Odds Against Betting Term Meaning
The betting term ‘odds against’ is used to refer to bets that have odds greater than evens. If you successfully land an odds against bet, you’ll more than double up on your original stake.
Odds against bets give punters an opportunity to find some real value in the betting market. If you bet on match-winner markets in football, tennis, rugby or cricket, the underdog will commonly be odds against with the favourite odds on. In horse racing and sports that involve a field of entries such as golf tournaments, Formula 1, MotoGP and outright winner markets, the price is generally greater than evens for all entrants unless there is a heavy favourite in the field.
This is an example of a betting opportunity that has a heavy odds on favourite and two odds against bet selections.
UEFA Champions League
Liverpool vs FC Porto
The odds indicate that the bookies believe Liverpool are going to win this match, so the odds against bets are on the draw and a Porto win. To highlight the rewarding returns a punter can get from these bets, let’s analyse the market:
£10 stake on Liverpool to win. Returns £13.30
£10 stake on the draw. Returns £47.50
£10 stake on FC Porto to win. Returns £95.00
Betting on an ‘odds against’ selection in a two or three-way market is a risky strategy but the potential profit to your bankroll makes it worthwhile when you make the correct call.
Savvy punters have realised that you can back some clear favourites at odds against prices when you’re using a betting exchange. The reason for this is that you’re betting against other punters instead of a bookmaker. These bets only pop-up occasionally so you need to keep your eye on the ball, but they represent top-value when you do find them.
Memorable Odds Against Bets
We all love hearing about punters collecting large wins from small stakes. It’s the stuff that dreams are made of. One bet that particularly stands out is when Mon Mome won the Grand National back in 2009. One lucky family put their funds together and managed to bag an impressive £20,310 as jockey Liam Treadwell rode him to victory.
Most people will remember how Leicester City shocked the world to lift the English Premier League title in 2016. This freak event cost UK bookmakers an estimated £25,000,000 in total. William Hill were offering odds of 5000/1 against Leicester winning the league before a ball was kicked.