(adsbygoogle = window.adsbygoogle || []).push({}); Hey guys, Mudkip here :p today I have an even further explanation to odds, no if you just want a simple short explanation, head over the this thread by You must login or register to view this content., to sports odds that feel this should be closed, feel free, this may have took me a long time but you're in charge, my goal was to explain odds even better than +tA.element did, so I'm going to try that now, enjoy.

What are Odds?

Odds are a way of showing how likely something is to happen, (they can be used for almost everything besides sport) and the amount you'll win if you bet on it and it does happen.

How are odds shown?

Well, odds are shown in many different ways and there are many different forms of odds, there are:

• Bookmarkers odds - 7-1 (these are common in sporting events)
  
• Decimal odds - 11.0 (these are used on betting exchanges)
  
• Percentage odds - 25% (show as payouts in casino games)
  

the type of odds we use on NGU are Decimal odds.

How much will I win?

Now, there is no way better to explain this, than giving examples!

• 3-1 - Every 1 unit you stake (bet) will return 3 units
  
• 7-2 - Every 2 units you stake will return 7 units
  
• 9-4 - Every 4 units you stake will return 9 units
  

Your stake is returned with your winnings, so your total payout is the money you bet + the money you earned.

Lets do an NGU example:

Liverpool FC vs Manchester United:

Odds are 1.5 for liverpool to win, 0.7 for manchester unt. to win,
The final score is 7-0 to liverpool, if i bet 50,000 vbucks on Liverpool, how much would i win (Winnings only, not total payout)

Answer:
1.5 x 50,000 = 75,000 winnings.

Probability

Some of you may have done probability in maths. If you understand probability, you'll know how to work out the probability of a lot of things, probability are odds of events that can be calculated, if you didn't understand that, please pay attention to this example!
If I roll a 6 sided dice, what is the chance I'm going to get a 4, well, anyone could work it out, there is only 1 4, and there are 6 different outcomes, so the probability
is:
1/6

probability is shown in fractions, but if we were doing it in a bookie, what would 1/6 be?
1/6 = 6-1, if I bet 1 unit on the dice rolling a 4, because there were 6 possible outcomes, I get 6 units back.

To understand odds, you don't really need to understand probability or the common word used for it is "chance", but it is quite helpful to know.

Dis-advantage of Bookie odds (accuracy)

The problem people have in understanding odds is trying to link the bookies' odds of a horse winning with its actual chances of winning. This is because bookies' odds are influenced by probability, as I said above, but are not an accurate representation.

Bookmakers set their prices with two intentions: firstly, to attract money for outsiders; secondly, to minimise their losses should the predicted winner win.

Betting on a horse at evens does not mean that it has a 50% chance of winning. Remember that the bookie has set those prices.

The 'rake' for bookmakers - ie the amount of profit they expect on their takings - is around 25%. In other words, their payout percentage is around 75.

The advantage of bookies odds

The advantage with Bookies is that in most races the favourite will generally set off with odds better than 1 to 1. For example, in a race like the Grand National, the favourite - ie the horse most likely to win (in the bookies' opinions) - will often pay out at 9-1.

Casino games and sports betting are different propositions and the odds and payouts are calculated very differently. Remember that casino games have very few variables - the results always occur within predictable ranges.

With horse racing, lots of factors can affect the result; the weather or an illness to horse or jockey could have a major bearing on the outcome.

A few tips

The key to successful sports betting is to understand that whereas casino betting is an exact science - a battle against long-term probability - betting on horses is far more random.

Bookies try their best to ensure they don't lose - and in the main they don't.

But those random factors will always throw up the opportunity for a good return on your bet. Successful punters know how to read the market and see where the odds don't quite match up to the likely outcome.


And that is my explanation, I hope you enjoyed reading this and now understand odds even more than you did! Again if you want a simple, short explanation, head over to You must login or register to view this content. thread!

Don't know all the "Odd Terms"?

head over to the multipage at the top which will explain all the odd terms, don't know what and odd term is? head over there now!

Thanks for reading guys, and good luck!

[multipage=All the Odd Terms]

Odd terms

Fixed Odds Betting

When you place a fixed odds bet, you are staking a certain fixed amount of money against the bookmakers money to predict the outcome of the event. The bookmakers odds reflect how much you will win from the bookmaker if your prediction is correct.

Stake

When placing a bet, your stake is the amount of money which you risk or gamble. If you win then your winnings are calculated according to the odds at which your bet was agreed.

Laying Odds

This is another term for a bookmaker taking bets. By agreeing your bet, the bookmaker is laying that particular outcome of the event. The bookmaker is risking their money to lay, or to promise to pay the winnings, should your bet be successful.

Odds Against

Odds against is the term used to describe a bet where you will receive a return of more than double your stake. The profit on the bet will be more than your stake.

Even Money

Also known as EVS, this is when the return will be double your stake. The profit on your bet will be the same as the amount you staked. Both you and the bookmaker are risking the same amount on the bet

Odds On

Odds on is the term used to describe a bet where you will need to stake more than you will win, In fractional terms this is anything with odds of less than EVS, so 1/2 is odds on. The word on indicates that the odds are reversed. You may hear the expression 2/1 on referring to a selection with odds of 1-2

Short Odds

This indicates that a selection has a good chance of winning. Short odds will be where you wouldn't receive a large return for your investment. For example a horse at 6/4 would be considered short odds.

Long Odds

This indicates that a selection has a poor chance of winning. If you bet at long odds you will receive a good return on your investment if you are correct. For example, a horse at 50/1 would be considered Long Odds.

Wow, Ama Start betting in vbookie :carling: Your Thread is so bee stings

thanks :mudkip: