If you are a bettor you have to know how the odds unfold and the terminology associated with betting odds. It can make the difference between a satisfying winning experience and a narrow loss. To get an understanding of the best odds, you need to compare odds as published online by the various bookmakers. One way of easily computing odds that appeal to you is by calculating how much you need to wager in order to win a hundred pound.
You should be aware of the terms used when talking of betting odds; They are explained below.
Odds: This is the probability of an event occurring, it is calculated by the bookmaker and he accepts bets against these odds. The odds are a dynamic entity and can change as the bets come in. If a bookmaker sees more people betting for a given team, he may try and make the odds more attractive for the other team to draw some traffic there.
Stake: This is simply the amount of money that you are wagering.
Odds Against: This means that the returns are more than twice the money wagered. For example, a 2/1 (two-to-one) odds would see you win $ 2 for every $ 1 wagered; So you take home $ 3. The odds against bets are usually placed for weaker teams as the odds are stacked against them.
Evens: A simple to understand idea, you wager $ 1 and if you win you get one more $ 1, you take home $ 2.
Odds on: When your wins are less than double of what you wagered, you have bet on an odds on event. For example, a two-to-one on bet, represented as 1/2, will give you a total of $ 1.5. This means that your wins are $ 0.50.
Long odds: The likelihood of an event occurring is low.
Short odds: The likelihood of an event occurring is high.
Odds are represented as fractional odds or decimal odds. Fractional odds are popular in the UK and are also known as British Odds. In the UK, they are also referred to as Traditional Odds. Representing odds as decimals is a common practice in continental Europe. Betting exchanges too favor decimal odds as they are significantly easier to work with. In the UK, decimal betting odds are called Continental Odds or European Odds. In the United States, odds are quoted as a figure with positive and negative values. These are termed as Moneyline Odds.
Online betting sites allow their users the option to check the odds in a format of their liking, so depending upon what you're comfortable with, you can view the odds as fractions or decimals.
The type of odds placed on a given event can help you decide the kind of bets you want to place. So, for example, if you want to make some quick cash you can choose a number of low odd events and bet on them or you could parlay on a number of low odds events that you feel will yield you gains and thus increase your earnings.