percentage odds by game. It shows what percentage of the total money bet they expect to pay out.
eg a payout of 25% shows that the casino expects to keep 75% of the money bet. The closer the payout is to 100%, the more likely you are to win.
The payouts for our recommended casinos are given on each of the full review pages but as examples,
Spin Palace Casino payout 99.50% on table games (eg Sic Bo)
Bodog Casino payout 97.1% on all games.
Fancy a flutter?
If you're new to online betting, we'll help you on your way with a FREE bet.
We've linked up with a few online bookies, all of which are happy to offer you your first bet free - up to £200 in some cases.
Check out the latest offers on our Free bookies bets page.
If you're new to online betting, we'll help you on your way with a FREE bet.
We've linked up with a few online bookies, all of which are happy to offer you your first bet free - up to £200 in some cases.
Check out the latest offers on our Free bookies bets page.
Get a FREE bet up to £200
FREE BETS
BONUSES
Essential information for playing at online casinos: Casino reviews | Casino Bonuses | Casino deposit guide
The casino with the best odds
Of all online casinos, Betfair casino has the best odds and the highest payout. This is because
Betfair's Zero Lounge is the only casino in the world with no house edge. They offer four games (Roulette, Baccarat, Blackjack and Jacks or Better) each of which has a house edge of zero. In other words, Betfair expects to win nothing from its Zero Lounge games!
This sounds like a gimmick, but since its launch, Betfair have made a loss in 28 of the 130 countries or territories in which it has customers. In Greece, for example, Betfair lost £29,700 at Zero Lounge Roulette - an actual payback of 100.02%, the highest payout of any online casino.
In order to reduce the edge to zero and take advantage of the 100+ % payout, you have to know how best to play each of the games - what Betfair call 'optimal player strategies'.
Which is why you're at Fortune Palace! We've analysed the Zero Lounge games thoroughly and devised strategies that will actually give you the edge.
Check out our Betfair Zero Lounge strategy section and play to win!
Of all online casinos, Betfair casino has the best odds and the highest payout. This is because
Betfair's Zero Lounge is the only casino in the world with no house edge. They offer four games (Roulette, Baccarat, Blackjack and Jacks or Better) each of which has a house edge of zero. In other words, Betfair expects to win nothing from its Zero Lounge games!
This sounds like a gimmick, but since its launch, Betfair have made a loss in 28 of the 130 countries or territories in which it has customers. In Greece, for example, Betfair lost £29,700 at Zero Lounge Roulette - an actual payback of 100.02%, the highest payout of any online casino.
In order to reduce the edge to zero and take advantage of the 100+ % payout, you have to know how best to play each of the games - what Betfair call 'optimal player strategies'.
Which is why you're at Fortune Palace! We've analysed the Zero Lounge games thoroughly and devised strategies that will actually give you the edge.
Check out our Betfair Zero Lounge strategy section and play to win!