We've all heard the phrase ‘Odds-On' either in Horse Racing, Football, and even on the X Factor, there's always someone, or something that is considered to be ‘Odds-On'. It's part of our every day language but what does it really mean?
Today the phrase is used to indicate a ‘nailed on' favourite, a team or player who is almost certain to win. You will hear football commentators saying “Manchester City will be odds-on to beat Newcastle at home” or “Messi is Odds-On to score tonight” However, it doesn't necessary mean that Manchester City are technically ‘Odds-On' with the bookmakers. So what exactly makes a bet Odds-On?
We're far more used to seeing ‘odds against', we just don't refer to them as such. Examples of ‘odds against' would be 11/10, 6/5 or 3/1 in betting terms you're winning more than you're risking. £10 at 3/1 will give you a £30 profit if the bet comes in.
“Odds-on” is the opposite of “odds against”. It means your bet will return less than the amount you've risking. Odds such as 1/3 or 4/6 are Odds-On, using the example of 1/3 (the reverse of 3/1) I will show you how much you could win with an Odds On bet. £10 staked at 1/3 odds will give you a total profit of £3.33 if it wins. Obviously you're risking £10 to win £3.33 but remember that football teams are usually Odds On for a reason – they're more likely to win!
Below you can see examples of Odds On bets from the Bundesliga, the odds circled are the odds-on prices.