Fixed Odds

Fixed odds are kind of the standard type of wagering in sports betting and are usually the most popular option for punters.

What are Fixed Odds?

Just like the name suggests, fixed odds are pre-set and agreed odds. This is done by the bookmaker and punters are able to bet on the match before it has started. Fixed odds are generally used in markets such as full-time winner or outright winner of a tournament. They can be applied to any sport and are most popular in football.

Placing bets on fixed odds means that you’re picking a potential winner. Of course, the net outcome is always in the bookie’s favor, but bettors can get a pretty clear idea of who the favorite is by simply checking the odds. And, although they sound and are quite easy to get a hold of, fixed odds don’t guarantee winning.

Even when you bet on the favorite, you can’t just expect them to win. Surprises happen all the time in the world of sports, so don’t go betting with the mentality that you’re going to win.

Plus, betting on the favorite is often not the best option since the odds for favorites are rarely attractive.

Join 888 Casino for a Great Sport Bonus

How Do Fixed Odds Work?

If you’ve ever placed a bet online or at a bookmaker shop, you are probably familiar with fixed odds. It’s the most traditional way of betting that applies to all the options the bookie offers. For example, the popular 1×2 bet uses fixed odds quite often to determine the winner of a match. Fixed odds are also used in the outright market since they represent the best way to classify the potential winners.

If your selection wins, you are paid out according to the odds. Calculating the potential payout is quite easy when the odds are fixed, unlike with spreads and pari-mutuel bets which are a bit more complicated.

In the past, betting between individuals has been more common, but times have changed and that kind of gambling is largely illegal now. Betting exchanges might be legal, but they’re not very popular around the world and most countries have them banned.

With that being said, let’s take a look at how the odds can be quoted differently.

What Types of Odds are There?

Odds are the centerpiece of any gambling establishment. They indicate the chances a team has in a match and the relative likelihood of all possible outcomes. In the modern era of online gambling, fixed odds betting takes place between a legal organization (bookie) and the punters.

Decimal Odds

Decimal odds are the most common form of odds you’ll come across at bookies. Available in most European bookmaker shops and online betting sites (except for the UK), decimal odds are the simplest to understand. This type of odds quotes the ratio of the payout (along with the stake) against the stake itself. It means that the payout is equivalent to the decimal value of the fractional odds + 1.

Also known as European odds, decimal odds are favored by most punters and are frequently used in betting exchanges as well. The higher the number, the less likely the option is to win. For example, a team with decimal odds of 5.00 is the underdog in a game, since its chances of winning are 1/5.00 or exactly 20%. Of course, the payout is bigger in this case, but don’t hold your hopes up high on a team with a 20% chance of winning.

Fractional Odds

Although mostly popular in the UK and Ireland, fractional odds are not that hard to understand. Punters like them because they represent the payout they might get on a $100 stake. Take this example – wagering on odds of 5/1 means you’re going to get $500 on a $100 stake. Of course, you can wager smaller or bigger amounts depending on the bookie.

Also known as UK odds or traditional odds, fractional odds are usually presented with a “/”, although you could find them like 5-1. The numerator and denominator in this form of odds are always integers. Things are a bit complicated when you come up with odds of 9/2 for example, but luckily, most bookies will present odds in all three forms.

Moneyline Odds

Also known as American odds since they’re popular in the USA, moneyline odds are represented with positive and negative figures (e.g. +400, -400). We can all agree that they look pretty much different than decimal and fractional odds, but they’re not that hard to calculate. If it’s a positive figure, let’s say +400, it indicates how much money can be won with a $100 stake. In fractional odds, it would be equal to 4/1.

If the figure is negative, it shows how much money you need to stake to win $100. In fractional odds, it translates to 1/4. The thing about American or moneyline odds is that they may take some time to get used to. However, considering the fact they’re usually not offered outside the USA, you shouldn’t run across them often. Even if you do, the aforementioned example should make things easier.

Fixed odds are pretty easy to understand even if you are a beginner. The real challenge is picking the winner, but with proper practice, you too can master the art of sports betting. Don’t rush into things – just start slowly with fixed odds betting before moving up and trying some of the more complex betting types and markets.

How to Calculate the Payout?

Calculating the payout when betting on fixed odds is easy. Let’s say you have two choices – team A or Team B to win a match. Team A is the favorite with odds of 1.50, while Team B is the underdog available at 2.60. You bet $10 on the underdog and surprisingly they win. Your selection won and you’ll get a payout of 10×2.60=$26. It’s just an example, but you get the idea.

The thing that might confuse you is that the odds aren’t displayed in a decimal format everywhere. Decimal format odds are most common in Europe, while fractional odds are used in the UK. To make things worse, the USA uses the so-called moneyline odds, which are quoted with a positive and negative figure.

Most online bookies offer a simple converter which should make things easier for you to understand. Fractional and moneyline odds can be quite confusing, with the majority of bookies using the decimal format. Still, it’s a good idea to learn more about each type of odds as you might come across bookies that offer only one type of odds.

Fixed Odds

Bookmakers That Operate In Your Country