Tutorial · 1:00
How odds work
A 1 minute walkthrough in Ross's voice, with captions on screen. Every bet has a price, and it tells you two things: what it pays, and how likely it is. Let's start from zero.
Transcript
Every bet has a price, and it tells you two things: what it pays, and how likely it is. Let's start from zero.
A plus price shows what you win on a $100 bet. +150: bet $100, win $150.
A minus price shows what you risk to win $100. -110: bet $110 to win $100.
When a bet wins, you also get your stake back. So $100 at +150 returns $250 in total.
Every price is also a chance. +150 implies 40%. -110 implies about 52%. That's the break-even rate: how often the bet has to win just to break even.
And that chance still has the book's cut inside it.
Next: the book's cut, and why the best price matters.