Odds On Betting Term Meaning
When talking about the probability of an outcome occurring or not, the terms ‘odds on’ and ‘odds against’ are used. For the purposes of betting, if a horse, team or player is odds on, that means the bookmaker believes there is a greater probability of them winning than not.
The term ‘odds on’ can only be applied when the price is less than @2.00 (evens or 1/1). If the betting odds are equivalent to, or greater than, evens the term odds on is not applicable.
Only one entrant in a competition, race or match can be ‘odds on’. After all, it’s impossible to have two entrants that the bookie believes is most likely to win. As such, the odds on selection is always the betting favourite. This could be a slight odds on favourite or a heavy odds on favourite such as when a Premier League team plays a non-league side in the FA Cup.
Here’s an example of an odds on betting market:
2020 UEFA European Championship Qualifiers
Holland vs Belarus
Holland are heavy odds-on favourites to win this match with bet365. For a £100 bet, the return would be £107.00. That’s a profit of only £7.
Odds On Multiples
One method to increase your returns when odds on betting is to build multiple bets such as doubles, trebles and accumulators.
Belgium to beat Russia
Croatia to beat Azerbaijan
Slovakia to beat Hungary
England to beat Czech Republic
Just a four-fold acca is enough to boost the returns up to £269 from a £100 stake. This method of betting is not without its dangers. The more bet selections you have, the higher the probability one of them will come unstuck and when you are accumulator betting, one losing selection ruins the entire bet.
Research and knowledge are the keys to building up your betting bankroll over the long term even with odds on selections. Not every odds on favourite will win and it’s your role as the punter to avoid backing the potential slip-ups.
For instance, on the acca we created, Croatia and England both look like comfortable winners. Belgium should win with a full-strength squad - this is something to find out. The Slovakia game is more open. Recent form, player’s form domestically, suspensions and injuries are things you need to know before committing to the bet.