How Do Odds Work in Betting?

The term odds are very common when it comes to betting. You have most likely heard gamblers talk of betting odds or betting sites talk of odds.

Odds measure the likelihood of an event to take place. They work in ratios or fractions to determine how likely an event is to take place.

Different events have different likelihoods of occurring. Hence, the odds of it raining during winter are different from the odds of rain during spring.

Types of odds

There are mainly three types of odds, namely fractional, decimal, and money line. In this article, we will go through each and how they work.

Fractional odds

As the name suggests, they are in fraction form. They are written using a slash or hyphen. For example, 5/1 is read as five-to-one. They are the most ancient and most preferred odds in the world.

In betting terms, it means you win $5 for every $1. It is also most loved as the initial $1 will be added to the money you win. So, in total, you will have won $6.

Decimal odds

These odds are in decimal form. For example, 1.5, 4.5. They are one of the easiest odds to use and even explain to someone.

Note that the higher the decimal, the more likely one is to lose.

Here, the amount one is betting with is calculated directly to the said decimal point. Let us take an example of a football match. If we have both arsenal and Chelsea playing, and we give Arsenal the odds of 1.5 and Chelsea 4.5, there is a likelihood that one team will win. If someone bids $100 and let’s say Arsenal wins, then they will have a total of 1.5 * $100 plus the initial $100, and if Chelsea wins they take home 4.5*$100 plus the initial $100.

Money line

This is the most popular odd in America. The odds of the party likely to win are accompanied by a minus sign and a lower number. On the other hand, the one that is less likely to win is accompanied by a negative sign and a higher number.

People are then invited to place odds of let’s say $100. For example, the likelihood of a red cock winning a black cock in a cock fight is -500 and the red cock is given a bet of +250. In case the black cock wins, one goes home with the initial price plus the $100. If the red cock wins, the same case applies.

How to ensure you win more bets

  1. Go for the less obvious markets. It is not guaranteed that you will win but it will make your bet stand out.
  2. Don’t bet with your heart. Be open-minded to both winning and losing.
  3. Evaluate previous wins. Check out who won previously and who lost to determine their likelihood of winning. This is not a reliable method but can be handy.

Understand how bookmakers make the odds. You can go through online casinos such as to improve your betting skills.

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