Betting Odds and Probability

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 the 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) = 1/5 = 0.20.

Calculating the probability of bettor winning and/or platform losing money: % = den / (den + num)