Understanding Betting Odds

[Dale]

Seems as though people are confused with the simple odds so i've found a proper explanation of them which will hopefully clear things up for those confused. These are taken from a horse racing site so just ignore any references made to horses.

Stake
When placing a bet, your stake is the amount of money you are willing to gamble - be it a cautious £2 or a rather more flamboyant £500

Odds against (e.g 2/1, 3/1, 5/1, 50/1 etc)
If your horse's perceived chance of winning the race is less than 50/50 it is described as odds against. In this case if your horse wins you will receive your stake back plus your stake multiplied by the odds against it.

For example: Your horse wins at 2/1 (pronounced two-to-one).
If your stake was £10 you will receive:
​

• 
  [*=left]Your £10 back
  [*=left]Plus your stake multiplied by the odds of 2/1 = (£10 x 2) = £20
  [*=left]That makes £30 in total

Even money (or Evens)
If your horse's perceived chance of winning the race is 50/50 it is described as evens. In this case if your horse wins you will receive your stake back doubled.

For example: Your horse wins at 1/1 (pronounced 'evens').
If your stake was £10 you will receive:

• Your £10 back
• Plus your stake multiplied by the odds of 1/1 = (£10 x 1) = £10 again
• That makes 20 in total

Odds on (e.g 1/2, 1/3, 1/10 etc) - I don't use these odds btw.
If your horse's perceived chance of winning the race is more than 50/50 it is described as odds on. In this case if your horse wins you will receive your stake back plus your stake multiplied by the odds on it.

For example: Your horse wins at 1/2 (pronounced one-to-two on).
If your stake was £10 you will receive:

• Your £10 back
• Plus your stake multiplied by the odds of 1/2 - (£10 x ½) = £5
• That makes £15 in total