Understanding Betting Odds
Odds represent the probability of an outcome and determine how much you win. In the UK, three formats are used: fractional (e.g. 5/1), decimal (e.g. 6.00), and American (+500).
Fractional odds are traditional to UK betting. 5/1 means for every £1 staked, you win £5 profit (plus your £1 stake returned = £6 total).
Decimal odds include your stake in the return. Odds of 6.00 mean a £10 bet returns £60 total (£50 profit). Most UK sites now default to decimal odds.
The best value bets are those where the implied probability is lower than the true probability of the event occurring — this is called finding 'value'.