Understanding Gambling Odds

There are two problems people can have with understanding gambling odds. The first is doing the maths. The second is actually understanding the true odds.. We’re going to look at both of these here to make the concept of odds nice and easy to grasp. The way odds are presented can come in two ways. If you are getting 6/4 on something, it means you will win every 6 units for every 4 you risk if your bet comes in. So if you bet $10 on a 6/4 chance, you will receive $15, plus the $10 you bet originally back, a total of $25. This in essence, is the easy way to understand gambling odds.

If you have looked at the Las Vegas lines on big sporting events, these are expressed differently. This is the bare mechanics of understanding gambling odds and how they are displayed. The easiest way to understanding gambling odds and how they work in your favor – or otherwise –  is to work with the toss of a coin. Now we know that when we toss a coin, it come down a either a “head” or a “tail”. Both are equally likely. So the true odds are 1:1 or Even money. There are only two scenarios, and they are both as likely.

If you keep betting at even money on the toss of a coin, you will break even over a long stretch of time. If someone is prepared to offer you 11:10 on heads – then that is great news! When you win you will get 21 units back, and you lose 10 units. So in the long term, this is a profitable bet! You will find most bookmakers offering you odds on the toss of a coin will give you 10:11 or maybe even 4:5. That’s how they make their money.Using some math to find out the true odds of a proposition is the way to understand gambling odds and make sure you don’t lose out. In sports betting, the odds are subjective, which is all part of the fun!