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Whether you’re a beginner, have dabbled or are a seasoned pro, betting odds can still cause confusion. So how do betting odds work, and how can you calculate your winnings?
In short, odds tell you how likely that horse is to win, and how much money you will get back if you bet on it. The daunting numbers can be broken down easily when you understand what information you are being given in each format. In the UK, odds usually come in two formats: fractions and decimals.
These are the odds you will regularly see on racecourses across the UK. You see two numbers in the fraction, the first part refers to how much you could win, the second part refers to how much you bet.
If you bet £1 (your stake) 5/1 will give you £5 winnings plus your stake. Total - £6
If you bet £2 (your stake) 11/2 will give you £11 winnings plus your stake. Total £13
If you bet £7 (your stake) 2/7 will give you £2 in winnings plus your stake. Total £9
These type of odds have gained popularity over time, as most people find them a lot easier to understand. You see one number, which you multiple by your stake (how much you wish to bet) to see how much you win in total.
If you bet £1 (your stake) 6.0 will give you £6 back, as it includes both your winnings and stake. Total - £6
If you bet £2 (your stake) 6.5 will give you £13 back, as it includes both your winnings and stake. Total - £13
If you bet £7 (your stake) 1.29 will give you £9 back, as it includes both your winnings and stake. Total -£9
Odds also show probability of who will win. There is a formula to calculate this, but in general: Smaller or even numbers indicate that a horse is likely to win (3/1, 2/1, 1/1).Which in turn means larger numbers indicate a horse is less likely to win (10/1, 17/2, 33/1).If the second number is higher, this also means a horse is likely to win (2/9, 2/7, 4/11).
As with fractional odds, there is a formula to calculate how probable it is that a horse will win, but for ease the smaller the number, the more likely a horse is to win. The larger the number, the less likely it is to win.