What Is a -500 Betting Odds?

You may have seen a cricket scorer giving odds on a game. They’re usually written in either decimal (e.g., 1.92) or fractional form (e.g., 2.05). While it’s easy to work out what these odds mean by simply converting them to English words, knowing the precise odds calculation can be challenging. Fortunately, it’s not as difficult as it seems and you can find the answer below.

What Are Decimal and Fractional Odds?

To understand what a -500 betting odds means, it’s important to first understand what decimal and fractional odds are and why you might want to use them. In decimal odds, each number is divided by 10 to give you the individual scores for each team. As an example, if the score at the start of the game was 10-8 in favor of Team A, then your decimal odds would be 0.8 (i.e., 80% of the bets are on Team A). In fractional odds, each number is divided by the total number of runs that had been scored at that point in the match. This gives you a better idea of the likelihood of a particular team or player winning the game. As the game goes on and more runs are scored, the fraction becomes smaller, indicating a greater likelihood of the team or player you backing winning the game.

How Are Decimal and Fractional Odds Calculated?

To work out your decimal and fractional odds, you need to multiply your stake by the quotient between the number of runs each team or player has scored and the number of runs needed for a win. The number of runs required to win is known as the “over/under” or “target” and is usually between two and eleven runs. For example, if you stake £10 on a game that has an over/under of ten runs, your odds would be 10 x (10-8) = £100 (i.e., your stake would be returned with a 100% profit).

To find the quotient, you need to take the smaller number of runs scored and divide it by the larger number of runs needed for a win. In the previous example, if the smaller number is eight and the larger number is ten, the quotient is 0.8 (i.e., your odds are 80% of the way to winning). In this case, if you want to make a profit of £100, you’ll need to bet £200 (i.e., twice your stake).

Why Use Decimal and Fractional Odds Instead Of Normal Odds?

Decimal and fractional odds can be harder to work out than normal odds because you need to remember to multiply your stake by the respective quotient. For example, if you were to try and use normal odds to work out your odds of winning a game with an over/under of ten runs, you’d need to add the number of runs each team or player has scored to get the total number of runs needed to win. As you’ll see below, it’s easier to use the run-scoring format for normal odds because you don’t have to remember to multiply by the quotient.

When Is It Best To Use Decimal And Fractional Odds?

It is generally recommended to use decimal and fractional odds in the following situations:

  • For sports with a limited number of runs (e.g., Twenty20 leagues and domestic cup competitions)
  • For predicting the winner of a match with a large number of runs (e.g., the Twenty20 World Cup and some American sports)
  • When you’ve staked a small amount of money on a game (e.g., a £1 bet on a match with an over/under of ten runs)
  • When you’re looking for an accurate probability rather than just a rough guess (e.g., a casino or sportsbook)

You may find that the odds for some sports seem inaccurate, but this is sometimes because there are flaws in the way the sports’ governing bodies calculate these odds. If you take the time to search for the flaws, you’ll often be able to find the correct odds that would make your money back with a profit. This article from Oddschecker gives you a good overview of how to spot these flaws and what to do about them.

To work out the chance of a particular team winning a game, you need to multiply your stake by the quotient between the number of runs scored and the number of runs needed for a win. The number of runs required to win is known as the “over/under” or “target” and is usually between two and eleven runs. For example, if you stake £10 on a game that has an over/under of ten runs, your odds would be 10 x (10-8) = £100 (i.e., your stake would be returned with a 100% profit). For a team or player to win, they essentially need to score more than the target number of runs in order to do so. When a team or player falls short of the target number of runs, they fail. When this happens, it is scored as a “run-away” or “no-run” win for the team or player that fell short (i.e., the team that scored the most runs wins).

In the example above, if the total number of runs scored is eight and the target number is ten, your quotient would be 0.8 (i.e., 80% of the bets are on Team A). In this case, if you want to make a profit of £100, you’ll need to bet £200 (i.e., twice your stake).

How Do I Calculate The Runs Needed To Win?

In the example above, the total number of runs needed to win is simply the over/under subtracted from the number of runs scored (i.e., eight minus ten = −2). If you wanted to find the runs needed for Team B to win, you would do the following:

  • Add the number of runs scored (i.e., eight) to the over/under (i.e., ten)
  • Subtract the resulting total from eleven (i.e., the score at the end of the game)
  • Divide the result by two (i.e., the number of runs Team B needed to win)
  • Add one (i.e., because there is an additional run needed for Team B to tie the game)

It’s important to note that while worksheet odds give you the precise fraction and decimal of each team and player’s odds of winning, they don’t tell you the total number of runs needed to win. In the example above, while you may know that Team A needs to score at least eighty percent of the total number of runs in order to win, you don’t know if this will be enough to beat Team B (e.g., if there are no other teams left to come in and help out). This is where you’d need a bit of arithmetic or a bit of research into how many runs each team was actually capable of scoring (i.e., not just what the target was for that game).

What Is The Difference Between A “Real” Odds And A “Worksheet” Odds?

“Real” (or true) odds are those calculated by a bookmaker (or numbers cruncher) using actual scores and results from previous games. These are, generally speaking, the most accurate odds available because they are based on real data rather than just assumptions or estimates. They can also vary depending on the time of day and how many people are playing (e.g., the “blitz” odds given at lunchtime for certain sports may be different from those offered at a bookmaker later in the day). Real odds are generally more difficult to find and work out than worksheet odds because you need an online account at the bookmaker’s website in order to find this data (though many bookmakers will provide this information to new customers for free).