Odds

Understanding how odds work is pretty much fundamental to all forms of betting. Most bookmakers use odds, which are displayed in the present 10/1 or 10 – 1, though you will also have to be familiar with decimal odds, which show the exact return you would get from a fixed size stake (usually the minimum stake available).

Odds or prices can be even money, odds against or odds on.

Even money (also known as evens): This is where you would win the same amount as your stake, as well as getting your stake back. So if you bet a pound at even money, you would end up with winnings of a pound and your stake, equalling a total of two pounds.

Odds against: This is the most common format for the odds to take and if you win with odds against, your winnings will be more than your stake. So if you bet £1 at 4/1 against, then you would win £4 and get your £1 stake back, making £5.

Odds on: This is usually only on offer when there is a very strong chance of something happening and therefore the returns are not great. If you win, you won’t get less back than you put in (as you will always get your stake plus any winnings) but the potential returns may be so low as to make the risk not worthwhile. Odds of 4-1 On (also shown as 1-4) mean that the winnings will be just a quarter of your stake, meaning a £1 bet would return 25p plus the £1 stake, equalling £1.25