When there are no odds, how can one place a bet?
Moreover, when the odds are not understood, how can there be a winning bettor?
Odds can take any of the following two forms:
- Fractions or
Fractions are traditional forms used a lot in the past while decimals are becoming the new trend today.
To fully understand how football betting is made, online bettors need to familiarize themselves with pricing and betting odds.
To determine the prices one needs to understand decimals and fractions and how it can be applied to the money they intend to stake.
These fractions and decimals can be confusing to beginning bettors, especially those without any mathematical background.
It leaves them with a lot of unanswered questions such as:
- How are the odds or prices determined?
- What differentiates fractions from decimals and
- How can they take advantage of these odds and their prices?
At surestakes.com, we have a downloadable guide that contains odds and prices, how to understand and utilise them.
These are one of the soccer betting basics that every bettor needs to know.
Soccer Betting Prices Explained
The results of most football games are uncertain and unpredictable.
Maybe some games can be predicted, but only to an extent.
It cannot be done with complete certainty.
Prices and odds are determined on the likelihood or unlikelihood of a result going one way or the other.
To put it in the most basic form, the odds are the prices.
The odds are used to determine the amount you will get should you win a bet.
It is strictly on probability.
To understand the probability in a given game, the possible outcomes are looked at.
It is like throwing a dice and knowing that it is going to be one out of six outcomes.
This will give a percentage representation of 16.67.
The likelihood of one outcome is the unlikelihood of another outcome.
Given that football is a game of two teams when one places a bet on one team to win, it automatically means the other team losing.
Hence, the likelihood of Team A winning is the unlikelihood of Team B winning.
In other words, Team A can only be said to have won, when Team B has lost.
The probability of it being a draw is also the probability of neither Team A nor Team B winning.
Therefore, to set a price, these bookmakers look at the likelihood of an outcome happening or not happening.
The odds are usually fixed and are not affected by the amount a bettor wishes to stake.
Is There Any Difference Between The Fractional And Decimal Odds?
Yes, the fractional odds are fractions while the decimal odds are in decimals.
Again, No, they are both the same, the difference only being in form.
In a monetary sense, they are the same.
There is no superiority or justification for choosing one over the other.
They are the same thing displayed in different forms.
The Fractional Odds
These come in the form of 5/2, 4/1, 1/8.
When two numbers are separated by a forward slash, it represents a fractional odd.
There are a lot of ways in which bettors can try to read them, but one good way is to look at the potential winning that would come from a potential stake.
Let us say for a 5/2 odd, if #100 is staked, the potential win amount will be #250.
This is derived from simple multiplication and division: (#100*5)/2.
If the same #100 is staked for a 4/1 odd, the potential win amount will be #400.
The odds can also be the other way round like the 1/8 in which case it is known as ‘odds-on.’
When this happens, it means that there is a clear-cut favourite to win.
Lets us say again in an FA Cup match in England, Arsenal plays Charlton Athletic.
Arsenal, here are clear-cut favourites, hence the 1/8 odd.
In its spoken nature, it will be ‘eight-to-one-on.’
It means in every staked eight units, one unit is gotten in the event of a win.
From the betting slips, most punters are able to see their potential winning but to maximise the value it is important for them to understand the odds.
Let us use the odds above to make it clearer:
- 5/2, in each #2 you bet you get #5 if you win
- 4/1, in each #1 you bet, you get #4 if you win
- 1/8, in each #8 you bet, you get #1 if you win
To be a successful bettor, you do not just back the potential winners; you also have to ensure that the pricing reflects the likelihood of winning. You can read more about that on our football tips page.
The Decimal Odds
The decimal can be seen as an alternative to the fractional odds.
They take the form 1.20, 2.50, 3.0.
These odds are simply multiplied by your stake amount to get your potential win.
For #100 stake the potential win is #120, #250, and #300 respectively.
Most people find the decimal odd easier to understand as the stake is automatically added in the winnings.
This makes it easier to calculate than the fractional odds.
Imagine the time it will take you to figure out the bigger odd between 9/3 and 8/2, but if it was a decimal odd like 3.75 and 3.80, you could just easily tell.
When odds are in fractional formats they do not represent the stake returned but only winnings.
With decimal odds, both winnings and stake are included.
You can visit surestakes.com and use our odds conversion tool to convert bet odds into your preferred format.
With our conversion tool, you do not just view odds in your preferred format; we will also show you the likeliness of your chosen odd winning.
However, should you choose to do it yourself, it is simple.
All you need to do is to add one (1) to whatever you get from dividing the fractions.
The one (1) added, represents the stake amount.
So for a 5/2 odd, the decimal odds is 2.5 +1= 3.5.