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Betting Odds Explained – A Beginner’s Guide to Gambling
 Betting odds tell you how likely an event is to happen
 They also tell you how much money you will win
 However, at first, they may seem confusing and complex
 Our comprehensive guide takes you stepbystep to explain them
If you’re new to betting, one of the first things you should do is learn how betting odds work. It’s critically important because it allows you to understand how likely an event is to happen, and what your potential winnings will be. At first, it may appear confusing, however, read our guide and let us explain it to you.
What is Probability?
The most basic level, betting provides you with the ability to predict the outcome of a certain event, and if your prediction is correct, you will win money. For any given event, there are a certain number of outcomes. Take rolling a dice for instance. If someone rolls a dice, there are six possible outcomes. Therefore, if you bet that the person rolls a ‘one’, there is a 16.67% chance that will happen. What betting odds merely do is present how likely the event is to happen. Bookies most frequently in the UK do this as a fraction, i.e. 4/7, whilst the vast majority also offer the ability to view them as decimals. Again, let us talk you through them. All will become clear.
Using Betting Odds to Calculate Probability
Whenever you see two numbers separated by a trailing slash, i.e. 10/1, this is known as fractional odds. From this, you can calculate how likely a given event is to happen with a calculation. For ease of explanation, let’s replace the numbers with letters i.e. 4/1 becomes A/B. Here is the calculation: Probability (%) = B / (A+B).
 9/1 can be calculated as 1 / (9 + 1) = 0.10 – There is a 10% chance that the event will happen.
 4/1 can be calculated as 1 / (4 + 1) = 0.20 – There is a 20% chance that the event will happen.
 1/1 can be calculated as 1 / (1 + 1) = 0.50 – There is a 50% chance that the event will happen.
 1/4 can be calculated as 4 / (4 + 1) = 0.80 – There is a 80% chance that the event will happen.
Hooray! We’re making progress. Given a fraction, we can now tell how likely (the probability) what we’re going to bet on will happen. Now let’s figure out how much money can be won using betting odds.
Using Betting Odds to Calculate Winnings
Betting odds allow you to calculate how much money you will win if you make a bet. Let’s use the same examples as before, with the same replacement of numbers for letters, i.e. 4/1 becomes A/B. Quite simply, for every value of B that you bet, you will win A, plus the return of your stake.
 9/1 for every £1 you bet, you will win £9.
 4/1 for every £1 you bet, you will win £4.
 1/1 for every £1 you bet, you will win £1.
 1/4 for every £4 you bet, you will win £1.
What About Decimals?
Decimals are far more common on exchanges, such as Betfair, but all leading betting sites do give you the option to view betting odds in this format. They are an alternative to seeing betting odds in the fraction format, and in our opinion, are easier to work out. Here is the calculation: winnings = (odds * stake) – stake. Let’s illustrate it with some examples
 9.0 can be calculated as (9.0 * £10 stake) – £10 stake = £80 winnings.
 4.0 can be calculated as (4.0 * £10 stake) – £10 stake = £30 winnings.
 2.5 can be calculated as (2.5 * £10 stake) – £10 stake =£15 winnings.
 1.25 can be calculated as (1.25 * £10 stake) – £10 stake =£2.50 winnings.
You can use our bet calculator to help you calculate winnings.
Decimal Odds Versus Fractional Odds
In truth, one isn’t better than the other but there is certainly a trend emerging towards decimal odds. Historically fractional odds were used in the UK, especially on racetracks and on the high street. There are two key differences. Generally, decimal odds are easier to understand. Based on this, there has a movement to attract more people to horse racing by making it more accessible to the average punter. Ten years ago, if you were going to Cheltenham, all the odds would be displayed as fractional odds. Now, they’re largely all in decimals. Don’t hesitate to check out our exclusive 2020 Virtual Grand National Betting Offers during the Festival !
The second difference between the formats is that fractional odds only represent winnings, and do not include the returned stake compared to decimals which do include the stake. The transition from fractional odds to decimals largely kicked off with the growing popularity of the betting exchanges such Betfair. For odds to change slightly, it’s really difficult to marginally increase or decrease the probability without creating large fractions which are hard to compute for the punter.

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Use Our Tool to Convert Betting Odds Into Your Favourite Format
Our odds converter tool will allow you see odds in whatever format you like . Not only that, but it’ll tell you how likely the selection is to win!
In Summary
Betting odds represent the probability of an event to happen and therefore enable you to work out how much money you will win if your bet wins. As an example, with odds of 4/1, for every £1 you bet, you will win £4. There is a 20% chance of this happening, calculated by 1 / (4 + 1) = 0.20.
Next steps
That’s it! Hopefully, that clears up betting odds. You should now have the knowledge to read betting odds, understand how likely it is to happen, and how much you stand to win.
How do casinos always make a profit even when people are winning a lot of money while playing?
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A lot of people win money at casinos. It’s understandable that this would make it look like the house is losing — and that’s exactly how they like it.
For every person who wins, there are at least 30 people who lose; probably a lot more. That’s just the nature of casino games. The odds always favor the house. In games like Blackjack, that edge may be quite small, but in something like slots or kino, you may as well be playing the lottery.
“So if so many people are losing, why don’t I hear about it?” I hear you asking. There’s a few reasons. Probably the biggest one is that people don’t share .
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Lobster mainstay and German purveyor of the deep raw, TRP aka David Willenberger, returns to Lobster Theremin for a fullon outing of crunchy, melodic, acidtinged house, techno & electro.
With recent EP’s for Mörk and Shall Not Fade, the young producer comes full circle with a cementmixed, drumheavy sound that melds an even weightier production aesthetic to a spectral of tonal distortion usages.
Title track Thing Won’t Change opens with a dusty ambient intro. Soothingyetghostly hollowed out tones echo into the distance as a thumping, rumbling electro drum pattern erupts forth. GASesque haunting timbres richochet’d by splintered 909 drum work.
Conscientious takes showcases a very local signature deep, rolling housetechno sound. Landing somewhere between the skippy minimalism of Dial and Smallville whilst chanelling that signature TRP skip & dance. A playful jaunt that recalls his more aquatic work on the earlier Mörk EP.
Flipping over we get a two part romp through EFX, a scorched twotrack journey into the stomping, clubleaning pallet of Willenberger. Part I is jumpup house driven hard through the tube circuit. Pumpin’ kicks & sliced off hats puckering a groovesoaked bassline, icy stabs and a vocal hit of “Sayyyyy”. Proper peak time wonderment.
Part II ups the skip, dashes in some ominous 80’s TV sampling and ups the lucidity of the synths. Real heady stuff snatched from a heartilystocked medicine cabinet. Outerrealms dance injection & early morning revitalisation.
credits
released March 30, 2020
Production & arrangement by TRP
Mastered by Beau at Ten Eight Seven
Photograph courtesy of Winkler
Stamp design by Lou Karsh

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