About Sports Betting Odds

First of all, when we want to place a bet we are offered an odd. The odds reflect the chances of that specific event to happen. They are a contract between the gambler and the bookmaker.

The odds are typically set by a person who is know as an odds-compiler or oddsmaker. He is also helped by computer generated odds that are based on analysis on previous results and events in the past. The good thing for us punters is that these statistics and odds-makers don't always make the rightodds and sometimes they can be in our favor. That's what value betting stands for but we will get into that a little bit later.

But first let's explore the different types of odds there are out there. Currently there are 3 types of odds. They represent the same thing, but the way they are written is different. The most popular odds format is the decimal one (or European format), then comes the fractional format (or British format) and last but not least the American format.

Here is a short description of each one :

Fractional Odds - British Odds

Fig. 1

In Fig. 1 we have an example of fractional odds for a greyhound race. As you can clearly see and as the name suggests these British odds are expressed as fractions.

For example 3/1 or you might also find 3-1 and it is read "three to one". When the first figure is higher than the second it is called "odds against". The amount won will be greater than the original stake. For example if the odds offered were 3/1 then for every $ 1 staked you would win $ 3.

When the first figure is smaller than the second it is called "odds on" and the amount of winnings will be smaller than the stake. For example if the odds offered were 4/6 then for every $ 6 staked you would win $ 4.

Decimal Odds - European Odds

Fig. 2

In Fig. 2 we have an example of decimal odds for a greyhound race. Unlike the British Odds and as the name suggest the European Odds are expressed as Decimal. This is the most popular and wide spread format for sporting odds. The odds represent the return a punter receives, including the stake, calculated on a bet of 1 unit. Odds under 2.00 will be "odds on", while odds over 2.00 will be "odds against" just like for the British odds.

If we have an odds of 2.32 and staked 1 unit , our return would be of 2.32 units, with 1 units the initial stake and 1.32 units out net profit.

It's simple to convert British odds to European odds. Take for example 3/1 British odds.

(3 ÷ 1) + 1 = 4.00

Or let's take a 4/6 odds example of odds on :

(4 ÷ 6) + 1 = 1.67

All Betting Exchanges use European Odds, only with Betfair indicating the British Odds value when you roll over the odds.

American Odds

Fig. 3

In Fig. 3 we have an example of American Odds for a greyhound race. American odds are mostly used, as the name suggests, in America and have no support at most bookmakers and betting exchanges. The format is also might seem rather complicated to some, as there are negative as well as positive values. It is based on "evens" (1/1 in British odds and 2.00 in European), being expressed as 100.If the odds is preceded by a "-" sign then the figure represent the amount you have to bet to win 100 units. If the odds have the positive figure then the figure represents the amount you win for every 100 units staked.

Below (Fig. 4) you will find a table with different odds and their correspondents in the 3 different odds formats.

Fig. 4