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
