Odds

As profit share is called in a gambling bet or the factor by which the use of the betting operator is multiplied in the event of a win in order to determine the amount of payment or the amount of the net profit. A distinction between betting at fixed and variable rates.

Betting fixed odds

Betting fixed odds (fixed odds ) on sporting events are offered by bookmakers: The rate is fixed at the time the bet and can not be changed later, the bookmaker betting occurs as opponents. To limit the risk, bookmakers offer betting on all possible outcomes so that they achieve their profit ideally through arbitrage.

Fixed odds betting is also found in many games of chance, such as at Roulette, Wheel of Fortune, Craps, Sic Bo, etc.

Betting at variable rates

Betting at variable rates ( variable odds ) are set on the totalizer. Here, the betting participants bet among themselves ( Parimutuel betting ). The odds are not yet fixed at the time the bet, they are detected only after the betting event. This is also the case with the totalizator system related Calcutta auction.

In these types of bets, the entire amount of the stakes in the form of profits will not be paid, but only a certain proportion; payout ratios ranging from less than 50 % for public providers up to about 85 % for horse racing.

The organizer takes this as a so-called Totalisateur, as a mere intermediary of betting, and carries no risk itself: he achieved a profit of only on the sum of the stakes, but does not depend on the specific output of the betting event.

Representation of quotas

In presenting the odds three different shapes are common:

Continental Europe

Bookmaker on the European continent passed to the gross rate. Provides a bookmaker to bet on victory of X to a ratio of 5:50, so we obtain in a bet of 1 € in case of winning € 5.50 back - it also says " 5:50 for 1" - ie the European quota is the ratio of payout to use to. The payment amount or gross profit consists of insert and net or net income, this is in the example just 4.50 €.

United Kingdom

In games of chance such as Roulette are given the odds as net rates, this practice also follow the bookmaker in the UK. The net rate is defined as the ratio of net profit to use and is referred to in sports and race betting as odds ( see there). A British bookmaker would therefore offer a rate of 4.5 against X in the above example. Odds are usually represented as a fraction, ie 9/2 ( against ), spoken "9 to 2 ".

If the net profit is equal to the application, it is called even money or even short, the European quota in this case is 2:00.

If the net profit is less than the insert, so offers the bookmaker bets on Y, this is called the odds on. The ratio 5/2 on is tantamount against at odds of 2/5, ie a gross ratio of 1:40. Odds on are often written in red color, so is an odds on favorite (German Auffavorit ) in the reds.

United States

In the USA the following representation is commonly used:

Is specified as a ratio for X is a positive number, so this means the actual profit on a bet of $ 100. The notation 450 thus means a net rate of 4.50 or 9 /2 and a gross ratio of 5:50.

If the net profit but smaller than the insert, it is not written for Y is about 40, but it is given one insert which is required for a profit of $ 100, and provided to distinguish it from the previous case with a minus sign.

A ratio of -250 for Y thus means that you have to risk $ 250 to make a profit of $ 100 in case of winning. In this example, therefore, is the net rate of 100/250 = 0.4 or 2/ 5; a British bookmaker bets would be "2/5 " or call " 5/2 on", a continental European bookmakers would offer the ratio 1:40.

Market price

Occasionally one also finds the statement in the form of a market price. This indicates how high a hypothetical shares could be exchanged, the 10 units ( $, € ) is introduced, if the event to bet on arriving. Is it not true one, the paper is worthless.

A course of 1.82 means, therefore, that are paid out when an insert of 1.82 in case of winning 10.00. This corresponds to a gross rate of 10/1, 82 = 5.5, a net rate of 4.5 ( 9/2) and an American rate of 450.

A course of 7.14 means, however, that are paid for 7.14 in case of winning 10.00. This corresponds to a gross rate of 10/7, 14 = 1.40, a net rate of 0.40 (2/ 5) or -250.

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• Betting