How do odds work in betting?

  VNAM75 01:21 11 Jul 2010
Locked

I placed a fiver on Spain to win the world cup against Holland within 90 mins. The odds are 11/10.

I've been reading about how it works on the internet and asked several people too but I've been given different explanations/results.

I've narrowed it down to two baseed on me winning:

1) I get £10.50 back.
£5 stake + £5.50 winnings. ie. the right number is what you bet and the left is what you win. So if I'd bet £10 I would get back 10+11=£22

2) I get £5.50 back.
£5 stake + 50p winnings. ie. for every 10 you bet you receive your original back (10) plus 10% (1) = 11. So in my case its £5 + (10% x £5 = 50p) = £5.50

Scenario 1 seems a touch optimistic but its what most people have told me but number 2 seems most realistic.

  VNAM75 01:23 11 Jul 2010

correction: 10+11=£21

  BRYNIT 01:53 11 Jul 2010

Yes you would get £21 on a £10 bet this should explain how it works click here

  wiz-king 05:13 11 Jul 2010

Odds are it's the bookie that wins.

  birdface 06:54 11 Jul 2010

Very poor price for 90 minutes.
A draw at full time and you loose.
My advice is if you don't know how the betting works don't bet.
It's a mugs game.

  morddwyd 08:33 11 Jul 2010

'How do odds work in betting?'

As wiz-king says, normally in favour of the bookie!

  Forum Editor 08:59 11 Jul 2010

on the principle that the vast majority of people make losing bets - they select winners that don't win, or gamble on things happening that don't happen.

Broadly speaking, if a bookmaker doesn't offer silly odds, and takes on every bet that comes in he/she will make a profit - sometimes in the short term, but always in the long term. It's impossible to lose unless the bookie breaks the golden rule of bookmaking - don't back horses, or football teams or whatever yourself. In other words, don't be a punter.

Bookies do have to make bets of course, they 'lay off' money with other bookmakers if their software, or their expertise tells them that they are unreasonably exposed - by accepting a particularly large bet, for instance. They reduce their risk in these circumstances by betting with another bookmaker, so if the bet wins they can instantly recoup some of the loss.

It's a good deal more complicated than my rudimentary explanation, but the number of successful bookmakers tells you that buteman's assessment is correct - gambling is a mug's game.

  spuds 09:06 11 Jul 2010

Only bet on certainties of getting your money back. Premium or government bonds for instant.

Regarding on football or any sporting bets, you can bet you bottom dollar that the bookies have it covered from all angles.

  babybell 10:27 11 Jul 2010

11/10 means that for every £10 you bet, you get £11 back plus your original stake obviously.

So with a £10 stake you would win £11 plus your £10 back, so you'd have £21 in your back pocket.

HOWEVER, you only placed a £5 bet, so you actually placed a bet at around 5.5/5 but as they don't use decimals in betting, they write it as 11/10.

So half what I orinally said, £5.50 win, plus £5 back. You will leave the bookies with £11.50

  Forum Editor 10:33 11 Jul 2010

of getting your money back. Premium or government bonds for instant."

There's no such thing as a betting certainty - putting your money into Premium or government bonds isn't betting, it's investing. The fact that you may win prize money is entirely different,the selection of winners is random, and you can't use skill to increase your chances of winning.

When you gamble you do so knowing that you may lose your money, but you have a chance to use a degree of skill - when assessing odds, or the form of a horse for instance.

  Pine Man 11:51 11 Jul 2010

Have to disagree, albeit humbly, in respect of premium bonds.

Surely when you buy premium bonds you are gambling the interest you would have got from a conventional savings account on the chance of winning a prize?

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