When it comes to placing sports bets, it is important to understand what they are and how they work. That is why you are here and why we have put together the ultimate sports betting guides. Here at Betfootball everything you need to know about betting odds, including what odds are, understanding betting odds, different types, popular odds, how odds are set, and more.
What are betting odds?
Understanding betting odds is vital before placing any bets with a bookmaker. Odds represent how each bookie represents the likelihood of something happening during a match and how much punters could potentially win if the bet they place is successful.
High Odds vs Low Odds
Odds can be either high or low, signifying the likelihood of an outcome happening, according to the bookmaker. Low odds imply an outcome is more likely to happen, whereas selections with high odds imply the outcome is less likely to happen.
Understanding Betting Odds: Probability and Types
Understanding probability and betting odds can be challenging. That is why we have put together the online betting guides below to help you understand how odds are set on certain outcomes in your favourite sports, probability, and the different types.
Probability
Probability represents how likely or unlikely a certain outcome is to happen in a match or event. Bookmakers use probability to influence the odds users then see on a site.
Types of Sports Odds
Odds tell you how much you could win if your bet were to be successful. Depending on where you bet, what country you bet in, or your personal preference, odds can be shown in three different forms, Fractional, Decimal or American.
Fractional
For bettors in the UK, this is all you need to focus on. This is typically how the odds are shown at top betting sites in the UK. The first number of the fraction shows how much you will make as a profit should you stake the second number. To work out your total return, you will need to add your stake to the final amount. For example, a bet with odds of 7/2 would return £4.50 if you stake £1, resulting in a £3.50 profit.
Decimal
Less commonly used in the UK, decimal odds work by the number itself, which is the amount your bet would return for every £1. To calculate your returns, multiply your stake by the decimal odds. For example, £1 on odds of 5.00 would return £5.
American
American Odds are available at UK sites. Displayed with a ‘+’ or ‘-’ sign, they indicate whether the odds are on or against. The further away from 100 the number is, the more or less likely it is to happen. For example, odds of +250 would mean that for every £100 staked, £250 would be made in profit, with a total return of £350.
Popular Odds on Football
Football betting is one of the most popular markets among bookmakers in the UK. There are lots of different types of odds available to keen bettors, and we have included some more information about the most popular ones below.
| Full-Time Result | Predict the full-time result correctly in a match to win your bet. |
| Total Goals (Over/Under) | Bet on the total number of goals scored over or under in a match. For example, a bet on over 2.5 goals in a match where 3+ are scored would win. |
| Both Teams To Score (BTTS) | Place a bet on both teams to score a goal. If they do, you win! |
| Accas | Add multiple selections across different matches and days to increase the potential returns. All of your selections must come in in order to win. |
| Live Betting | Bet on the action as it happens live! |
Inside a bookmaker’s mind: How are odds set?
So, how do the bookmakers decide on the odds offered on its site? There are several factors that contribute towards the final odds that are available. The first way comes from research and looking at data and statistics from previous matches. Especially in football betting, this is vital in providing odds that bettors will think are worthwhile. Another key factor in deciding the odds available is looking at competitor bookmakers. To be the best, the sites will need to compete with the best to attract users. They will offer odds that can not be beaten elsewhere and challenge what other sites are offering. Odds can also be set and influenced based on public opinion and trends.
Responsible Gambling
We understand that gambling can be fun, but it’s important to gamble responsibly. If you are struggling with a gambling problem, please don’t hesitate to ask for help. There are people who can help you get on the road to recovery.
Here are some resources that can help you:
- National Gambling Helpline: 0808 8020 133
- GamCare: https://www.gamcare.org.uk/
- GambleAware: https://www.begambleaware.org/
FAQs
What are the most popular odds on football?
Keen football bettors often place full-time result and total goals bets on football.
What are the three different types of sports betting odds?
Fractional, Decimal, and American are the three different types of odds.
Are low odds good?
Low odds on a selection imply that, in the opinion of that bookmaker, that particular outcome is unlikely to happen.
