I always just nod my head when people start talking like “I’ll give you 2 to 1 odds,” but I definitely am not sure what they mean.
I THINK I do–so like if team A is playing team B, and I am trying to convince you to place a bet with me, and I am SOOO confident that team A will win, I might say, “I’ll give you 2 to 1 odds that team A wins,” it means if we both put $5 in the pot, and If I win, I’ll get $10 bucks back (my 5 and his 5), but if he wins he makes more than 10? Does he make $20?
In: 2
You have to be very careful when you are talking about odds. When talking about odds, there are generally two forms (I’ll ignore money lines which are a form of odds):
X to Y
and
X for Y
You will see both of these mentioned for odds and sometimes mixed. It is important to understand the difference when assessing the value of your bet…
When “to” is used to separate the odds, you get your initial bet back. When “for” is used to separate the odds you do NOT get you initial bet back.
If you bet $100 with 2 to 1 odds, you will receive $300 if you win. $100 x 2 PLUS your initial bet of $100.
If you bet $100 with 2 for 1 odds, you will receive $200 if you win. You will not get your $100 back.
Latest Answers