Odds explained

In Germany, decimal odds are used almost exclusively. The calculation is simple: stake times odds gives the payout if the bet wins. That already includes the stake. The net profit is therefore the payout minus the stake.

Odds of 2.00 double your stake. Odds of 1.25 return €12.50 on a €10 stake, i.e. €2.50 profit. The lower the odds, the stronger the favourite, and the less there is to win.

What the odds say about probability

Any odds can be translated into a probability: 1 divided by the odds. 2.00 corresponds to 50 per cent, 1.25 to 80 per cent, 4.00 to only 25 per cent. This so-called implied probability is, however, set slightly too high, because the bookmaker builds in a margin. If you add up the probabilities of all outcomes of a match, you therefore always get slightly more than 100 per cent.

Other formats

In the English-speaking world, fractional odds are common. 5/2 means 5 units of profit on a 2-unit stake, or 3.50 as decimal odds. In the USA there are American odds: +150 means 150 profit on a 100 stake (decimal 2.50), −200 means a 200 stake for 100 profit (decimal 1.50). For everyday betting in Germany, decimal odds are all you need.

Why odds move

Odds are not fixed values. They change when new information emerges, such as an injury or the line-up, and when a lot of money flows to one side. The last odds before kick-off are considered the market's most accurate assessment. If you regularly bet at better odds than those offered at the end, your assessment is usually right – that is what closing line value is about.

What matters

What matters is not whether odds are high or low, but whether they match the actual probability. 1.30 can be a good offer, 3.00 a bad one. To check this, you need your own assessment to compare with the odds.