What is a bet?
In the most basic form a bet is a transaction between two people on the outcome of an event.
Person A says Team 1 will beat Team 2, Person B says Team 2 will beat Team 1.
They might make a ‘gentlemens’ bet (free) or wager cash on the outcome of the game.
All of the tips presented on Kevshatsportsbets follow this basic premise. The main difference being we are betting against bookmakers who offer thousands of bets across many sporting events.
Odds – The two main types
1 – Fractional
These are the types of odds I grew up with. My grandad used to bet daily on the horses and would scan the sports pages of the daily newspapers to choose his bets that day. The odds were displayed in fractional format.
Let us use the banner below for the Carl Frampton vs Scott Quigg World Bantamweight Title fight on 27th February, 2016 as a visual to explain how fractional odds work.
With fractional odds the first number is the potential return and the second number is how much you need to bet to achieve that potential return.
As you can see Boylesports were offering different odds for each fighter to win.
If you bet £1 on Carl Frampton at odds of 7/1 you could win £7 (7 x 1) and get your bet stake of £1 back (£7 + £1 = £8)
Alternatively, if you decided to bet £1 on Scott Quigg as odds of 9/1 – you could win £9 (9 x 1) and get your bet stake of £1 back (£9 + £1 = £10).
Fractional odds are not always displayed as in the case of Carl Frampton above as 7/1.
- They are sometimes shown as 7/4 – you would need to bet £4 to return £7, plus your stake back if the bet wins (£4 =+ £7 = £11);
- Sometimes the odds might be EVENS – you would need to bet £1 to return £1, plus your stake back if the bets wins (£1 + £1 = £2);
- They can be displayed as 4/7 (an odds-on price usually given to a favourite/favoured outcome) – you would need to bet £7 to return £4, plus your stake back if the bet wins (£4 + £7 = £11).
Generally, the more likely an outcome the lower the price as the bookmaker does not want to lose too much money on the outcome of the event.
2 – Decimal
Kevshatsportsbets uses the decimal format for its tips. This is because the decimal format is easier to calculate your potential winnings.
With decimal odds the amount you can win on any bet is your stake multiplied by the odds.
Let us use the same banner as above for the Frampton vs Quigg fight to explain how decimal odds work and how to convert fractional odds to decimal.
With decimal betting your stake is automatically included in the returns. Therefore, Carl Frampton’s odds in decimal format would be 8.00. If you bet £1 on this outcome you could return £8 (1 x 8.00) if Frampton wins the fight.
Scott Quigg’s fractional odds of 9/1 would be shown as 10.00 in decimal format. So if you bet £1 you would return £10 (1 x 10.00) were he to win the fight.
With decimal betting the lower the odds the more highly favoured the predicted outcome. We will show this with the Barcelona vs Sevilla football match today (28th February, 2016).
- Barcelona are leading La Liga and have a great record in home games.
- The current decimal odds for Barcelona to win are 1.20 (stake £1 to return £1.20 if they win).
- Sevilla on the other hand are priced at 13.00 (stake £1 and return £13 were Sevilla to win the game).
- In this scenario the bookmaker thinks there is a very high probability that Barcelona win so the potential return offered is low to ensure they do not suffer heavy losses.
You will never see odds below 1.00 but occasionally odds of 1.01 will appear on ‘in-play’ markets if a football team is 2-0 up with 5 minutes to play.
Now that you have read and understand Kevshatsportsbets – ‘How to Bet – The Basics and Odds’ you are ready for the next step of your betting education. [button-blu text=”Click me to learn How to Bet – Bet Types” title=”Click me to learn How to Bet – Bet Types” url=”https://kevshatsportsbets.com/how-to-bet-bet-types/”]