Fixed odds betting is a popular way to place bets on sports and other events. If you place a fixed odds bet, you agree to specific odds set by the bookmaker at the time of your bet.
These odds determine how much you can win if your prediction is correct. For example, if you bet £10 on a football team with odds of 2/1 and they go on to win, you receive £20 in winnings plus your original £10 stake back.
Once you place your bet, the odds don't change, regardless of what happens in the match or event. This means you know exactly how much you can win before the event starts.
In this blog, we'll break down how fixed odds betting works, so you can get started with confidence and ensure you gamble responsibly.
What Is Fixed Odds Betting?
Fixed odds betting is when you bet on an outcome with odds that are agreed upon at the time you place your bet. These odds are set by the bookmaker.
When you see odds, they tell you the amount you can win based on the amount you bet. For example, odds of 3/1 mean that for every £1 you bet, you win £3 if your prediction is right.
The key feature of fixed odds betting is that these odds remain unchanged once you place your bet, regardless of how the situation changes before or during the event. This allows you to know exactly what your potential winnings are.
Bookmakers calculate these odds based on several factors, including statistics, historical data, and potential outcomes. They aim to make the odds fair but also ensure they make a profit, so the odds aren't a reflection of the true odds of an outcome occurring, but they're pretty close.
Fixed odds betting can be applied to many events, like horse racing, football matches, and even reality TV shows. It's a simple and straightforward way to bet, making it a favourite among bettors.
In summary, fixed odds betting is about locking in your odds at the moment you place your bet, giving you a clear idea of your potential winnings. Always remember to bet responsibly.
How Does Fixed Odds Betting Work?
Fixed odds betting is fairly straightforward once you understand the basics. Here's how it works:
Placing Your Bet
First, you choose the event you want to bet on, like a football match or a horse race. Then, you look at the odds offered by the bookmaker. These odds show how much you stand to win.
Understanding the Odds
Odds are usually displayed in a fraction or decimal format. For example, fractional odds of 5/1 mean you can win £5 for every £1 you bet. Decimal odds of 6.0 would mean that a £1 bet could return £6 (this includes your original £1).
Locking in Odds
Once you place your bet, the odds are fixed. This means they will not change even if new information, like a player getting injured, comes up before or during the event. You know exactly how much you stand to win at the moment you place the bet.
Calculating Winnings
To see how much you could win, just multiply your stake (the amount you bet) by the odds. If you bet £10 with odds of 3/1, you could win £30 plus your original £10 back.
Collecting Winnings
If your prediction is correct, you'll win the amount calculated by the odds. The bookmaker will add this winning amount to your account, and then you can choose to withdraw it or use it to place more bets.
In short, fixed odds betting is about making a prediction, agreeing on set odds, and knowing exactly what you could win right from the start. Always remember to bet within your means and gamble responsibly.
What Is The Difference Between Fixed Odds & Spread Betting?
Fixed odds betting and spread betting are two different ways to place bets.
Fixed Odds Betting
In fixed odds betting, you bet on a specific outcome with agreed-upon odds. If your prediction is correct, you win a fixed amount. If it's wrong, you lose your stake. The odds stay the same once you place your bet, so you always know your potential winnings and losses.
Spread Betting
Spread betting is a bit more complex. Instead of fixed odds, it involves betting on the precise number of points, goals, or other outcomes. Your winnings or losses depend on how right or wrong your prediction is.
For example, if you bet on a football match and the spread is set at 3 goals, you bet whether the final score will be above or below that number. The more the actual result differs from the spread, the more you can win or lose.
Key Differences
The main difference is that fixed odds betting offers a clear, fixed outcome, while spread betting involves variable outcomes based on the accuracy of your prediction. Spread betting can be riskier because your potential loss isn't fixed.
In summary, fixed odds betting is simpler and more predictable, while spread betting can offer higher rewards but comes with greater risks. Always choose the one that suits your preferences, comfort with risk, and budget.
Can You Cancel a Fixed Odds Bet?
Once you place a fixed odds bet, it's generally not possible to cancel it.
Bookmaker Policies
Most bookmakers have strict rules that do not allow cancelling or changing your bet once it has been confirmed. This helps maintain fairness and integrity in betting.
Mistakes and Errors
If there was a clear mistake or error when placing your bet, some bookmakers may consider voiding it. For example, if you accidentally bet £100 instead of £10, contact customer service immediately. They might be able to help, but there are no guarantees.
Cash Out Option
Some bookmakers offer a "cash out" feature which allows you to settle your bet before the event finishes. This isn't the same as cancelling, but it gives you a chance to take some winnings or reduce your losses based on the current situation.
Final Word
Always double-check your bet before confirming it. Understanding that bets are usually final helps promote responsible gambling and reduces the risk of betting-related issues.
In conclusion, cancelling a fixed odds bet is rarely an option, so always make sure you're confident before placing a bet. Remember to always gamble responsibly and play within your means.