Betting odds explained: guide to how betting odds work – Telegraph.co.uk

Betting odds explained: guide to how betting odds work – Telegraph.co.uk

How odds work is one of the most frequently asked questions among newcomers to gambling and is something all bettors should know

Knowing how to read odds is something anyone who is thinking of placing a bet should take time to understand. The odds reflect your selection’s chance of winning in the eyes of the bookmakers and how much money you stand to win if your wager is successful. 

Although betting odds can look confusing at first, our complete guide will make sure you have the knowledge of how they work and can make more informed choices when gambling online.

What are betting odds?

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 are usually represented as either a fraction (2/1) or a decimal (3.0), which is used in the UK and around Europe. There’s also the moneyline or American way, which is where a number has a plus or minus in front of it (+200). 

Betting odds are applied to any event that bookmakers are taking bets on, from horse racing and football to TV specials and politics.

What is probability?

Probability is simply how likely something is to
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