Sports Betting Odds
Odds are essentially the ratio between the amount staked on a particular event, based on the probability of it happening. Depending on the country, odds for sporting bets (sporting odds) are presenting in varying forms. The European way of presenting odds is by way of ‘decimal odds’, i.e, 1.50, 2.00, 2.50. The US format is to use ‘moneyline odds’, i.e, -200, +100, +150. However, the UK format, and arguably the most recognised form of presenting sporting odds, is via fractional odds, i.e, 2/1, 4/1, 8/1. Odds of 1/1 using the fractional odds format, is an even bet, often known as ‘evens’. Placing £10 on Liverpool to beat Chelsea at football, at 1/1 (evens), would return £10 (plus the stake).
Using these sporting odds, ones can place an ‘accumulative bet’, often known as an accumulator. These types of bet consist of an individual making two or more selections (two or more bets) in which the winnings from each bet is re-staked on the next – meaning each selection has to be successful for the next to stay active. If one of the bets loses, then the accumulator fails.
Obviously, accumulators make it more difficult to win then on a single bet, because the selections are increased. However, these types of bets often have substantial odds, and therefore substantial winnings, even if only a small stake is placed. In the example of football, it can also be beneficial for individuals to select several ‘favourites’ as part of an accumulative bet, yet also an ‘outsider’ or ‘underdog’, in order to increase the odds. So, for example, selecting Chelsea to beat West Brom, Arsenal to beat Fulham, Man Utd to beat Wolves, and Liverpool to beat Sunderland, are all favourable bets, these teams (based on form and history) should win their respective matches. However, adding West Ham to beat Aston Villa to the selection would drastically increase the odds, as the latter team would be considered the favourite, not the former.