You should be very familiar with backing, when you back an outcome you bet that it will become true i.e. will happen. For example, in a game of tennis you bet that Roger Federer will beat Andy Murray. For you to win your bet Roger Federer must be victorious. We’re sure most of you realise that if we win, we get our stake back plus profit and if we lose, we lose our stake.
Let’s see an example.
You back £10 (stake) at odds of 2.00 (also displayed as 1/1 or evens) that Federer will beat Murray.
In order to calculate your potential winnings, take the stake and multiply it by the decimal.
£10 x 2.00 = £20
So if you win you’d get £20 back from the bookmaker. Remember it is not £20 profit, to get your profit minus your stake from your winnings. This results in a £10. You have £10 extra than you had before you placed the bet.
But if you lose you are £10 down from what you had.
We use decimal odds when matched betting “what is matched betting”? Decimal odds quote the total we receive back should we win, this consists of our stake money and profit.
Multiply the stake by the odds in order to calculate what you get back (Stake X Odds).
E.g. We bet £20 on odds of 6… £20 X 6 = £120
If we win we get back our stake of £20 and £100 profit.
Please note that fractional odds are favoured by UK bookies, however on their website’s there should be an option to change how odds are displayed. If you want to matched bet, it is favourable to be comfortable with decimal odds. Have a quick glance at the below table that shows a few conversions if you are having problems
Recap of backing:
Backing is when you bet for something to happen, it could be a sporting event e.g. a football team beats another or could be on something else such as who will win the latest reality TV show. You place back bets at a bookmaker, they give you the odds and you choose an amount of money to stake. The more money you stake; the more potential money you will get back should you win the bet. But the more you risk if you lose the bet. When matched betting you will place bets online via the bookmakers website.