Odds
Probability expressed as ratios.
In the context of gambling and casinos, "odds" refer to the probability or ratio that indicates the likelihood of a particular outcome occurring in a game or event. Odds can be expressed in several formats, including:
Fractional Odds: Commonly used in sports betting, these are represented as a fraction (e.g., 5/1), indicating the profit relative to the stake. For example, if you bet $1 at 5/1 odds and win, you would receive $5 in profit plus your original stake back.
Decimal Odds: Popular in many parts of the world, these are expressed as a decimal number (e.g., 6.00). The number represents the total payout (including the stake) for every unit wagered. So, a $1 bet at 6.00 odds would return $6 if successful.
Moneyline Odds: Common in American sports betting, these odds can be positive (indicating how much profit you would make on a $100 bet) or negative (indicating how much you need to bet to make a $100 profit). For example, +200 means a $100 bet would yield $200 in profit, while -150 means you need to bet $150 to win $100.
Odds are crucial for determining potential payouts and understanding the risk involved in a wager. They reflect not only the likelihood of winning but also the bookmaker's margin or house edge.
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