How To Understand Odds
| Miscellaneous Odds can be quite difficult to understand to the uninitiated. They tend to be stated as follows: 2/1 or 5/1 and 1/2. Let's look at the first two odds. Here, the first value is higher than the seconds one. This is called 'odds against' because the odds are against the outcome occurring. Therefore imagine that the chance of a lottery ball coming out in a draw of one ball is 49/1, this means that the chances are that it will one in 49 times and therefore for every one unit on the right, you would get 49 units on the left. Hence you would win 49x the amount you put on. Now look at the third figure: 1/2. This is called odds on, because the first number is lower than the second, meaning that the outcome is more likely to occur than not to occur. Therefore here for every two units you put on, you would get back one unit. Therefore you would need to place a large stake for significant returns. And that's all there is to it!
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