Betting has been around for a long time, and in the past bets were made on competitions which involved certain skills. The most relevant example is that of horse racing, but horse races in the past were very different to the ones we see today. Races in the past, around the 17th century, involved horses racing over long distances – in a dessert! As these races became more popular, they were adopted by the British who made race tracks a much shorter length.
Nowadays people bet on just about everything, from which movie will win the Oscar for best picture, to what minute the first goal will be scored in a football match between Zambia and the Ivory Coast. With all this betting going on, one needs to be sure that they understand how live betting odds work before they get stuck in. So here’s a basic betting odds explanation. Firstly, let’s talk about fractional odds. Fractional odds are shown as a ratio of numbers, for instance 5/1, or five to one. The first number is known as the ‘return’, which is the amount of money you will win. The second number is known as the ‘stake’, which is the amount of money you put down. So if the odds are five to one that Zambia will beat the Ivory Coast, then if you bet R10, and Zambia wins, you’ll win R50 and keep your original R10, so the total equals R60. If you bet on the Ivory Coast winning, and they do, with the odds being say 1/2, and your bet was R10, then you’ll win a total of R15.
The other way in which betting odds work is through the decimal system. This system is used in Europe and it’s a little simpler. If the odds are 2,00 that the Ivory coast will win, and you bet R10, then all you have to do is times your bet by the decimal number. So, R10 times 2.00 equals R20.
Sports betting is one of the most popular forms of betting, especially in an online environment. This is due to the ease with which an individual can place a bet and because it’s much easier to manage ones account on an online betting site.