What are Odds

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Odds are numbers that represent the probability or chances of an outcome occurring.  They may be displayed as decimal or fractional.

A coin toss can be a good example to use.

 If I toss a coin there are 50/50 percent chances that it can land as heads or tail.

That means if bet R100 for heads and heads show up I get R100 profit. Let’s translates that to decimal odds

Formula

We divide 100 by given percentage (50%)

Example

100 ÷ 50 = 2 (so 2 is our decimal odd, simple maths)

To calculate the payout we simple multiply our betting amount (R100) x odds (2) and we get the answer R200 (R100 is our stake (Bet Amount) then the other R100 is our profit)

Another good example would be the throw of a dice.  A dice has 6 sides.  No matter which side you choose, the chances of the dice landing on your number is one in six.  

To get the percentage of your winning chance we divide 100 by 6 = 16.6%

That means you have 16.6% chance of being correct

To get the decimal odds we divide 100 by 16.6 and get 6.02 odds

To calculate Payout from R100 stake we multiply 100 x 6.02 = R602

Well all those calculations are done for you by the bookmaker but its wise to know how it works

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