Odds are the ratio of outcomes that a given bet will return, determined by the number of bets placed. Simply put, odds are how much money you will win if you bet on something.
What are the Odds?
Odds depend on two factors: the probability of each outcome and the payout for each outcome. For example, if someone is betting on a game with a payout of $0.50 per dollar wagered, they would be paying $1 to play one game (one bet) and getting back $0.50 if they were to win.
The odds against them winning would be 5 to 1 in this case, meaning that their chances of winning would have to be 5% for them to make back what they paid for their bet with their initial investment on the game being $1.
The first step in understanding odds is to understand scoring. Odds are based on the score of the game at the time of wagering. To understand your odds for a game, use these steps:
1) Convert each point into “dollars” and then multiply it by 100.
2) Divide the total amount of money you have wagered on your team’s win (or loss) by the number of points in the final score.
3) Multiply this result by 1,000 and then divide that amount into 100. This is your average payout per $100 wager.