How to read football betting odds: a simple guide

You see numbers like 1.50, 2.10 or 3.40 next to every match, but you are not sure what they really mean? Don't worry. In this guide, we explain in simple terms how to read football betting odds, how to calculate your potential returns, and what the odds actually tell you about a match.

What are betting odds?

Odds are numbers that show how much you could win if your prediction is correct. The higher the odds, the bigger the potential return, but the less likely the outcome is considered to be.

Most bookmakers in Africa use decimal odds, such as 1.50 or 2.75. This is the easiest format to understand, and the one we use in this guide.

How to calculate your returns

The formula is simple:

Total return = stake × odds

Example: you bet ₦1,000 on a Nigeria win, at odds of 1.80.

• If Nigeria win: you get back 1,000 × 1.80 = ₦1,800
• Your actual profit is 1,800 – 1,000 = ₦800
• If Nigeria don't win: you lose your ₦1,000 stake

The calculation works exactly the same way in any currency, whether you bet in cedis, shillings or rand. Always remember the difference between your total return (which includes your stake) and your profit (what you actually win on top).

What the odds say about a match

Odds are not just about returns: they also reflect the probability of an outcome, according to the bookmaker.

To find it, use this formula:

Implied probability = 1 ÷ odds

• Odds of 1.50 mean roughly a 67% chance (1 ÷ 1.50)
• Odds of 2.00 mean a 50% chance
• Odds of 4.00 mean a 25% chance

That is why favourites have low odds and underdogs have high odds.

The bookmaker's margin

If you add up the implied probabilities of all possible outcomes of a match (home win, draw, away win), the total is more than 100%. That extra percentage is the bookmaker's margin: it is how bookmakers make money over time, whatever the result.

This is an important reality to keep in mind: in the long run, sports betting is designed to be profitable for the bookmaker, not for the player.

Other odds formats

You may also come across two other formats:

• Fractional odds (common in the UK), such as 4/5 or 2/1. Odds of 2/1 mean you win 2 for every 1 you stake, which is the same as decimal odds of 3.00.
• American odds, such as +150 or -200. A positive number shows how much you win on a 100 stake; a negative number shows how much you need to stake to win 100.

Most betting sites let you switch to decimal odds in your settings, which makes everything easier to compare.

Low odds or high odds?

• Low odds (1.20 to 1.60): the outcome is likely, but the return is small.
• Medium odds (1.70 to 2.50): a balance between risk and reward.
• High odds (above 3.00): an attractive return, but a high risk of losing.

There is no magic "good odds". What matters is understanding the risk you are taking, and never betting more than you can afford to lose.

Read more

• 1X2, double chance, BTTS: football bet types explained
• Accumulator bets explained: how football accas work
• Our bookmaker promo codes

Sports betting is restricted to people aged 18 and over and carries risks of financial loss and addiction. Please gamble responsibly.