Fixed Odds Betting Term Meaning
Fixed Odds is a popular betting term that relates to taking the listed price at the time of placing your bet.
Online betting markets, with the exception of horse and greyhound racing, are usually fixed odds. When you scroll through the markets, looking for your AFL or tennis bet of the day, all the prices will be listed, and to place a bet, you simply click on the odds.
These odds are fixed. As a punter, you can calculate exactly how much you could win because you have locked in the price on that particular bet. While the price cannot fluctuate, there could still be deductions (in horse racing and greyhound racing) if there are any scratchings. This is an example of a greyhound race card (Grafton race 8) showing fixed odds:
Win Midi Div
Place Midi Div
Lucy Van Pelt
*prices taken from bet365 - correct at time of writing
In many ways, the opposite to fixed odds betting is Tote or pool betting. When you bet on the Tote, there are no fixed odds. All the Tote bets for a race are pooled together. The dividend is then calculated by dividing the money in the pool (less the commission charged by the Tote) by the money wagered on the winning horse, greyhound or other selection.
Fixed Odds or Tote Betting
Most experienced punters agreed that it normally pays to go for Fixed Odds rather than the Tote when a market first opens. You may spot a higher price than you expected, perhaps the bookmaker has made a mistake or not accounted for a new piece of information. The Fixed Odds price will be far better than the SP and Tote in this instance.
Another scenario would be in the last 20 - 30 minutes before a race is due off if a selection starts tumbling in price, it is wise to grab this at Fixed Odds before it falls further. This obviously means a lot of money is going on this pick so the Tote dividend would be shared among many punters if the horse/greyhound were to win.