Betting odds in the UK
Betting odds, also called prices, refer to the means used by bookmakers to denote what one stands to get by betting on a certain outcome. Therefore, the odds are used to calculate what one earns by placing a certain bet. There are three main methods in which odds can be given online:
- Fractional Odds- These are expressed as fractions, and are the most common in the UK
- Decimal Odds-These are odds expressed in decimal-they are also widely used in the UK
- American Odds-They are mainly used in North America
Matched Betting in the UK
Matched betting is mainly used in sports gambling as a no-risk option where all the possible results of an event are taken care of. The use of a calculator and bookmakers’ free bets and promotions ensures there is “no risk”.
When doing match betting in UK, there are two kinds of bets that one makes:
- Back Bet-This is the bet where one backs a certain possible result to happen. If the preferred outcomes are realized, then they win the bet and the profits that are attached to it
- Lay Bet-This is to suggest that a particular outcome will not be realized-like saying that a certain team will not win. The bet wins whether the team loses or draws.
A matched betting where the qualifying bet is free is called no risk betting. Examples of how this works include capitalizing on the deals like the ones that allow one to get back their money in case the bet loses.
How it works
According to BookmakerAdvisor, In matched betting, lay bets are used to cancel out the risk that the possibility of losing a back bet poses. It means that for the same outcome, one has to back and lay in order to eliminate every risk involved. However, money is still not earned at this part. Instead, the first bet, known as the qualifying bet, is meant to qualify one to earn a free bet, which then allows one to cover all outcomes, thereby guaranteeing a profit.
The complicated math involved makes it preferable to use software that help to ensure that the matches are done correctly. When dealing with a betting exchange, the risk amount is called liability, while at the bookmaker, it is called a stake. In matched betting, the two cancel out, so that their impact is not felt in the end.
Matched Betting Abroad
Because the laws governing betting vary from country to country, it is not always obvious that one can bet from anywhere outside their home countries. However, if you want to bet when outside the UK, it is still possible, especially by signing up with betting companies that are licensed to operate globally.
There are several rules governing betting outside the UK, depending on whether the market is:
- Licensed unrestricted (Betsafe)
- Licensed Restricted
Each of these markets has unique rules governing betting, with the licensed unrestricted market being the friendliest and easiest to operate in.
Betting in the US
Out of the more than one hundred registered bookmakers in the UK (for example Sportpesa UK), the most prominent UK betting firms that are currently operating in the US are Paddy Power Betfair and William Hill. However, others like Ladbrokes and Coral are also very likely to jump into full operation once the US betting laws get more favorable. Until May 2018, the following states had legalized betting
- West Virginia
- New Jersey
Once one chooses a bookmaker in the UK, the process of making money through sports betting is usually as simple as summarized in the following steps:
- i. Sign up for a betting exchange
- ii. Get the welcome bonus and calculate the profit potential
- iii. Place the qualifying bet
- iv. Use the free bet to place the second bet and win
In football betting, the secret to maximizing the profit is to understand the teams well and be able to place winning bet.
Working out UK Betting Odds
This is the process of determining how likely something is to happen. In sports betting, it therefore refers to how winnings are calculated.
For a fractional odd, the winnings are arrived as follows:
x/y means for every value of y, one wins x plus the return of the stake. That is to say:
- 8/1 means for every £1 of bet, the win becomes £8
- 4/1 means for every £1 of bet, the win becomes £4
For decimal odds, the winnings can be calculated as:
Winnings = odds * stake minus stake, meaning:
8.0 can be calculated as (8.0 * £10 stake) – £10 stake = £70 winnings.
There are online bet calculators that can be used to calculate these winnings in a more stress-free way