For example, odds of 3/1 mean that for every NGN 1 bet, the profit would be NGN 3. The odds are typically presented in three formats: fractional, decimal, and American.įractional odds are most commonly used in the UK for horse racing and represent the profit that would be made on a bet relative to the amount wagered.

Some punters might not know how to read betting odds at first, but it is actually quite simple. This means that if a bettor places an NGN 100 bet on Manchester United to win, they can receive a payout of NGN 180 if Manchester United wins the match. The bookmaker may set the odds at 1.8 for Manchester United to win and 2.2 for Chelsea to win. The purpose of betting odds is to provide a standardised way for bookmakers to communicate the likelihood of different outcomes and to ensure that bets are placed on a fair and even playing field.įor example, consider a soccer match between Manchester United and Chelsea. They essentially represent the probability of an event occurring and are the basis for calculating the payout.

In this article, players can learn how to read betting odds, see different types of betting odds and find out how odds are calculated.īetting odds are a crucial aspect of sports betting. Bettors who are wondering how betting odds work should keep reading.