Betting on sports is extremely popular in the UK and its popularity continues to grow each year. Despite this, many UK punters are often left asking ‘how do betting odds work?’
Here are at MansionBet, we’ve put together a comprehensive and informative guide to using betting odds to calculate the probability of a particular outcome and crucially, how to know if you’re getting value from your bet.
We’ll also explain the different odds formats and outline the various ways to calculate your potential returns.
UK bookmakers will set odds on every single sporting event. This may also be known more informally as the ‘price’ on a particular team or player to triumph. Odds are arguably the most crucial element of having a flutter as they inform punters of the amount they can expect to receive should they successfully back a winning selection.
Experienced and successful punters use these odds to calculate whether they are getting good value from their wager. Odds are a reflection of how the bookmaker views an event, however, if you conduct your research or have in-depth knowledge of a particular player or team, you may believe that these prices are incorrect and this is when many savvy and experienced punters look to take advantage of the prices.
Odds may be displayed in one of three different formats: Fractional, Decimal or America. Many online sportsbooks Boylesports or Bet UK allow you change the format upon signing up for an account.