Understanding how to work out betting odds can be crucial for any beginner. Betting odds represent the probability of an event happening and determine how much you can win. Here’s a quick guide to help you get started:
- Know the Types: Odds come in three main formats: fractional (e.g., 5/1), decimal (e.g., 6.00), and moneyline (e.g., +500).
- Calculate Payouts: For fractional odds, multiply your stake by the fraction (e.g., a $10 bet at 5/1 gives you $50 profit). Decimal odds include your stake in the total payout.
- Understand Probability: To convert fractional odds to probability, use the formula:
probability (%) = denominator / (denominator + numerator) * 100. - Compare Odds: Always compare odds from different bookmakers for the best value.
