In gambling, the odds on display do not represent the These values now total %, meaning that the History · Terminology · Statistical usage · Gambling usage. How to bet MMA odds . Brief tutorial on how MMA betting works and how to read the odds. A few basic betting tips and pointers for beginners. Betting odds reflect the probability of a particular event happening and understanding these probabilities is crucial to successful sports betting. Odds are simply an interpretation of those chances. The transition from fractional odds to decimals largely kicked off with the growing popularity of the betting exchanges such Betfair. Odds are a numerical expression, usually expressed as a pair of numbers, used in both gambling and statistics. Being responsible about gambling means knowing whether to gamble, how much money or how much time. To use the previous example of decimal odds 2. Similar ratios are used elsewhere in Bayesian statistics, such as the Bayes factor. Gambling 'Odds Terms' Explained Fixed Odds Betting When you place a fixed odds bet, you are staking a certain fixed amount of money against the bookmakers money to predict the outcome of the event. The profit and the expense exactly offset one another and so there is no disadvantage to gambling over the long run. Favoured by bookmakers in the United Kingdom and Ireland , and also common in horse racing , fractional odds quote the net total that will be paid out to the bettor, should he or she win, relative to the stake. Someone who accepts bets and sets odds. If the odds being offered to the gamblers do not correspond to probability in this way then one of the parties to the bet has an advantage over the other. All text shared under a Creative Commons License. More stories All reader stories Hide reader stories. Again, let us talk you through them. The chance of the dice landing on any of the 6 numbers is equal. Laying Odds This is another term for a bookmaker taking bets. Back to Beginner's Guide. Let's take a look at another example:.