Betting Guides
Betting Guide: What Does ‘Odds On’ and ‘Odds Against’ Mean
Learn what “odds on” and “odds against” mean in betting, how they show the likelihood of an outcome, and why they affect your potential pay-out.
Two of the most common phrases you’ll hear in betting are “odds on” and “odds against,” yet many people aren’t fully sure how they work. These terms describe probability and directly influence how much you could win. When something is “odds on,” it’s seen as more likely to happen, so returns are smaller. “Odds against” refers to a less likely outcome, but with a higher potential reward.
Our guide explains these concepts in clear, simple language and shows how to use them across different sports, events, and betting situations, with practical examples throughout.
Meaning of “Odds-On”
As mentioned, the term of ‘odds-on’ is a widely used term in betting.
It means that the price of the bet is under the price of evens (1/1 or 2.00), meaning that the selection has a higher likelihood of happening than not.
This is because the implied probability of the bet is higher than 50% due to the fact the price of it is under evens, which denotes a 50% implied win probability.
As an example, a commonly seen odds-on price would be 1/2 or 1.5 in decimal odds. This implies a win probability of 66.7% meaning that in two out of three cases, this particular selection will occur.
However, the case with any bets at an odds-on price means that the potential profit of your bet will always be less than your stake as the price will always be under evens. Therefore, if you place a £10 bet at 1/2 your potential profit is £5, meaning that along with your stake of £10, if the bet was to land, the return would be a total of £15.
Read our guide here for the latest acca tips and insights.
Meaning of “Odds Against”
Odds against is another commonly used term in betting.
This signifies that the price of the bet is over the price of evens (1/1 or 2.00), meaning that the event is less likely to happen than it is.
This is because the price of the selection is over the price of evens, therefore the probability of the bet is lower than the implied win probability of 50%.
The prices of an odds against selection are anything greater than evens, therefore it can be anything from 21/20 to 5000/1, as they imply a lower win percentage than 50%.
As an example, a price of 2/1 would be considered an odds against price. This implies a 33.3% win probability, meaning that that selection be expected to happen in every one in three cases.
With that said, this means that the potential profit is greater than that of the stake. If you were to place a £10 bet at 2/1, your potential profit would be a total of £20, added to your stake of £10, this means that there is a return of £30 if your bet was to land.
