Understanding Odds and Dividends
Odds (also called dividends) tell you how much you can win if your bet is successful. Understanding odds is essential for making informed betting decisions.
Quick Definition
Odds/Dividends represent the return you'll receive for every dollar you bet, including your original stake.
What Are Odds?
Odds show:
- How much you can win - Higher odds = bigger potential return
- How likely something is to happen - Lower odds = more likely to win (according to the market)
Example
If a horse has odds of $5.00:
- For every $1 you bet, you'll get back $5 if you win
- This includes your original $1 stake
- Your profit is $4 ($5 return - $1 stake)
How to Read Odds
Decimal Odds (Used in Australia)
We display odds in decimal format, which is the standard in Australia.
| Odds | Stake | Total Return | Profit |
|---|---|---|---|
| $2.00 | $10 | $20 | $10 |
| $3.50 | $10 | $35 | $25 |
| $5.00 | $10 | $50 | $40 |
| $10.00 | $10 | $100 | $90 |
| $21.00 | $10 | $210 | $200 |
Calculating Your Return
Formula:
Total Return = Stake × Odds
Profit = Total Return - Stake
Example:
- You bet $20 on a horse at odds of $4.50
- Total Return = $20 × $4.50 = $90
- Profit = $90 - $20 = $70
Automatic Calculation
Our betslip automatically calculates your potential return when you enter your stake - no math required!
What Do Different Odds Mean?
Short Odds (Favorites)
Odds: $1.10 - $3.00
- Lower risk - More likely to win according to the market
- Lower return - Smaller profit if successful
- Common for favorites - Strong competitors or likely outcomes
Example: A top horse at $1.50 is expected to win, but only returns $1.50 for every $1 bet.
Middle Odds
Odds: $3.00 - $10.00
- Moderate risk - Reasonable chance of winning
- Decent return - Good balance of risk and reward
- Popular betting range - Many punters look for value here
Long Odds (Outsiders)
Odds: $10.00+
- Higher risk - Less likely to win
- Higher return - Big profit if successful
- Outsiders or longshots - Underdogs with lower chances
Example: A $51.00 outsider is unlikely to win, but would return $51 for every $1 bet.
Why Do Odds Change?
Odds can fluctuate before an event starts due to:
- Betting patterns - Heavy betting on one selection can shorten its odds
- Market conditions - Changes in supply and demand
- Late information - News about runners, weather, track conditions
- Scratching - If a competitor is withdrawn, odds adjust
Odds Can Change
The odds you see when browsing may change by the time you place your bet. Always check the odds in your betslip before confirming.
Accepting Odds Changes
When odds change after you add a selection to your betslip:
- You'll be notified of the change
- You can choose to accept the new odds or remove the bet
- The bet won't be placed until you accept the new price
Fixed Odds vs Tote Odds
Fixed Odds
- Locked in price - The odds you see when you place the bet
- Guaranteed return - Your return is fixed regardless of what happens to the odds later
- Most common - Used for most racing and sports betting
Example: You bet on a horse at $5.00. Even if the odds drop to $3.00 by race time, you still get paid at $5.00 if you win.
Tote Odds (Parimutuel)
- Pool betting - All bets go into a pool
- Final dividend - Odds are determined after the event based on the pool
- Can fluctuate - You don't know the exact return until after the race
We Use Fixed Odds
Most bets on our platform use fixed odds, so you know exactly what you'll win when you place your bet.
Understanding Value
Value means getting better odds than you think the true probability warrants.
Finding Value
- Research - Study form, statistics, and conditions
- Compare odds - Look for selections where odds seem generous
- Trust your analysis - If you think a $5.00 chance should be $3.00, that's value
Example of Value
You believe a horse has a 33% chance of winning (which equals odds of $3.00), but the market is offering $5.00. This represents value because you're getting better odds than you think are fair.
Odds in Multi Bets
When you combine multiple selections into a multi bet, the odds multiply:
Example:
- Selection 1: $2.00
- Selection 2: $3.00
- Selection 3: $2.50
Multi odds = $2.00 × $3.00 × $2.50 = $15.00
If you bet $10, your potential return is $150 ($140 profit).
All Must Win
In a multi bet, ALL selections must win for you to collect. If one loses, the entire bet loses.
Practical Tips
- Check odds before placing - Always review the current odds in your betslip
- Understand the risk - Lower odds = safer, higher odds = riskier
- Calculate your return - Use the betslip calculator to see potential winnings
- Don't chase big odds - Long odds are long for a reason - balance risk and reward
- Shop for value - Look for odds that offer good value based on your research
Common Questions
Why are odds displayed as $2.00 instead of 1/1?
We use decimal odds (Australian format) which include your stake in the return. This makes calculations easier and is the standard in Australia.
Can I lock in odds?
Yes! When you place a bet with fixed odds, that price is locked in regardless of later changes.
What if odds improve after I place my bet?
With fixed odds, you get the price you accepted when placing the bet. If odds improve later, you still receive your original odds.
Do odds include my stake?
Yes, decimal odds include your stake. So odds of $3.00 mean you get back $3 total ($2 profit + $1 stake).