The Basics of Betting Odds
Odds represent two things: the probability of an outcome occurring, and how much money you will win if your bet is successful. In the UK, fractional odds (e.g., 2/1) have traditionally been the most popular, but decimal odds (e.g., 3.00) are increasingly used by professionals because they are easier to calculate.
Decimal Odds
Decimal odds show exactly how much you will get back for every £1 you stake, including your stake. For example, if you bet £10 at odds of 2.50, your total return will be £25 (£15 profit + £10 stake).
Implied Probability
The most important skill in betting is converting odds into an implied probability. This tells you what chance the bookmaker believes an event has of happening. The formula is simple:
If a team is priced at 2.00, the implied probability is 50%. If you believe they have a 60% chance of winning, that is a value bet (+EV).