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What are betting odds and how do they work

Betting odds are a numerical representation of the probability of an event occurring in a sports or other type of betting market. They are used by bookmakers to set the prices of bets and to determine the payouts that they will offer to customers. Betting odds (Tỷ lệ cá cược) are typically presented in one of three formats: fractional odds, decimal odds, or American odds.

Fractional odds are the traditional way of expressing betting odds in the UK and Ireland. They are presented as a fraction, such as 3/1, which means that the bookmaker is offering a payout of three times the stake if the bet is successful. This includes the original stake, so a winning bet of £10 at 3/1 odds would return a total of £40 (£30 profit plus the original £10 stake).

Decimal odds are more common in Europe and Australia, and they are expressed as a decimal number, such as 4.0. To calculate the potential payout of a winning bet, the decimal odds are multiplied by the stake. For example, a winning bet of £10 at 4.0 odds would return a total of £40 (£30 profit plus the original £10 stake).

American odds are commonly used in the United States, and they are presented as a plus or minus number, such as +300 or -150. A plus number indicates the potential profit on a £100 stake, while a minus number indicates the amount that needs to be staked to win £100. For example, a bet on a +300 underdog would return a total of £400 (£300 profit plus the original £100 stake) if successful, while a bet on a -150 favourite would need a £150 stake to return a total of £250 (£100 profit plus the original £150 stake).

In general, the higher the odds, the less likely an event is to occur. Bookmakers adjust the odds based on the amount of money being bet on each outcome to ensure a profit margin, so odds can fluctuate over time. Understanding how betting odds work is important for making informed decisions when placing bets and managing your bankroll effectively.