Are you new to betting and feeling a bit lost by all the jargon? You're not alone. Fixed odds betting is one of those terms that might sound confusing if you're just starting out. Understanding the basics can help make your betting experience much smoother.
In this guide, we'll explain what fixed odds betting is all about. Whether you enjoy the occasional bet or are keen to learn more, having a good grasp of fixed odds is important, as it's a common type of betting you may come across in many sports books.
Ready to clear up the confusion and get to grips with fixed odds betting? Keep reading to find out everything you need to know.
Fixed Odds Betting Meaning
Fixed odds betting is a pretty simple concept once you break it down. It refers to placing a bet on a specific outcome with odds that do not change after you make your bet. This means that when you place a bet, the potential payout is agreed upon from the start.
One of the key points of fixed odds betting is clarity; you know exactly what you stand to win based on your stake and the odds at the time you place your bet. This makes it easier to understand potential returns before the event concludes.
Fixed odds can be applied to a variety of events, from sports meets to casino games. It provides a straightforward way to bet, ensuring there are no surprises in terms of payout if your bet is successful.
Overall, it's a simplistic way to engage in betting with clear expectations.
How Does Fixed Odds Betting Work?
When you place a bet, the odds are agreed upon at that moment- these odds determine how much you could win if your bet is successful.
The odds are usually presented as fractions or decimals. For example, fractional odds of 3/1 means for every £1 you wager, you could win £3, plus your original stake back. If the odds are shown as decimals, like 4.0, it includes your stake in the total potential payout. So, a successful £1 bet would return £4, incorporating both winnings and the initial stake.
Bookmakers set the odds based on the probability of an event happening. They consider various factors, such as team performance or past results, to calculate these odds.
Once your bet is placed, and the event begins, the odds remain unchanged. This clarity helps in knowing exactly what to expect if you win. This predictability is one of the reasons fixed odds betting is widely used, whether in sports or other betting activities.
Fixed Odds Football Betting Example
Let's say you're interested in a football match between Manchester United and Liverpool. The bookmaker offers fixed odds for three possible outcomes: Manchester United to win, Liverpool to win, or the match to end in a draw.
Imagine the odds provided are 2/1 for a Manchester United victory, 3/1 for Liverpool, and 5/1 for a draw. If you bet £10 on Manchester United to win at 2/1, and they succeed, you would receive £20 as winnings, plus your original £10 stake, for a total of £30.
These odds represent the bookmaker's assessment of each team's chances of winning. The fixed odds mean that once you place your bet, these odds are locked in. Your potential winnings won't change regardless of how the match unfolds.
This form of betting is quite popular in football as it provides clear and immediate information on what you stand to gain if your prediction is correct. It offers a simple way to engage with football matches and might add a little extra fun to watching your favourite teams play.
**The information provided in this blog is intended for educational purposes and should not be construed as betting advice or a guarantee of success. Always gamble responsibly.
*All values (Bet Levels, Maximum Wins etc.) mentioned in relation to these games are subject to change at any time. Game features mentioned may not be available in some jurisdictions.