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Betting odds for dummies

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How to understand betting odds?
The odds are a reflection of the probability of certain outcome in an event.
There are 3 types of odds, decimal, fractional odds and US odds.

Decimal odds
Decimal odds are used in Europe and for me are the best and easiest. To convert chances into decimal odds just take the chance as a % and divide into 100.
Lets take a look at these odds
Bayern Munich v Inter Milan 3.40 3.20 2.20
A simple example how to use them. Lets say you want to bet 20$ on Bayern Munich. The odds for Bayern are 3.40. To calculate your winnings just 20x3.40=68$. That is the return which includes your 20$ too, so you win 68-20=48$
You can bet on the draw which is priced 3.20. The calculation here is 3.20x20=64, 64-20=44$ winnings.
The same can be applied to the Inter Milan odds (2.20).

Fractional Odds
These are used mostly in UK. Fractional odds quote the net total that will be paid out to the bettor, should he win, relative to his stake. Odds of 4/1 ("four-to-one" or less commonly "four-to-one against") would imply that the bettor stands to make a $400 profit on a $100 stake. If the odds are 1/4 (read "one-to-four", or "four-to-one on"), the bettor will make $25 on a $100 stake. Should he win, the bettor always receives his original stake back, so if the odds are 4/1 you would actually receive a total of $500 in return ($400 plus the original $100). Odds of 1/1 are known as evens or even money.

Us odds
US-style odds (most common, not surprisingly, found in the United States) are quoted as either a positive or a negative number.

When quoted as a negative number the odds figure represents the unit amount a bettor would need to risk in order to win 100 units. Hence, US odds of -200 imply a bettor would need to risk $200 in order to win $100 (so were he to win he would receive the $200 initial stake plus $100 in winnings).
When quoted as a positive number the odds figure represents the unit amount a player would win were he to risk 100 units.
Hence, US odds of +200 imply a bettor would need to risk $100 in order to win $200 (so were he to win he would receive the $100 initial stake plus $200 in winnings).
Using US-style odds, even odds bets are quoted as +100.
 
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