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THE BASICS OF GAMBLING

In this section we will quickly go through the basics of gambling including odds and percentages and the importance of value in betting. For those with gambling experience, you still may find some useful information here, and I would advise everyone to at least skim read this part.

British - Fractional Odds

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The traditional British way is to describe the odds as a fraction e.g 5/1 or "Five to One". When the first figure is higher than the second it is called "odds against". The amount won will be greater than the original stake. For example if the odds offered were 5/1 then for every £1 staked you would win £5.
When the first figure is smaller than the second it is called "odds on" and the amount of winnings will be smaller than the stake. For example if the odds offered were 4/6 then for every £6 staked you would win £4.

European - Decimal Odds

Unlike the British fractions the European system deals in decimals. The figure quoted is the return a punter receives (including the stake) based on a bet of 1 unit. To transfer from British odds to European odds simply divide the first number by the second number and add 1.
So odds of 5/1 become 6 (5 ÷ 1 + 1 = 6)
and odds of 4/6 become 1.67 (4 ÷ 6 + 1 = 1.67)
The betting exchanges all use the European odds system so it is something you are going to have to learn to recognise.

American Odds

The American system is different again and is the most complicated due to odds being either positive or negative. The system is based on “evens” (1/1) being expressed as 100.00.
If an event is odds on then the figure is preceded by a minus “-” and represents the amount you have to stake in order to win 100 units. If an event has odds greater than evens then it is a positive figure and represents the amount you win for every 100 units staked.
Don't worry if you don't understand this completely. We will not be dealing in American odds in any way.


Table of Odds and Percentages

UK EUR USA % UK EUR USA %
2/7 1.29 -350 77.80 7/5 2.40 140 41.67
3/10 1.30 -330 76.70 3/2 2.50 150 40.00
1/3 1.33 -300 75.00 8/5 2.60 160 38.46
4/11 1.36 -275 73.33 13/8 2.62 162 38.10
2/5 1.40 -250 71.43 17/10 2.70 170 37.04
4/9 1.44 -225 69.23 7/4 2.75 175 36.36
1/2 1.50 -200 66.67 9/5 2.80 180 35.71
8/15 1.53 -190 65.50 15/8 2.87 187 34.78
4/7 1.57 -150 63.64 19/10 2.90 190 34.48
8/13 1.65 -161 61.90 2/1 3.00 200 33.33
2/3 1.67 -150 60.00 21/10 3.10 210 32.26
8/11 1.73 -137 57.89 11/5 3.20 220 31.25
4/5 1.80 -125 55.56 9/4 3.25 225 30.77
5/6 1.83 -120 54.55 23/10 3.30 230 30.30
9/10 1.90 -111 52.63 12/5 3.40 240 29.41
10/11 1.91 -110 52.38 5/2 3.50 250 28.57
1/1 2.00 100 50.00 13/5 3.60 260 27.78
21/20 2.05 105 48.78 27/10 3.70 270 27.03
11/10 2.10 110 47.62 11/4 3.75 275 26.67
10/9 2.11 111 47.37 14/5 3.80 280 26.32
6/5 2.20 120 45.45 3/1 4.00 300 25.00
5/4 2.25 125 44.44 10/3 4.33 333 23.08
13/10 2.30 130 43.48 7/2 4.50 350 22.22
27/20 2.35 135 42.55 4/1 5.00 400 20.00
11/8 2.37 137 42.11 9/2 5.50 450 18.18

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