Odds explained
Contents
1 What are odds?
2 How to get the best horse racing odds - guaranteed
3 Why Bookies odds aren't accurate
4 How are odds shown? (bookies, decimal, casino)
5 What are the odds of something happening?
6 How much will I win if something happens?
7 How do you work out place and each-way bets?
8 How do multiple bets work? (doubles, trebles, lucky 15 etc)
9 Which casino has the best odds?
10 Get FREE BETS worth over £500
11 Instant Bet Calculator (work out your winnings!)
1 What are odds?
2 How to get the best horse racing odds - guaranteed
3 Why Bookies odds aren't accurate
4 How are odds shown? (bookies, decimal, casino)
5 What are the odds of something happening?
6 How much will I win if something happens?
7 How do you work out place and each-way bets?
8 How do multiple bets work? (doubles, trebles, lucky 15 etc)
9 Which casino has the best odds?
10 Get FREE BETS worth over £500
11 Instant Bet Calculator (work out your winnings!)
What are odds?
Odds are a way of showing 1) how likely something is to happen and 2) how much you'll win if it does happen.
How are odds shown?
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 1) how likely something is to happen and 2) how much you'll win if it does happen.
How are odds shown?
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?
The problem with Bookies odds
The problem people have in understanding odds is trying to link the bookies' odds of a horse winning and its actual chances. This is because bookies' 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 bookie 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.
bet365 (see ad right) guarantee BEST ODDS on all races.
We explain this in detail towards the top of this page, but to explain simply - if you
bet on a horse at 3 to 1 and it comes in to 2 to 1, Bet365 will pay you out at 3 to 1.
If it drifts out to 6 to 1, they'll pay you at 6 to 1. It's a fantastic offer and by far the best
deal we can find at any online bookies.
The problem people have in understanding odds is trying to link the bookies' odds of a horse winning and its actual chances. This is because bookies' 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 bookie 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.
bet365 (see ad right) guarantee BEST ODDS on all races.
We explain this in detail towards the top of this page, but to explain simply - if you
bet on a horse at 3 to 1 and it comes in to 2 to 1, Bet365 will pay you out at 3 to 1.
If it drifts out to 6 to 1, they'll pay you at 6 to 1. It's a fantastic offer and by far the best
deal we can find at any online bookies.
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 : every 1 unit you stake will return 3 units
7-2 : every 2 units you stake will return 7 units
9-4 : 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)
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 : every 1 unit you stake will return 3 units
7-2 : every 2 units you stake will return 7 units
9-4 : 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)
Fancy a flutter?
Now you know all about odds, why not try out your new-found skill with a little wager? To help you on your way, 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.
Now you know all about odds, why not try out your new-found skill with a little wager? To help you on your way, 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.
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 - 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.
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 - 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.
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!
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.
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.
Decimal odds
With decimal odds, things are simpler as the figure quoted is the payout per unit staked.
For example, for a £100 bet at Betfair,
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)
Remember, though, the great thing about Betfair is that it's an exchange. Betfair are not an ordinary bookmaker - they don't set the odds. They allow bettors to choose whether to back or lay on an event, so you're effectively trying to outwit other punters. Great fun and very profitable if you know what you're doing.
Percentage odds
Percentage odds are an accurate way of showing how likely something is to happen (see explanation of probability).
Casinos show payouts as percentages ie what percentage of the total money bet they expect to pay out. A stated payout of 25% shows that the casino expects to keep 75% of all money bet. The closer the payout is to 100%, the more likely you are to win.
With decimal odds, things are simpler as the figure quoted is the payout per unit staked.
For example, for a £100 bet at Betfair,
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)
Remember, though, the great thing about Betfair is that it's an exchange. Betfair are not an ordinary bookmaker - they don't set the odds. They allow bettors to choose whether to back or lay on an event, so you're effectively trying to outwit other punters. Great fun and very profitable if you know what you're doing.
Percentage odds
Percentage odds are an accurate way of showing how likely something is to happen (see explanation of probability).
Casinos show payouts as percentages ie what percentage of the total money bet they expect to pay out. A stated payout of 25% shows that the casino expects to keep 75% of all money bet. The closer the payout is to 100%, the more likely you are to win.
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 often 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 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 often 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.
How to get the best horse racing odds - guaranteed
bet365 guarantee BEST ODDS on all horse races. This applies to both early morning and board prices, so if you can find
yourself a winner, bet365 will allow you to maximise your profits.
If you take either an early morning price or a board price (ie the price showing at the time you put your bet on), then you will get that price at the very least.
Sometimes horse prices decrease and sometimes they increase, but with this offer, you get the best of both worlds.
If you bet at 3 to 1, in the morning or off the board, and the odds decrease to 2 to 1, then you will still be paid out at 3 to 1. Alternatively, if the odds increase to 5 to 1, then you will be paid out at 5 to 1. Guaranteed!
It's a great offer for both novice and experienced punters.
Click on the banner below for more information on this offer - and the offer of free bets up to £100 for new customers.
bet365 guarantee BEST ODDS on all horse races. This applies to both early morning and board prices, so if you can find
yourself a winner, bet365 will allow you to maximise your profits.
If you take either an early morning price or a board price (ie the price showing at the time you put your bet on), then you will get that price at the very least.
Sometimes horse prices decrease and sometimes they increase, but with this offer, you get the best of both worlds.
If you bet at 3 to 1, in the morning or off the board, and the odds decrease to 2 to 1, then you will still be paid out at 3 to 1. Alternatively, if the odds increase to 5 to 1, then you will be paid out at 5 to 1. Guaranteed!
It's a great offer for both novice and experienced punters.
Click on the banner below for more information on this offer - and the offer of free bets up to £100 for new customers.
