Betting Basics
If you're new to betting, or just new to online betting, this guide will help you to get started.
This first page will explain the basics of betting and then we'll move on to using online betting sites.
Odds
Working out the odds can be confusing, mostly because there are three separate systems.
Fractional Odds
This system, normally used in the UK, is based on fractions. The fraction show how much you will win as a fraction of your stake. Of course you also get your stake back if you win.
Example:
With odds of 4/1 on a £1 stake you would win £4 + £1(your stake) = £5
With odds of 1/4 on a £1 stake you would win 25p + £1(your stake) = £1.25
Decimal Odds
This is the simplest system and common in Europe. It shows the decimal version of the fractional odds plus one (the stake).
Example:
With odds of 5 (4/1 +stake) on a £1 stake you would win £5
With odds of 1.25 (1/4 + stake) on a £1 stake you would win £1.25
American Odds
In this system the is a positive or negative number. A positive number shows how much you win on a £100 stake. Negative numbers shows how many pounds you need to bet to win £100. Like fractional odds you also get the stake back.
Example:
With odds of +400 on a £1 stake you would win £4 + £1(your stake) = £5
With odds of -400 on a £1 stake you would win 25p + £1(your stake) = £1.25
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Odds Calculation
When calculating odds, bookmakers always leave a margin for themselves. So if you were gambling on the roll of a dice, the odds would always be below 5/1 (decimal 6).
If the odds were 5/1 and one person bet £1 on each of the numbers then one person would win £6 the rest would lose and the bookmaker would have nothing. This is why odds of 4/1 are more likely. The winner would get £5 and the bookmaker £1.
Of course this was a very simple example and it gets much more complex when it comes to horse racing or football.
Types of bet
The most common types of bet are explained below.
Win
This is the simplest type of bet. As the name suggests, you bet that something will win.
Place
This is betting that something will win or finish within a predetermined number places from the top. The return is a fixed proportion of the win odds.
Each Way
An Each Way bet is a combination of a win and a place bet. When placing a total stake of £10, £5 would be bet to win and £5 on a place.
Multiple
A multiple bet is betting that more than one thing will happen. All of these things must happen to win.
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