If you have decided that you would like to make your love of football a little more exciting by placing a bet, then you might be looking forward to the chance of making a little bit of money from the outcome that you find the most favourable for the game that you’re playing. However, in order to make the most of the money that you are betting with, it is important that you can understand the odds for each of the outcomes. This blog will help you to work this out, which means that you will be much better equipped when it comes to the bets that you place in the future.
The first thing to understand is how the odds will be displayed when you place your bet. There are two ways that you could read these odds – fractions and decimals. Although the two do look very different, they are in fact just two ways of saying exactly the same thing.
If your odds are written in fractions, you might see things like 1/4 or 7/2. Basically this means the amount that you will win, over the amount you bet. For example, if you have odds of 10/1 and you bet £1, you will receive £10 if your bet wins – plus your original stake back. If the larger number comes second, then this means that you will have to bet a larger amount to win a small amount back – plus your stake of course – and these types of odds are likely in games where an outcome is thought to be certain.
In games where the odds are written as decimals, this can sometimes be easier to understand – as it is simpler to compare the odds for different outcomes by looking at which is the bigger number. If your odds are displayed in decimals, all that you have to do to work out your winnings is to times your stake by the odds – and that is how much you will win if you have chosen the correct outcome for your bet. If an outcome is just as likely to happen as not happen, then the decimal odds displayed will be 2.
Why is understanding odds so important?
Whenever you’re choosing to bet with your hard earned cash, you need to do everything you can to understand what you’re actually betting on. This is so that you can make sure that the likelihood of you losing any money is as low as it can possibly be. For example, if you see that the odds show an event as being unlikely, it is unwise to place any large amounts of money on that outcome, as it is more likely that you will ultimately lose it. However, if it is an evens bet then your chances of winning are much higher, and you might therefore feel a little more comfortable taking more of a risk. Understanding the odds that you’re playing with is essential, and if you are planning to get into betting, taking the time to learn what you’re doing is key.