What odds mean, how to read them, which format works best — all your questions answered here. The first step to becoming a smarter bettor.
Sample odds from selected matches on Betfred's live board
The odds shown above are for illustrative purposes. Real-time odds on Betfred are always subject to change — the live board reflects the most up-to-date information.
The Three Main Formats — How Each One Works
| Probability of Outcome | Decimal | Fractional | American | Total return on a ৳100 bet |
|---|---|---|---|---|
| 50% | 2.00 | 1/1 | +100 | ৳200 |
| 67% | 1.50 | 1/2 | -200 | ৳150 |
| 40% | 2.50 | 3/2 | +150 | ৳250 |
| 25% | 4.00 | 3/1 | +300 | ৳400 |
| 20% | 5.00 | 4/1 | +400 | ৳500 |
Enter your stake and odds to calculate your potential winnings
How to determine implied probability from odds
Formula: Implied Probability (%) = 1 ÷ Decimal Odds × 100
Note: when you add up the implied probabilities of all three outcomes, the total exceeds 100% — that margin is the bookmaker's built-in edge, known as the "vigorish."
There's a Lot More to Bet On Beyond the Match Winner
For those new to betting, odds can look like a confusing jumble of numbers — but they're actually straightforward once you get the hang of it. Odds tell you two things at once: how likely a bookmaker thinks an outcome is, and how much you stand to return if you back it. Betfred displays odds in decimal format, which makes the maths even simpler.
Say there's a T20 match between Bangladesh and India. Betfred has Bangladesh at 1.85 and India at 2.10. This means the bookmaker considers Bangladesh a slight favourite — because their odds are lower. Lower odds mean a higher implied probability of winning, but a smaller return. Higher odds mean a lower probability, but a bigger payout if they win.
Major platforms like Betfred factor in a wide range of variables when setting odds — recent team form, pitch and ground conditions, injury news, head-to-head records, and where the money is coming in from. On top of that, odds shift as bets are placed. When more money flows in on one side, that team's odds shorten slightly — it's how bookmakers keep their books balanced.
That's why when you watch live match odds on Betfred, you'll notice they update in real time. A wicket or a goal can shift the odds instantly. Understanding these movements makes it much easier to place your bet at the right moment.
When there's a large gap in quality between two teams, the odds on the weaker side in a standard match winner market can get very high. Handicap betting addresses this by giving the stronger team a virtual deficit. For example, if Man City are given a -1.5 goal handicap, they need to win by 2 or more goals for a bet on them to pay out.
The run-line handicap is popular in cricket. A -10 run handicap on Bangladesh means they must win by 11 or more runs for the bet to win. On Betfred, these markets typically carry odds between 1.85 and 2.05 — a near-even split on both sides.
Combining bets from multiple matches into one is called a parlay or accumulator. The odds from each match multiply together, which can make the total odds very large. For instance, four matches each at 2.00 odds gives parlay odds of 2×2×2×2 = 16.00 — meaning a ৳100 bet returns ৳1,600.
The trade-off with parlays is higher risk — every single selection must win. One wrong pick and the entire bet is lost. Betfred's Parlay Builder makes it easy to add multiple selections and instantly see your combined odds and potential return.
Live in-play betting can often be more rewarding than pre-match wagers. Say Bangladesh are 70 for 2 after 10 overs in a T20 — their win odds might have dropped to 1.50, but given the situation, that could still represent solid value. On the flip side, a sudden wicket could push the odds up to 2.50, and that's exactly the kind of moment you can capitalise on.
On Betfred's live betting interface, odds flash green or red when they change, giving you a clear visual cue of which way the market is moving. These indicators are especially handy for newer bettors.
Once you understand odds, the next step is finding "value". A value bet is one where you believe the real probability of an outcome is higher than what the odds imply. For example, if Betfred prices Bangladesh at 2.50 (implying a 40% chance), but your analysis suggests they have a 50% chance of winning — that's a value bet.
Value betting is profitable in the long run because you're consistently getting better than fair price. It's the core strategy of professional bettors. Regularly tracking odds across different markets on Betfred will help you develop an eye for where value appears.
Practical tips for both new and experienced bettors
Decimal is the default format on Betfred and most other platforms. Just multiply your stake by the odds to get your total return — no room for calculation errors.
Divide 1 by the odds, then multiply by 100 to get the implied probability. Compare that against your own analysis — any gap is where the value lies.
When odds drop sharply, it usually means big money is coming in on that side. That's a market signal — always pay attention to it.
Start by focusing on one sport or one market — like T20 match winner. Once you've built up expertise there, branch out to other markets.
Never risk more than 2%–5% of your total budget on a single bet. This keeps your balance sustainable over the long run.
Always backing your favourite team isn't the smartest move. Let the numbers and data drive your decisions, not your heart.
Use welcome bonuses and free bets to explore new markets. It's a great way to gain experience without putting your own money on the line.
Frequently Asked Questions