Betting is the possibility of a result occurring, enabling a person to figure out how much cash he will gain if the bet is successful and he wins. This knowledge will help you understand betting odds, how it operates, and the likelihood of you winning. You will also know some terminologies associated with the game of betting in this article.
How Do Betting Odds Work in the UK
The types of sports you are betting on and the area you are playing from can make switching between betting odds formats ideal. If you want to make money, you need a better understanding of how these games work. This will help you in making a clear comparison between the types of odds and placing your bets appropriately.
Types of betting odds in the UK include American odds, fractional odds, and decimal odds.
American odds are designed exclusively for punters from North America. It is also known as Moneyline odds and used on websites covering general martial arts and boxing.
You will get negative or positive results by betting on even lines. If you bet an odd of £100 above an even line, you can get a winning bet of £175, which is +175. Meanwhile, if you are betting on games with negative values like – 175, you need a wager and must bet with £175 to gain a £100 winning price.
Punters and bookmakers in the UK are very conversant with fractional odds. Most young gamblers find it difficult using fractional odds. Before the introduction of online betting, it was the traditional method of betting on horse racing and other betting games in Europe. It is calculated as fractions: 66/1, 7/5, 10/1, etc. Your potential gain is the figure on the left while the number on the right is the amount you bet.
Therefore, if you bet £10 at 66/1, the gain is 66 divided by 1 multiplied by your stake of £10 giving you £660 plus original £10 = £670. Again, if you bet at 7/5 for £10, your gain is 7 divided by 5 multiplied by £10, giving you £14 plus initial deposit of £10 = £24.
Among young bettors in the UK and Australia, decimal odds are very common and easiest to calculate. The estimate of your total returns from one unit bet stating the original stake and your gain. It is calculated as odds (prices) × stakes + original stake.
For example, if you bet
5.0 (odds) × £10 stakes, you will get £50 (fifty pounds) + original stake.
6.0 (odds) × £10 stakes = £60 (twenty pounds) + original stake.
What is Matched Betting
Matched betting is a legal tool guaranteeing good returns and profits from free bet offers and promotions issued by betting firms. In gambling, it is also known as no risk betting or bonus hunting involving minimal losses. It works by canceling any risk a back bet created using lay bets.
How to Understand Betting Odds
Odds simply mean prices. Betting odds in the UK is the potential prices or the amount you will be paid if your bets win. It is the probability that an athlete, team, or even a horse will win a game. The odds may be high or low indicating the outcome of events and expected cash returns.
As a bettor, learn and understand betting terminologies by studying any manual or article about the game. Some terms include:
Wager – the risk you bear or cash you pay on the outcome of a prospective occurrence.
Chalk – the top dog or favorite expected to win a game.
Line – the points or odds that extend on a competition.
Action – any amount of money, wager, or bet.
Hedging – minimizing loss by placing bets on a team with low odds and high odds.
Bookie – a person capable of setting odds and accepting bets.
What is No Risk Matched Betting
No risk matched betting UK is when punters utilize bookmakers’ promotions, free bets, and other bonuses to make more money. It is also referred to as double betting using back bets and lay bets.