If you are entering the world of betting for the first time, there are aspects to this new environment that may at first appear daunting. One of the first difficulties you may encounter is a spread of numbers assigned to different sports or events. These numbers are called odds; they are what inform the punter of whether a bet will be profitable or not. Furthermore, odds give the punter information on the likelihood of the bet being successful in terms of betting on the “underdog” or the favourite”.
Most importantly, it can be difficult to understand how to read betting odds and what they will mean for you, as you take up this new venture into the world of betting. Therefore, we have written this guide to aid you through this process so that you may better understand the nuances of how to read betting odds.
Before you can move on with any betting, it is imperative you understand what it is you are looking out for when placing your bet. When the bookmaker puts out a set of odds for a game or event, they are telling you what the likelihood of each outcome will be (or several outcomes in cases such as political candidates). It will thus also tell you what your expected pay-out will be for that event based on the odds given. Therefore, it is of the utmost importance that you understand how to read betting odds before you enter the world of betting itself.
A basic example of odds and outcomes can be shown by the simple task of flipping a coin. You have a 50% chance to hit tails and a 50% to hit heads, this is telling you the likelihood of the outcome. Should there be an 80% chance of rain during a cricket match that would mean there is a 20% that it will not rain, this means to say that the probability of it raining is 4 times higher.
New cust. Deposit £10+ in 7 days & bet on sports. Min odds apply. Reward = 4 x £10 Free Bets (2 x £10 Bet Builders & 2 x £10 Sports bet). Valid 7 days. Free bets not valid on e-sports & non UK/IE horse racing.
18+. T&Cs Apply.
GambleAware.org.
New bettors. Select bonus at signup or use code SPORT. Wager deposit & bonus 8x. Max qualifying bet = bonus. Valid 60 days. Odds, bet & payment limits apply.
T&Cs apply. 18+.
Understanding the Odds
With the purpose of betting odds now explained, it then falls to you as the punter to understand how to read betting odds. If a bookmaker has for example put up odds on a football match Arsenal vs Leeds, you as the punter will want to know who the favourite is and who the underdog is. In this scenario, with Arsenal being the favourite and Leeds the underdog, the bookie will place lower odds on Arsenal to win the match. This means that your return on your bet in terms of winnings will be lower. Should you have bet on the underdog Leeds to win the match, your winnings would be higher as they would have the higher odds.
So essentially, should a team have lower odds they are considered favourites as the bookmaker firmly believes they will win and therefore won’t pay-out a large amount. Whereas if the odds are higher, your return on your bet is likely going to be much bigger. So in its own way, learning how to read betting odds can enable the punter to have more knowledge about what it is they are betting on.
The 3 Types of Odds
Fractional Odds
Fractional odds have been predominantly used throughout the UK and Ireland in years past and are still the preferred form of odds today. It has been around for a very long time in the UK and is mostly used for betting on horse races. Fractional odds are in fact very easy to understand and shouldn’t scare you off if you think doing the calculations will be a problem for you. Be sure to look out for the dash symbol or a hyphen to know what type of odds the bet is. For example, 6-1 or 6/1.
First and foremost, you need to understand what the fraction represents for your potential bet. The number on the right is the amount bet and the number on the left is the amount that your initial wager will net you. For example, should you bet £20 on an underdog who has been given 5/1 odds and the bet is successful, you would then win £100. It is important to note that your return is £120 and that includes your initial wager, so that is £100 winnings plus your initial wager of £20 back. Fractional odds form an important basis in how to read betting odds.
Decimal Odds
Decimal odds are used for the most part throughout Europe and have thus also been called European odds. They are also used in Australia and Canada. This form of odds has gained popularity because it is easy to grasp and easy to use. Decimal odds require minimal effort in terms of calculating your potential winnings from your bet. Decimal odds are equally important as fractional odds when it comes to understanding how to read betting odds as a whole.
For example, if you place a £100 bet on decimal odds of 3.5 then your winnings would be £350. The sum is essentially your stake x odds = pay-out. It is important to remember here that your stake again forms part of your return,, so in the example of £350 it would be £100 (stake) + £250 (winnings) = £350 (pay-out).
American Odds
American odds, as the name suggests, are predominantly used throughout the United States. Another term for American odds is Moneyline odds, so should you ever see this term on the bookmaker’s website don’t get confused, they are one and the same thing.
American odds always have the punter risk a minimum of $100 on a bet. Furthermore, when placing your $100 bet you will see either a negative symbol (-) or a positive symbol (+) next to each of the competitors. The negative symbol implies that the team or person is the favourite to win the bet whereas the positive symbol implies that the team is the underdog. The value next to these symbols can represent the better chance for the bet to win.
For example, a -150 has a better chance to win than a -120. The same principle applies to the underdog, the bigger the value next to the + the bigger the underdog they are. Furthermore, the value next to the symbol implies the amount you are risking for the favourite team, so if you bet on the team that are favourites at -135 then you are risking $135 to win $100. Should you bet on the underdog at say -250, then you are risking $100 to win $250.
How Are the Odds Calculated?
How bookmakers calculate the odds you see before you on the bet is down to a host of varying factors depending on the sport or event. If it is a sport you are betting on, the bookmakers will take into account anything from the team’s recent form, their injuries, recent statistics or any prior history between two teams in a particular fixture. Furthermore, they will also observe and consider any managerial changes in the team and what the past success rate has been of that manager. Therefore various factors in sport can impact how to read betting odds and there is always a difference between the
best odds bookmakers for betting
on the market.
Try These Betting Guides & Strategies
With a firm grasp on how to read
nba betting odds
and what they mean for your potential future winnings, it would be wise for you to take a look at some of our betting guides and strategies. For example, understanding
how accumulator betting works
will help you understand how a combination of four selections make up one wager.
There are different kinds of betting such as a
system bet
where you do not need all your selections to win in order to have a successful bet. You could learn more about
combined betting, for example; this is a a bet where the punter places multiple wagers on a series of different selections in order to minimise their risk and maximise their gain. Furthermore, you could read up on a
draw-no-bet, which implies that a bet will be successful should the team you wagered on win and will not lose should the team draw the match. However, should the team lose the match, then the wager is lost.
You may as a new punter ask yourself at some point how does a betting exchange work? If so, we've got a great
betting exchange guide
that should provide all the information you need to know.
These are all useful guides in helping you as a new punter understand all the nuances the world of betting has to offer. You will become a more knowledgeable bettor which will only aid you in trying to maximise your winnings in the future.
We can also help you with specific sporting strategies - such as our
cricket betting strategy
guide which, when combined with our
cricket odds comparison
will have you betting with confidence in no time.
Conclusion
Odds can at first seem daunting and difficult to understand how to correlate to certain wagers but, having now read this guide, you are already more knowledgeable than you once were in the environment of betting. You can now as a newer punter feel more at ease when looking for the best odds and understanding what bet is best for you. Learning how to read betting odds is imperative for your future success and with that in mind you are now at least better equipped to join the world of betting.
New cust. Deposit £10+ in 7 days & bet on sports. Min odds apply. Reward = 4 x £10 Free Bets (2 x £10 Bet Builders & 2 x £10 Sports bet). Valid 7 days. Free bets not valid on e-sports & non UK/IE horse racing.
18+. T&Cs Apply.
GambleAware.org.
#AD | Welcome bonus for new players only | Min. deposit is £10 | Eligibility is restricted for suspected abuse | Skrill & Neteller deposits excluded for welcome bonus | Cashback when offered, applies to deposits where no bonus is included | Cashback is cash with no restrictions | T&C's apply |Free bet: Min odds: 2.0 - Free bet value will be deducted from free bet winnings | 18+ | BeGambleAware.org | Gambling is addictive, please gamble responsibly!
1st deposit only | min deposit £10 | max bet £2 | max bonus £100 | max cashout x 3 the bonus | max cashout from bonus spin winnings £100 | x40 wagering on bonus and bonus spin winnings | 30-day bonus expiry | 24-hour bonus spins expiry | bonus is valid for selected games only
*New customers only. Place a min £10 bet at min odds of 2.0 to award £40 worth of Free Bet Tokens. Tokens awarded are 4 x £10 each with betting restrictions. 7-day expiry. Debit Card deposits only (exclusions apply). 18+ GambleAware.org. Bet The Responsible Way. Full Terms apply
By providing my e-mail address, I declare that I agree that Betting.co.uk will regularly send me information by e-mail: I can revoke my consent at any time.
Users must be 18+. If you are having trouble with gambling then help and advice can be found at begambleaware.org. Please Play Responsibly.
This site is using
Cloudflare
and adheres to the
Google Safe Browsing Program. We adapted
Google's Privacy Guidelines
to keep your data safe at all times.
Close
Place Your Bets! Discover Premium Bonuses at Our Trusted Partners.
BetMGM UK Bonus
Bet £10 Get £40
18+. T&Cs apply.
New cust. Deposit £10+ in 7 days & bet on sports. Min odds apply. Reward = 4 x £10 Free Bets (2 x £10 Bet Builders & 2 x £10 Sports bet). Valid 7 days. Free bets not valid on e-sports & non UK/IE horse racing.
18+. T&Cs Apply.
GambleAware.org.
Bonus Code:
Go to BetMGM UK
Get Bonus
The Pools Bonus
Bet £10, get £20 in free bets
T&Cs apply, 21+
18+, UK only, Full T&Cs apply
Bonus Code:
Go to The Pools
Get Bonus
10bet Bonus
100% up to £50
T&Cs apply, 21+
New bettors. Select bonus at signup or use code SPORT. Wager deposit & bonus 8x. Max qualifying bet = bonus. Valid 60 days. Odds, bet & payment limits apply.
T&Cs apply. 18+.
New cust. Deposit £10+ in 7 days & bet on sports. Min odds apply. Reward = 4 x £10 Free Bets (2 x £10 Bet Builders & 2 x £10 Sports bet). Valid 7 days. Free bets not valid on e-sports & non UK/IE horse racing.
18+. T&Cs Apply.
GambleAware.org.
