Betting Odds And Spread Explained

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Home / All Guides / Betting Odds Explained
Matched betting is available to everyone, even those of you who have never placed a bet before. If that’s you and you want to know more about betting odds, you’re in the right place!
In this guide, I’ll explain what betting odds are, how they work and how we can use them to work out the probability of an event occurring.
Betting odds are numbers used by bookmakers to represent the probability of an outcome occurring and tell us how much they’re willing to pay out on a winning bet.
Betting odds may seem a little confusing to start with, but they’re actually quite straightforward once you’re familiar with them.
Probability is the likelihood of an outcome happening and is usually displayed as a percentage.
For example, if we were to toss a coin, there are two possible outcomes. There’s a 50% chance that the coin will land on heads and a 50% chance that the coin will land on tails.
Betting odds are displayed as fractions or decimals and tell us how much we stand to win if our bet is successful.
Traditionally, bookmakers display their odds as fractions, such as 9/1 on England to win the World Cup.
Fractional odds tell us how much we stand to win in relation to our stake. The number on the left is the amount we stand to win if we stake the amount on the right.
So, if we bet £1.00 on England to win the World Cup at odds of 9/1, we’ll win £9.00. We’ll also get our £1.00 stake back, giving us total returns of £10.00.
5/1 – We’ll win £5.00 for every £1.00 we bet
6/4 – We’ll win £6.00 for every £4.00 we bet
1/2 – We’ll win £1.00 for every £2.00 we bet
Decimal odds show us how much a winning bet will return, inclusive of our stake. We simply multiply our stake by the odds, to get our total returns.
So, if we bet £1.00 on England to win the World Cup at odds of 10.00, we’ll get £10.00 back, which includes our £1.00 stake.
6.00 – A £1.00 bet would return £6.00
2.50 – A £4.00 bet would return £10.00
1.50 – A £2.00 bet would return £3.00
As you can see, the fractional odds of 9/1 and the decimal odds of 10.00 return exactly the same amount. They’re just different ways of displaying things.
I think if you asked a regular punter, they would probably favour fractional odds because that’s what they’re used to betting with.
When it comes to matched betting though, decimal odds are the clear winner. They’re much easier to compare at a glance, which is an essential part of the matched betting process. Betting exchanges display their odds as decimals too, so it makes sense all round to go with decimals.
To illustrate just how much easier decimal odds are to compare than fractions, take a look at the following graphics…
I’m sure you’ll agree, it’s much easier to compare the decimal odds at a glance than it is their fractional equivalents above.
Moneyline odds, also known as American odds, are commonly used in (you guessed it) America. They’re displayed as positive or negative values, such as +500 and -200.
You won’t ever need to use them for matched betting, but they’re worth mentioning as you’ll no doubt come across them as an option at some point.
A positive value of +500 tells you that you’ll win $500 for every $100 staked. A negative value of -200 tells you that you need to stake $200 to win $100.
We shouldn’t need to manually convert odds all that often as we can simply change our odds preference at the bookmakers.
I’ve also created an Odds Converter tool that will help you convert fractional, decimal and moneyline odds into your preferred format. You can also get the implied probability of an outcome happening based on the odds you’ve entered.
To be honest though, after a while you’ll probably find yourself converting odds in your head without even thinking.
In this example, we’ll convert fractional odds of 9/1 into decimal odds.
To do this, we simply divide the number on the left by the number on the right and then add one, which accounts for our stake…
So, fractional odds of 9/1 is the same as decimal odds of 10.00.
5/1 – 5 divided by 1 equals 5, plus 1 equals 6.00
6/4 – 6 divided by 4 equals 1.5, plus 1 equals 2.50
1/2 – 1 divided by 2 equals 0.5, plus 1 equals 1.50
Implied probability is simply the conversion of betting odds into a percentage. It gives us a rough idea of how likely something is to happen.
The actual probability of an outcome happening is usually a little less than the implied probability. This is because betting odds factor in the bookmaker’s margin. Bookmakers offer odds that they believe are lower than the actual chances of something happening. This is how they make their money in the long-term.
In this example, we’ll calculate implied probability from fractional odds of 9/1.
To do this, we simply divide the number on the right by the sum of both numbers and then multiply by 100…
9 + 1 = 10…
…1 ÷ 10 = 0.10…
…0.10 × 100 = 10
So, if something has fractional odds of 9/1, it has an implied probability of 10%.
5/1 – 1 divided by 6, then multiplied by 100, equals 16.7%
6/4 – 4 divided by 10, then multiplied by 100, equals 40%
1/2 – 2 divided by 3, then multiplied by 100, equals 66.7%
In this example, we’ll calculate implied probability from decimal odds of 10.00.
To do this, we simply divide one by the decimal odds and then multiply by 100…
So, if something has decimal odds of 10.00, it has an implied probability of 10%.
6.00 – 1 divided by 6.00, then multiplied by 100, equals 16.7%
2.50 – 1 divided by 2.50, then multiplied by 100, equals 40%
1.50 – 1 divided by 1.50, then multiplied by 100, equals 66.7%
That’s pretty much everything you need to know about betting odds and how they work.
In a nutshell, betting odds give us a rough probability of an event occurring and they tell us how much money our bet will return if it wins.
Don’t worry if things still feel a little alien at this point. I’ve every faith you’ll get to grips with them in no time!
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Matt Kirman – Matched Betting Blogger
Since 2014, I’ve blogged over £50,000 worth of profit, and made it my mission to make matched betting accessible to everyone.
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Spread betting is any of various types of wagering on the outcome of an event where the pay-off is based on the accuracy of the wager, rather than a simple "win or lose" outcome, such as fixed-odds (or money-line) betting or parimutuel betting. A spread is a range of outcomes and the bet is whether the outcome will be above or below the spread.
en.wikipedia.org/wiki/Spread_betting
How are the odds used in sports betting?
How are the odds used in sports betting?
First there are the moneyline betting odds , which is the bet on who will win the event outright with no point spreads or other variables. You simply pick the team you think will win and place the bet. However, without using the odds, the payouts are usually much different then they would be with the odds in place.
How are point spreads used in sports betting?
How are point spreads used in sports betting?
When betting the spread, you are betting that a team will win by a certain number of points, runs, or whatever. Here is an example to help you understand point spreads in football. If you are Betting The Point Spread On "Team A" in Football - Favored by -6 - This means "Team A" must beat the other team by 7 points or more to win the bet.
Who is the underdog in point spread betting?
Who is the underdog in point spread betting?
They have to win by the point spread offered by the sportsbook. The favorite in a game is listed as being minus (-) the point spread. The worse of the teams playing in the game is called the underdog. The bettor wins if this team wins the game outright or loses by an amount smaller than the point spread.
www.thelines.com/betting/point-spread/
Which is the most common type of sports betting?
Which is the most common type of sports betting?
Next, we come to what may be the most common type of sports betting odds, which is the point spread. They put point spreads up for all of the main sports such as football, basketball, hockey, baseball, and others. This is called "The Spread" and it basically tells you which team is favored and by how much.
Перевести · Next, we come to what may be the most common type of sports betting odds, which is the point spread. They put point spreads up for all of the main sports such as football, basketball, hockey, baseball, and others. This is called "The Spread" …
https://matchedbettingblog.com/betting-odds-explained
Перевести · 19.02.2021 · Betting odds are numbers used by bookmakers to represent the probability of an outcome occurring and tell us how much they’re willing to pay out on a winning bet. Betting odds …
What Is Point Spread Betting? | Betting The Spread Explained | Sports Betting 101
Spread Betting Explained: How Does it Work? 🔷
Point Spread Betting Explained: Sports Betting 101
How Betting Odds Work - Sports Betting Odds Explained
The Point Spread Bet - Sports Betting Explained Series
https://www.filmink.com.au/guide-sports-betting-odds-spread-explained
Перевести · 07.04.2020 · You may think that you will get vital betting tips from some genuine source and make some good money; still you need to understand the basics of online sports betting like odds and spread. Odds. If a player or a team is a lot better than their opponent that chance to win is higher than 50%. For instance, if you could just bet $10 and win $20 to make $10 profit, that would be a really bad deal ...
https://www.telegraph.co.uk/betting/sports-guides/betting-odds-explained
Перевести · 26.07.2021 · Betting odds are compiled by bookmakers as a way to represent what they believe is the likelihood is of an event or events happening. These odds …
https://www.bookmakers.bet/14041/spread-betting
How Does Spread Betting Work
Profit/Loss Calculations
Similarities to Foreign Exchange & Stock Exchange Markets
Larger Amounts - Higher Risk
It’S Not Betting Exchange
Many apprentice bettors confuse spread betting with exchange betting. There are some common points, as the “buy” and “sell” lines in every set of odds, but a betting exchange is a wholly different type of market. In a betting exchange it’s the odds change during every minute in live betting, but at spread betting the spread lines always remain the same. The m…
https://silentbet.com/point-spread-sports-betting
Перевести · What Is Point Spread Betting Odds? The point spread betting odds refer to the money line figure mentioned previously. These are typically displayed in the American odds format and don’t wonder why bookmakers provide different odds as this is common practice. American odds …
https://www.sportsbookreview.com/betting-odds
Перевести · 25.07.2021 · In NFL point spread betting odds, you might see one team priced at -110 to win by more than 9.5 points and the opposing team priced at -110 to get within …
https://www.thelines.com/betting/point-spread
Перевести · A team favored by -7 must win the game by eight or more points to win the bet. If the team wins by seven, the result is a “push” and the bet is refunded. A spread of +7 means the team must win the game or lose by fewer than seven points to win the bet. …
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