For newbies, reading the words “betting odds” can be confusing. However, to win a horse race bet, they must understand the betting odds first. These odds are present not only on horse race betting. The term also exists in other sports betting games. So are odds that important?
In betting, the odds are very important. It represents the probability of the race’s outcome where you will base your bet. Now that you know why the odds are always present in betting, let’s go through each type of odds you might come across.
The Fractional Odds
The first odd you can encounter in horse race betting is the fractional odds. It is written as 5/3 or 5-3 and read as five-to-three. This system means that you will profit $5 for every $3 that you bet. In short, by wagering $3 on a race, you will take home a total of $8, including your wager amount.
Another example we will try is the 7/5 or 7-5. In the second example, you will profit $7 for every $5 that you wager on a race. If you notice a fractional odds that is reversed, it indicates that the horse is the favourite of the race. It is also referred to as odds-on.
For instance, if the odds of a particular horse is 5/7 or 5-7, then expect that the horse is the heavy favourite. Therefore, the odds will be read as “five-to-seven on”. It means that for every $7 you wager, you will profit $5.
You will as well come across Evens or EVS. It usually looks like this: 2/2 or 2-2. Again, this will come out on horses that have a high chance of winning or, in some cases, horses that are sure to win. Therefore, if you choose to bet on that horse, you will profit $2 for every $2 you wager.
The Decimal Odds
The next type of odds you will likely see on horse race betting is the decimal odds. This type of odds is usually displayed as 5.0, equivalent to the 4/1 in fractional odds. The decimal odds are the standard odds used in Australian and European betting.
These are the betting odds that are easy to understand and are best for newbies. In the given example, the 5.0 decimal odds will be multiplied by your wager, and you will get your potential payout if you wager a winning bet.
Other Information Odds Can Provide
Aside from knowing how much you will win if you bet a specific amount, betting odds can as well provide you with other useful information such as:
All races have favourites, and this will be identified through the odds placed on that specific horse. Favourites are those contenders that have the highest chance of winning the race. They often have the shortest price displayed.
Furthermore, you will notice a letter F on the side of the horse’s odds. On some occasions, you will see JF, which means that there are two favourite horses to win the race. JF means joint-favourite, and you must be aware of this.
● The Probability of the Race
We already know that betting odds provide the probability of the outcome of the race. Hence, we must not forget how to read odds to identify this probability. So, for example, the fractional odds of 1/1 means that there will be one success for every one failure. This scenario gives you a 50% odds of winning.
In a fractional odds of 2/1 or two-to-one, it provides the information that in every two failures, there is one success. And this scenario gives you about a 33% probability of the race. So this is also one of the things you must look out for when looking on the odds board.
How to Convert Fractional Odds to Decimal Odds
For bettors in the UK, they are used to betting using decimal odds. However, the United States uses a fractional system which makes it hard for other Europeans to understand. But worry no more. There is a way to convert fractional odds and make it decimal.
Converting fractional odds to decimal odds is easy enough. You will need to divide the two numbers on the fractional odds and add 1. For example, if the fractional odds is 4/1, then you will have to do the math: 4 x 1 = 4 + 1 = 5, which gives you a decimal odds of 5.0, as shown in the example earlier.
Another example would be 9/5. Divide 9 and five, which will give you 1.8, then add one, and you have a decimal odds of 2.8. Remember that the plus one that you are adding to the quotient represents your stakes.
Moreover, if this equation seems difficult to comprehend, you might as well use an online odds converter. This way, you will have to input the numbers in it, and it will automatically convert the odds.
Understanding the Odds Is Important
If you want to win the bet and profit big, understanding the odds is the key factor you must consider. With this article, you will surely understand the odds better and learn more about it as you go through the journey of horse race betting.