If you are new to horse racing, then betting odds can be very difficult to understand. Attempting to work out your returns and the chances of your horse winning could be a mine field of confusion. Our helpful guide should assist you!
Betting Odds Explained
Betting odds
Quite simply odds are a percentage number based on the chances of something winning. The smaller the odds are, the more chance of it winning. Betting odds immediately highlight what the most probable outcome is. Betting odds are displayed in both digital and fraction formats, the most popular being fractions in horse racing in particular.
Work out fraction odds
Fractional odds are the main format and working out your winning and your return amount is pretty straightforward. It can bet a bit ore complicated when the numbers aren’t whole. For example 6/4 is easy to work out if you have a stake of £4 would meant that you win £6 and you also have your stake returned so your total back would be £10.
Divide the first number in the fraction by the second number to work out the returns of your bet. So with odds of 3/1, you would divide 3 by 1 (making 3). Bet on a horse at 3-1 with a stake of £10 and it’s 10 x 3, which returns £30. Your stake of £10 is also returned, so the total would be £40 back. Slightly more complicated odds such as 15-2, you divide 15 by 2, which is 7.5. So if you place a £10 bet at 15-2 you win £75 (10 x 7.5) + your stake of £10 back making a return of £85 total.
Decimal betting odds
Not often used by traditional bookmakers, decimal odds are probably easier to calculate than fractions. You just multiply your stake by the decimal odds. So with a bet of £20 at 1.5 would return £50 (£20 x 1.5 = £30 + £20 stake).
Probability of winning
The probability of your selected horse winning are calculated by the odds. The shorter they are, the more chance of it winning you money. The odds are created by the bookmakers initially and are then influenced by the amount of money placed.