Betting Odds - Will someone explain odds to me please?

Question

Thanks in advance!.

Answer 1

To Jupiter Ceasar Leprechaun II - The odds of either red or black is actually 48.6% as the chance of 0 is 2.7% (2.7 x 37 - 100).

Odds are basically the amount of return that a gambling organisation offer after taking into account the actual chance of winning a certain bet. The casino/bookies thus makes its profit from the gap between the actual chance of winning and the odds they offer.

For example, in roulette the actual chance of landing on any given number is 36-1 (There are 18 reds, 18 blacks and a green = 37), so on average you will win once in every 37 spins if betting on any particular number.

However, a casino will only offer 35-1 odds on any particular number. Therefore, if you make 37 bets of £1 on 0, you should win once, but will only recieve £36 back. The casino makes its money on the difference.

On a typical horse race, there will be horses with various odds. The bookies have studied what they think will be the actual chance of winning for each horse (based on previous performance, weather conditions, etc) and then they offer certain odds.

If a bookie is offering 10-1 on a horse and you bet £10 on it, you will win 10 times your bet if the horse wins. So, if you have bet £10 on it, you will receive £100 (10 x £10) and also you will get your original bet of £10 back, so your total returns are £110 and you profit is £100.

Answer 2

The only thing the others left out is juice.  The house on sports bets gets juice. Which means that if you win, a % goes to the house.  Odds are a proportional return on your origional investment.  6:5, 5:6, 2:1, just treat these like fractions.

Answer 3

2-1 means you get 2 for every 1 you put on plus your stake so you get 3.     7-4 means you get 7 for every 4 you put on, or 3 and a half to one is another way to look at it

Answer 4

There is a full article about odds at http://bettingwise.hit.bg/Sportsbettingt...

Read it

Answer 5

the odds u get paid if u win 2-1 means u get 2 dollars back for evey dollar u bet. Casinos make money by paying less then true odds for example the chance of red or black on the roulette wheel is really 47% because green is 3% but yet they still pay 2-1. Odds are on horse races and sports are based on the amount of money bet on each side they start at a fixed point based on the prediction of experts based on past performance

Answer 6

I'm sure someone can give you a much better explanation than me, but basically odds of 70-1 mean that for every 70 bets placed, only one is placed on that particular dog/horse/team.  Odds of 2-1 mean for every 2 bets placed, 1 has been placed there, so the chances of that particular dog/horse/team winning is better, but the payout would be less.