How odds are set
Read on for an in-depth understanding of how betting odds are calculated and what they mean.
The term ‘odds against’ means that the a bet on a selection has a less than even, or 1/1, chance of winning.
This reflects the casual use of the term, which is used to refer to an event that is unlikely to occur, not only in sports but also in everyday life.
What does odds against mean in terms of actual odds?
While odds against can be used to refer to any betting market selection priced over Evens, there are a wide variety of prices used within this bracket. These include, but are not limited to the odds against in the table below.
Odds against price examples (ordered left to right)
| 21/20 | 11/10 |
| 10/9 | 6/5 |
| 5/4 | 11/8 |
| 10/7 | 6/4 |
| 13/8 | 5/3 |
| 7/4 | 15/8 |
| 2/1 | 20/9 |
| 9/4 | 5/2 |
| 11/4 | 20/7 |
| 3/1 | 10/3 |
| 7/2 | 4/1 |
| 9/2 | 5/1 |
| 11/2 | 6/1 |
| 13/2 | 7/1 |
| 15/2 | 8/1 |
| 9/1 | 10/1 |
| 15/1 | 20/1 |
| 30/1 | 50/1 |
Using odds against in betting
The majority of prices in any betting market are odds against, with odds on prices usually limited to one option in the market.
Furthermore, odds against prices are the ones that offer the best return against any stake.
Once a price is over Evens winning bets will pay out more than the original stake value in profit if the selection wins. For example a £1 bet placed at odds of 21/20 will pay out a total profit of £1.05.
Because odds against prices are more prevalent and offer more value than odds on prices, they represent the vast majority of prices selected by punters in betting markets.
Here are some basic things to keep in mind when placing odds against bets.
1. Each-way bets
Odds against prices open up the possibility of placing each way bets that can return a profit even if your selection fails to win but finishes in the places. This effectively gives you two chances to win your bets.
However, do keep in mind that for odds against prices to pay out a profit on a place they must return a value of 1 when multiplied by the odds on the each way portion of the bet.
For example an each-way bet at 4/1 odds multiplied by ¼ each way terms will return your entire bet stake if your selection places but doesn’t win.
2. Higher odds don’t necessarily mean better value
It can be tempting as a novice punter to go after bets that promise huge returns, like backing the 50/1 outsider in a horse race. However, smart betting is more about getting the best balance between a selection’s prospects of winning and the highest possible odds on this selection. Typically this means betting on sports you know very well and looking out for selections where bookies have underestimated the probability of a selection winning, and thereby provided overly generous odds.
