In the world of gambling and betting, odds is the name of the game. Usually referred to as chances, they are defined in percentage. For instance, if a coin is tossed, there is a 50% chance it will land on heads and a 50% chance it will land on tails. All the possible outcomes will be equal to 100%. In the same manner, if a dice is rolled, there is one out of six chances for any number to come up. This means that the chance for each number will equal 16.66% which is acquired after dividing the six possibilities by 100%.
What Are Odds?
Odds are simply the probability or chance of getting a specific outcome in any event. In an event, any outcome has a certain probability to take place. Odds simply interpret these chances. In most cases, there are two types of odds that bookmakers ask you to choose from: decimal odds and fraction odds.
Explaining Fraction Odds
Fraction odds are the ones that can be seen on a bookmaker’s window. Written as a fraction such as 6/4 or 10/1, they are the traditional odds. If you are placing a bet, simply think of them as fractions. Dividing the first number by the second will give you a multiplier. For instance, if the fractional odd is 10/1 and you stake a certain amount on a bet, you will get 10 times your original stake in case you win. Let’s suppose, if you place a bet for £10, you will get £100 if you win. Similarly, if the fractional odd is 6/4, you get the multiplier 1.5. Let’s suppose you placed a bet for £10. In this case, you will get £15 if you win.
Explaining Decimal Odds
On the other hand, we have decimal odds. Used in the decimal format, they make it easier for players to determine their chances of success at betting since they won’t have to deal with fractions. The players are also saved the inconvenience of understanding and using more complicated fractions.
Unlike fractional odds, decimal odds need no calculation. They simply reflect a multiplier that gives players a clear idea of their total return. For instance, if you have a fractional odd 10/1, it will equate to 11.00 in decimal odds. Now suppose, if you place the bet for £10 on a certain outcome with a decimal odds of 11.00, your return will simply be £110, after multiplying 10 by 11.00.
Decimal odds are simpler to use. They give you a chance to multiply the multiplier with a unit stake and determine your net return without any complications. This return will include your winnings in addition to your returned stake. Decimal odds are the preferred choice if you want to combine winnings as well as stakes. However, if you want to keep your winnings and stake separately, it is strongly advised you use fractional stakes.
The Difference between Fraction and Decimal Odds
The simple difference between decimal and fraction odds is that fraction odds are a reflection of the profit you will make on a certain bet. Decimal odds, on the flip side, represent your net returns, including the stakes.