how does betting odds work

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Betting Odds Explained – A Beginner’s Guide to Gambling.
Betting odds tell you how likely an event is to happen They also tell you how much money you will win However, at first, they may seem confusing and complex Our comprehensive guide takes you step-by-step to explain them.
If you’re new to betting, one of the first things you should do is learn how betting odds work. It’s critically important because it allows you to understand how likely an event is to happen, and what your potential winnings will be. At first, it may appear confusing, however, read our guide and let us explain it to you.
In gambling, odds represent the ratio between the amounts staked by parties to a wager or bet. Thus, odds of 3 to 1 mean the first party (the bookmaker) stakes three times the amount staked by the second party (the bettor).
What is Probability?
The most basic level, betting provides you with the ability to predict the outcome of a certain event, and if your prediction is correct, you will win money. For any given event, there are a certain number of outcomes. Take rolling a dice for instance. If someone rolls a dice, there are six possible outcomes. Therefore, if you bet that the person rolls a ‘one’, there is a 16.67% chance that will happen. What betting odds merely do is present how likely the event is to happen. Bookies most frequently in the UK do this as a fraction, i.e. 4/7, whilst the vast majority also offer the ability to view them as decimals. Again, let us talk you through them. All will become clear.
Using Betting Odds to Calculate Probability.
Whenever you see two numbers separated by a trailing slash, i.e. 10/1, this is known as fractional odds. From this, you can calculate how likely a given event is to happen with a calculation. For ease of explanation, let’s replace the numbers with letters i.e. 4/1 becomes A/B. Here is the calculation: Probability (%) = B / (A+B).
Hooray! We’re making progress. Given a fraction, we can now tell how likely (the probability) what we’re going to bet on will happen. Now let’s figure out how much money can be won using betting odds.
Using Betting Odds to Calculate Winnings.
Betting odds allow you to calculate how much money you will win if you make a bet. Let’s use the same examples as before, with the same replacement of numbers for letters, i.e. 4/1 becomes A/B. Quite simply, for every value of B that you bet, you will win A, plus the return of your stake.
9/1 for every ВЈ1 you bet, you will win ВЈ9. 4/1 for every ВЈ1 you bet, you will win ВЈ4. 1/1 for every ВЈ1 you bet, you will win ВЈ1. 1/4 for every ВЈ4 you bet, you will win ВЈ1.
What About Decimals?
Decimals are far more common on exchanges, such as Betfair, but all leading betting sites do give you the option to view betting odds in this format. They are an alternative to seeing betting odds in the fraction format, and in our opinion, are easier to work out. Here is the calculation: winnings = (odds * stake) – stake. Let’s illustrate it with some examples.
9.0 can be calculated as (9.0 * £10 stake) – £10 stake = £80 winnings. 4.0 can be calculated as (4.0 * £10 stake) – £10 stake = £30 winnings. 2.5 can be calculated as (2.5 * £10 stake) – £10 stake = £15 winnings. 1.25 can be calculated as (1.25 * £10 stake) – £10 stake = £2.50 winnings.
You can use our bet calculator to help you calculate winnings. USE BET CALCULATOR.
Decimal Odds Versus Fractional Odds.
In truth, one isn’t better than the other but there is certainly a trend emerging towards decimal odds. Historically fractional odds were used in the UK, especially on racetracks and on the high street. There are two key differences. Generally, decimal odds are easier to understand. Based on this, there has a movement to attract more people to horse racing by making it more accessible to the average punter. Ten years ago, if you were going to Cheltenham, all the odds would be displayed as fractional odds. Now, they’re largely all in decimals. Don’t hesitate to check out our exclusive Premier League Betting Offers !
The second difference between the formats is that fractional odds only represent winnings, and do not include the returned stake compared to decimals which do include the stake. The transition from fractional odds to decimals largely kicked off with the growing popularity of the betting exchanges such Betfair. For odds to change slightly, it’s really difficult to marginally increase or decrease the probability without creating large fractions which are hard to compute for the punter.
Use Our Tool to Convert Betting Odds Into Your Favourite Format.
Our odds converter tool will allow you see odds in whatever format you like . Not only that, but it’ll tell you how likely the selection is to win!
In Summary.
Next steps.
That’s it! Hopefully, that clears up betting odds. You should now have the knowledge to read betting odds, understand how likely it is to happen, and how much you stand to win.
Found this article useful? We have loads more similar ones in our learning section . Here are some popular ones; Find out if using tipsters can improve your chances of winning Each way betting explained Learn what laying a bet means Understand how handicap betting works Our homepage lists all available betting sites for new customers .


How Do Odds Work in Betting?
If you are planning to start betting, be it casino gambling, sports betting, or any other type, it's important to understand the odds. It would be preposterous and absurd to think about placing bets without having a good grip on the main types of betting odds and the ability to read and interpret the various associated formats.
The three main types of betting odds are fractional (British) odds, decimal (European) odds, and American (moneyline) odds. These are simply different ways of presenting the same thing and hold no difference in terms of payouts. This means that a chance (percentage probability) of an event occurring can be converted and presented in any of the aforementioned types of odds.
How Fractional Odds Work.
Fractional odds (aka British odds, UK odds, or traditional odds) are popular among British and Irish bookies. These are typically written with a “slash (/)” or a “hyphen (-),” e.g. 6/1 or 6-1 and announced as “six-to-one.” Fractional odds are used by some of the world’s largest bookmakers, making them the most preferred odds across the globe.
Therefore, the total (potential) return on a stake can be stated as:
For instance, one of the major sports betting websites listed the following fractional odds for futures betting on the team to win the 2017-18 NBA Championship. Below is a selection of the three teams that had the lowest odds of winning.
Golden State Warriors: 10/11 Houston Rockets: 9/4 Cleveland Cavaliers: 7/1.
It can quickly be determined that the Golden State Warriors are the favorites while the odds on Houston and Cleveland winning are longer. That is, one wins only $10 against every $11 wagered on Golden State to be the champions. Meanwhile, one wins $9 against each $4 (i.e. 3.25 times) put at stake for Houston to win, which is a bit less probable. For Cleveland, one wins $7 against each $1 bet.
In the above example, if you bet $100 on Golden State to win, you could make a $90.91 profit [$100 x (10/11)], and could get back your initial stake of $100, resulting in a total payout of $190.91. However, if you wager $100 on Houston to win, you could receive a profit of $225 [$100 x (9/4)], in addition to the $100 initial stake leading to a total payout of $325. The potential profit for a Cleveland win would be even higher, as you could make a profit of $700 [$100 x (7/1)]. With the initial stake of $100 being returned, it would make for a total payout of $800.
How Decimal Odds Work.
Decimal odds (aka European odds, digital odds, or continental odds) are popular in continental Europe, Australia, New Zealand, and Canada. These are a bit easier to understand and work with. The favorites and underdogs can be spotted instantaneously by looking at the numbers.
The decimal odds number represents the amount one wins for every $1 wagered. For decimal odds, the number represents the total payout, rather than the profit. In other words, your stake is already included in the decimal number (no need to add back your stake), which makes its total payout calculation easier.
The total (potential) return on a stake can be calculated as:
For instance, one of the renowned betting websites priced the candidates to win the 2020 U.S. Presidential Election. Here, we list the decimal odds for the candidates and the biggest long shot among the candidates listed by the bookmaker.
Donald Trump: 4.00 Joe Biden: 1.3.
These numbers merely represent the amount one could win against each $1 put at stake. Therefore, if one bets $100 on Donald Trump to be re-elected as president, this person could make a total payout of $400 ($100 x 4.00). This amount includes the initial stake of $100, giving a net profit of $300.
Similarly, a bettor could make a total payout of $130 ($100 x 1.3) if they successfully bet $100 on Joe Biden. Deducting $100 from this return gives the bettor the net profit earned.
Reviewing the prices that the bookmaker has set for each candidate, it can be determined that according to the bookmaker, the probability of Biden (favorite) winning the election is higher than that for Trump. The higher the total payout (i.e. the higher the decimal odd), the less probable (and riskier) it is for the listed candidate to win.
How American (Moneyline) Odds Work.
Let’s understand this with the help of an example:
One of the popular betting websites priced the NCAA "Sweet 16" men's basketball game between Duke and Syracuse on March 23, 2018, with the following moneyline odds.
In this matchup, there is a big difference between the two odds, indicating a much higher probability of Duke winning the game and advancing to the next round of the NCAA Tournament.
Key Takeaways.
The three main types of betting odds are fractional (British) odds, decimal (European) odds, and American (moneyline) odds. These are simply different ways of presenting the same thing, and hold no difference in terms of payouts. Fractional odds are the ratio of the amount (profit) won to the stake; Decimal odds represent the amount one wins for every $1 wagered; and American odds, depending on the negative or positive sign, either indicate the amount one needs to wager to win $100 or the amount one would win for every $100 staked.
The Bottom Line.
If you are planning to enter the betting or the gambling world, it is important to be able to understand and interpret all types of odds well. Once you have mastered the three popular types of odds (fractional, decimal, and American), you can move towards a more detailed read on this topic and find out how the house always wins. Please refer to Understanding the Math Behind Betting Odds & Gambling for the conversion between the different formats of odds, the conversion of odds into implied probabilities, and the differences between the true chances of an outcome as well as the odds on display.


Wolves vs Leicester City betting tips: Preview, predictions & odds.
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Wolves vs Leicester City betting tips.
This article covers Wolves vs Leicester City betting tips and predictions.
Also included is a thorough Wolves vs Leicester City betting preview.
Note: All odds mentioned in this article are correct at the time of publishing and are subject to change.
Wolves vs Leicester City: Match details.
Match: Wolves vs Leicester City.
Competition: Premier League.
Date: February 7, 2021.
Kick-off time: 2:00 pm, February 7, 2021 (UK time)
Stadium: Molineux Stadium.
WOLVERHAMPTON, ENGLAND – FEBRUARY 02: Bernd Leno of Arsenal is shown a red card by referee, Craig Pawson during the Premier League match between Wolverhampton Wanderers and Arsenal at Molineux on February 02, 2021 in Wolverhampton, England. Sporting stadiums around the UK remain under strict restrictions due to the Coronavirus Pandemic as Government social distancing laws prohibit fans inside venues resulting in games being played behind closed doors. (Photo by Shaun Botterill/Getty Images)
Betting prediction: Wolves 0-3 Leicester City.
Despite the good-natured look of the scoreline against Arsenal, Wolves were completely out of the contest until David Luiz was sent off. Truthfully, Arsenal probably should have won comfortably.
Leicester City – especially if Jamie Vardy is back in the matchday XI – should be able to find similar joy in the final third against a Wolves forced to deploy outside of their traditional back-three.
Wolves vs Leicester City: Recommended bets.
Result/Both Teams to score: Leicester – No.
Wolves really have struggled for goals at the minute, with just the one goal against Chorley in the FA Cup, while being blanked by Chelsea and Crystal Palace. They looked anemic in the final third against Arsenal as well until Luiz was given his marching orders. Nuno Espirito Santo’s men needed to rely on a spot-kick and a 30-yard belter from Joao Moutinho to crack the Gunners’ defense. Leicester should be able to cope even without Wesley Fofana.
Over 2.5 goals scored.
Leicester should be good for multiple goals against a Wolves back-line that looks out of sorts when out of their primary deployment. What is unclear is if Wolves will feel embolden when in possession after a result against Arsenal. A 3-0 comfortable result for Leicester is just as likely (on current form) as a 2-1 result for either side given what Wolves are actually capable of when they’re firing on all cylinders.
Wolves vs Leicester City: What are the betting odds?
Wolverhampton vs Leicester odds: result, both teams to score, correct score & goalscorers.
Wolverhampton vs Leicester Result/Both teams score Yes No Wolverhampton 13/2 9/2 Leicester 4/1 9/4 Draw 4/1 7/1.
Wolverhampton vs Leicester Goalscorers First Last Anytime Jamie Vardy 13/8 13/8 21/20 Kelechi Iheanacho 5/2 5/2 13/8 Fabio Silva 3/1 3/1 9/4 da Silva Willian Jose 10/3 10/3 12/5 Ayoze Perez 7/2 7/2 12/5.
Wolves vs Leicester City – recent form and head to head statistics.
February 2, 2021 Premier League 20/21 Wolverhampton Wanderers FC 2 - 1 Arsenal FC January 30, 2021 Premier League 20/21 Crystal Palace FC 1 - 0 Wolverhampton Wanderers FC January 27, 2021 Premier League 20/21 Chelsea FC 0 - 0 Wolverhampton Wanderers FC January 22, 2021 FA Cup 20/21 Chorley FC 0 - 1 Wolverhampton Wanderers FC January 16, 2021 Premier League 20/21 Wolverhampton Wanderers FC 2 - 3 West Bromwich Albion.
February 3, 2021 Premier League 20/21 Fulham FC 0 - 2 Leicester City FC January 31, 2021 Premier League 20/21 Leicester City FC 1 - 3 Leeds United January 27, 2021 Premier League 20/21 Everton FC 1 - 1 Leicester City FC January 24, 2021 FA Cup 20/21 Brentford FC 1 - 3 Leicester City FC January 19, 2021 Premier League 20/21 Leicester City FC 2 - 0 Chelsea FC.
Wolverhampton Wanderers FC Leicester City FC 22 Matches played 22 7 Matches won 13 251 Goal attempts 250 95 Shots on goal 94 89 Shots off goal 78 118 Corner kicks 115 48% Average ball possession 52% 67 Shots blocked 78 37 Cards given 40 273 Free kicks 335 22 Offsides 45 3 Shots on post 3 5 Shots on bar 3 18 Goals by foot 33 4 Goals by head 3 23 Goals scored 39 31 Goals conceded 25.
Wolverhampton Wanderers FC Leicester City FC 25 Matches 25 13 Home Matches 12 12 Away Matches 13 27 Total Goals 31 1.08 Average Goals Scored 1.24 5 Wins 8 8 Losses 5 12 Draws 12.
November 8, 2020 Premier League 20/21 Leicester City FC 1 - 0 Wolverhampton Wanderers FC February 14, 2020 Premier League 19/20 Wolverhampton Wanderers FC 0 - 0 Leicester City FC August 11, 2019 Premier League 19/20 Leicester City FC 0 - 0 Wolverhampton Wanderers FC January 19, 2019 Premier League 18/19 Wolverhampton Wanderers FC 4 - 3 Leicester City FC September 25, 2018 EFL Cup 18/19 Wolverhampton Wanderers FC 0 - 0 Leicester City FC.
WOLVERHAMPTON, ENGLAND – SEPTEMBER 29: Ruben Neves of Wolverhampton Wanderers during the Premier League match between Wolverhampton Wanderers and Southampton FC at Molineux on September 29, 2018 in Wolverhampton, United Kingdom. (Photo by Lynne Cameron/Getty Images)
Wolves vs Leicester City: Match preview.
It was not pretty, but Wolves will not be complaining. A 2-1 result against Arsenal at the Molineux in midweek temporarily arrested their eight-match run without a three-point haul. Despite the nature of the result, Nuno Espirito Santo still has an enormous amount of work to do to extract the maximum from a side that is struggling.
On another day, Arsenal would have been comfortably ahead at half time. But football is a cruel business, and though Wolves still had to rely on a Ruben Neves penalty, and a superb strike from range from compatriot Joao Moutinho, the result cannot mask the fact that Wolves were poor at the back throughout. Arsenal still crafted chances when down to ten men, and even still when down to just nine later on in proceedings.
Something needs to change in the West Midlands; soon. Under normal circumstances, at the very least, Wolves should be more difficult to break down and usually are when in a back-three. But the wheels falling off the bus when transitioned into a back-four given selection issues should be a massive concern for Espirito Santo.
Issues this season are so much more than just having to cope with Raúl Jimenez’s injury, or the sale of Diogo Jota. Willian José is a rather capable temporary centre-forward replacement, while Pedro Neto and Daniel Podence have shown their attacking qualities. Refreshment in midfield in the long term could also be targeted, but at the very least, taking on a very difficult Leicester-side is another acid test on where Wolves currently are, but also if they have reached the end of the line in their current iteration.
Leicester City must continue to avoid the expected decline.
Registering just four points from twelve in the last four matches of the 2019-20 Premier League campaign consigned Leicester City to Europa League football rather than an unexpected dream-return to the Champions League. Many expect the Foxes – rightly or wrongly – to lose steam once again under Brendan Rodgers, especially with the resumption of the Europa League on the horizon.
Once again, Leicester are very much masters of their own destiny. In a Premier League that has never had so much quality from top to bottom, Rodgers must ensure that performance levels remain; especially against sides that are far below them in the table. There are no easy matches in the English top flight these days, not even against the likes of Sheffield United or Fulham; sides that already seemed destined to drop down to the Championship.
On paper, this is the perfect time to play a Wolves outfit that are struggling with their identity on the pitch. But the truth is that many a club are often at their most dangerous when their backs are against the wall in some measure, while it is so easy to lose sight of your performances when you are flying high without a care in the world. The balance must be struck for Leicester, and struck well. Reliance on Jamie Vardy – or the implication of such – must be avoided at all costs, while still highlighting one of the most dangerous goal scorers in recent memory in the Premier League.
With Vardy hopeful of being reintroduced into the matchday XI at the weekend, resumption of service in the final third for Leicester would go a long way to help them stave-off any loss of form. On their day, Leicester are good value for where they currently sit in the table and are determined to prove they belong amongst the elite in England. Three points at the weekend should be seen as the only acceptable outcome for them.
Wolves team news vs Leicester City.
Marçal, Rayan Aït-Nouri, Raúl Jimenez, and Jonny all remain on the treatment table and unavailable for duty.
Romain SaГЇss is also still listed as a doubt for selection against Leicester on Sunday.
Leicester City team news vs Wolves.
Dennis Praet and Wes Morgan are still out for Leicester, and Brendan Rodgers can now add impressive young center-back Wesley Fofana to that list (for a month).
Timothy Castagne is also expected to miss the Foxes’ away day, but Jamie Vardy and Wilfried Ndidi are thought to be primed for a return to the matchday XI.
Predicted Wolves line-up vs Leicester City.
Predicted Leicester City line-up vs Wolves.
Wolves vs Leicester City – Official videos.
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Best football betting tips & free bet offers.
This article was edited by Benjamin Newman .


How do betting odds work?
Betting odds are used to assess the likelihood of an event happening. Less likely events tend to have higher odds and offer larger reward, while more likely events have a lower risk attached and therefore a lower reward. Your winnings depend on how much you wager on a given set of odds. Betting odds are seen in a range of formats – they are most commonly seen as fractions but are also sometimes presented as decimals.
A quick introduction to betting odds.
Decimal and fraction odds might seem confusing, especially if you’re not familiar with betting and all the betting terms and types . This handy guide is ideal for anyone new to betting, or if you’re struggling to read the odds.
It contains a range of useful tips and tricks that will help you better understand just how betting odds work, so you can choose odds and place your bets with more confidence.
Here, we will highlight:
The key points of betting odds and what you should look out for. How to read betting odds and make them work in your favour. Tips and tricks to help you understand betting odds more easily.
What are betting odds?
Betting odds are used to present the likelihood of an outcome, as well as help you understand how much you could win from a bet. They are often written out as a fraction (e.g. 2/1) or a decimal (e.g. 3.0).
Betting odds can be applied to anything that has a set outcome and are often seen in sport, entertainment, and politics. The odds measure the probability of a certain outcome, such as the result of a sports game or reality TV show, or whether a certain party gets the majority vote in an election.
How do betting odds work?
Betting odds are used to determine probability and calculate the winnings from a bet and are often seen in their decimal or fractional form. Odds are commonly recognised as being even, long, or short.
Even odds.
When something is just as likely to happen as not, it is given even odds. These are presented as 1/1 in fractional odds, or 2.0 in decimal odds. In this instance your winnings would be the same as your stake.
For example: In the case of 1/1 odds, you win ВЈ1 for every ВЈ1 you bet.
Therefore, if you bet £10 you’d win £10, and return £20 in total (your £10 stake plus your £10 winnings).
Long odds.
If something is statistically less likely to happen, it is given long odds. This means you have the potential to win more than you would on even odds, but the risk of losing is higher.
For example: In the case of 10/1 long odds (or 11.0 in decimal form), you could win ВЈ10 for every ВЈ1 you bet, and therefore your winnings exceed your stake.
A winning ВЈ10 bet at 10/1 odds would result in ВЈ100 winnings plus your ВЈ10 stake, therefore returning ВЈ110 in total.
Short odds.
If something has a higher probability of happening, it is given short odds. While short odds are more likely to happen, the winnings will be smaller, and therefore you’ll need to stake higher amounts for a bigger return.
For example: In the case of 1/10 short odds (1.10 in decimal form), you could win ВЈ1 for every ВЈ10 you bet.
Therefore, a winning ВЈ10 bet would result in ВЈ1 in winnings, amounting to a return of ВЈ11 (your ВЈ1 winnings plus your ВЈ10 stake).
How to read betting odds.
Betting odds are most commonly presented as a fraction or a decimal in the UK. Moneyline odds, which are common in the US, are also becoming more popular.
Reading odds can be confusing if you’re not familiar with what the different sets of numbers reflect. Here, we explain how to read decimal, fraction, and moneyline odds.
Understanding decimal odds.
The simple rule of thumb with decimal betting odds is the bigger the number, the larger the return will be. For example, decimal odds of 3.75 will result in larger winnings than decimal odds of 1.75.
To work out your winnings from decimal odds, simply multiply the odds by your stake. The resulting number reflects both your winnings and your stake.
For example: If you bet £10 on odds of 3.75, you would return £37.50 – this means you’ll have won £27.50 (£37.50 – your £10 stake).
Understanding fractional odds.
Fractional odds are a more traditional way of displaying odds in the UK. Appearing in fraction form (e.g. 2/1), you must first work out your winnings and then add on your stake in order to determine your total return.
The best way to calculate your returns from fractional odds is to follow a formula:
This might look complicated, but we promise it will make sense when you plug your numbers in.
For example: If you bet ВЈ10 on a 5/2 bet, your calculation would look like:
For longer odds with a larger return, look out for odds where the first half of the fraction is larger than the second half.
For example: Odds of 5/1 will return greater winnings than odds of 1/5. If you were to stake ВЈ10 on odds of 5/1, then your return would be ВЈ60. However, if you were to stake ВЈ10 on odds of 1/5, your return would only be ВЈ12.
Understanding moneyline odds.
The moneyline shows you how much you have to bet in order to win ВЈ100.
If you are presented odds of -200 (because this event is more likely) you will have to stake ВЈ200 to return ВЈ300 (your ВЈ200 stake plus ВЈ100 winnings).
In order to calculate the potential payout from a moneyline bet, simply follow this formula.
Converting decimal odds to fractions.
Converting decimal betting odds to fractions takes a bit of basic maths knowledge.
First, take your decimal odds and subtract 1 from the number.
For example: If you have decimal odds of 3.75, subtract 1 and you are left with 2.75. These are odds of 2.75/1.
Odds need to be made up of whole numbers, so we need to take 2.75 and turn it into a whole number. The easiest way in this instance is to multiply 2.75 by 100 and move the decimal along two places. This gives us 275/100.
From there, we can work our way to finding the smallest equivalent fraction.
In this case, we can divide our fraction by 25, leaving us with fractional odds of 11/4 – previously 3.75 when presented as a decimal.
Now that you understand betting odds and how they work, you can begin to use them to your advantage. Browse all the latest sports betting odds or sign up to Grosvenor Casinos today to get started.
How to calculate betting odds return.
Using our bet calculator , you can now work out how much a potential bet could return.
The calculator gives you the option to select the bet type, the win odds, your stake, and whether the bet placed will be each way or not.
As well as finding out how much your bet will potentially return, the calculator also gives you the total profit.




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