What are odds and how are they used in betting? In this video, we explain what betting odds mean and how you can work out the amount of profit you can make from the bets you place. Odds are used in both back betting and lay betting so you'll see them a lot when matched betting. Discover the different types of odds you're likely to come across and which type you'll use the most.

TIME STAMPS:
0:05-0:07: Introduction to betting odds.
0:08-0:27: Two types of odds: fractional and decimal.
0:28-0:53: How decimal odds work in matched betting.

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VIDEO TRANSCRIPT:
What are the odds?
Odds are numbers that bookmakers use to show how likely something is to happen. If you’re brand new to betting, they can seem like an unbreakable code but that’s not the case. Odds are usually shown in one of two ways: as fractions or decimals. In traditional betting, you’re more likely to see fractional odds, but in matched betting, we only use decimals to keep things simple. The most important thing you need to know about decimal odds is that the bigger the number, the less likely it is that the outcome will actually happen.

With decimal odds, it’s also easy to work out how much money you can expect to make from any bet. To do this, just multiply the amount you bet by the decimal odds. The sum is the amount that you would win. So £1 times decimal odds of 8 equals £8, which is £7 profit and your £1 original stake returned.

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