Understanding betting odds

by: stickystebee
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Word Count: 371

If you are an inexperienced gambler, yet you are quite intrigued as to how the online betting system works, it is crucial that you understand how betting works and the types of odds that you can come across when placing a bet. Having a good grasp of betting odds can be the difference between making a profit and making a loss, so it is really useful to do some research instead of just ploughing ahead aimlessly.

There are a few phrases that you will need to understand before placing a bet, these are listed below:

• Stake – This is simply the amount of money that you are betting with, and is the amount you stand to lose should the event you’re betting on not happen.
• Odds against – This means that the returns are more than twice the amount your stake. For example, odds of 2/1 mean that for every £1 you bet, you win £2, as well as taking back your initial stake, so your returns are £3.
• Evens – This is where the amount you take back is exactly double the amount you bet, so if you bet £1 at evens, you win another £1 and take home a total of £2.
• Odds on – If you bet on an odds-on event, your returns will be less than double what you initially wagered. Examples of an odds-on event will be where the odds are 1/2, meaning that you have to bet £2 to win £1, giving you a total return of £3.
• Short/Long odds – When the odds are long, the chances of that event occurring are small, whereas with short odds, it is more likely to happen.

Odds can be represented in fractional or decimal form, but fractional form is the most popular form in the betting market. Decimal odds are easier to work with for betting exchanges, where the odds can be set by users and are subject to frequent change.

One of the most important things to remember when placing a bet is that if you initially overlook the event, then do not go back and place a bet on it, because your first hunch is usually correct, so don’t question it.

About the Author

For sports betting opportunities, visit 888 Sport. They have a wide range of online betting opportunities available to suit all types of gambler.

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