Different Types of Sports Betting Odds: Fractional Odds
Today's gambling math lesson deals with "Fractional odds". Fractional odds are payouts given in fractions (hence the name). Since fractional odds are favored in the UK, the term British or UK odds are often used. They are also used in American horse racing and dog racing.
How do fractional odds work?
A quick glance at the fractional odds gives you the payout and likelihood of a winning bet. For example, odds of 5/1 are the same as five to one odds. Since its 5/1 you know the bet is expected to lose, hence the great payout ($5 for every $1 bet). Make a winning $10 bet here and you'll win $50. In most cases, (except at the horse track) your original bet is always included in the money you get back. So in the above bet, your bookie will give you $60 back. $50 in winnings and your original $10 bet back.
Reversed fractional odds
If you're going to bet on a "sure thing", the fractional odds are reversed with the smaller number in front. For example, bet on England to beat Fiji in cricket and you may get fractional odds of 1/8. This means you'll win $100 for every $800 bet. This is done to balance out the reward and risk. After all, who would give favorable odds on the favorite to win? Since the fractional odds are 1/8 (a low payout) you know the bet is expected to win.
If a bet is "even money" then the fractional odds are 1/1 or one to one. Bet $100 and you'll get $200 back. $100 is your profit and the other $100 is your original wager. Since the fraction equals one, the bet has an equal expectation to win or lose.
Other odds types
Fractional odds are one of the three major ways to quote odds for wagers. The other two odds formats are moneyline and decimal odds. Moneyline odds are favored by the Americans and use positive and negative currency amounts based on $100 to show odds. Decimal odds favored by mainland Europeans use decimals to show the payouts. Despite the types of odds shown, they all give the same payout when you win. For example, our even money fractional odds are the same as a moneyline of +100 or 2.0 decimal odds. Our 5/1 fractional odds example above translates into 6.0 decimal odds (Since you add one with decimal odds) and a +$500 moneyline. It's just a different way to say the same thing.
Good luck, and we hope the odds are in your favor when you bet.
