As for the money involved, it’s good to remember that when you place a bet, the shorter the odds the better chance of winning, but also smaller returns from a winning bet. With bigger odds, you don’t need to stake very much to win a lot.
Think of the 2nd figure in traditional odds as being what you are staking and the 1st figure as the profit you’ll get back.
For Example
So, odds of 1/3 show that for every £3 you stake, you get £1 profit back if you win. However, at 1/1 (Evens), you would double your money – £1 back for every £1 you stake.
How to beat the bookies
Understanding odds may mean you understand betting better but how do you make better bets? Well, the idea is always to try and beat the bookmaker. Here’s how:
• Do your homework. You may know more about an event than they do which suggests their odds are wrong – a little bit of research can be very profitable.
• Shop around. You may find better odds on what you want to back elsewhere. Different bookmakers often offer different odds on the same events.
• Act fast! If you have a feeling something is going to win, then the chances are a lot of other people do too. The bookmaker’s odds change all the time according to the volume of bets coming in and new information coming to light. If you get wind of a good thing, then the favourable odds aren’t likely to last long.
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