Basic Tutorials
Getting Started | Login | Odds - How they work | Back and Lay bets explained | Using ExPort | Bet Amounts and Max Liability | Market Swing Indicator | Charts | Race Timer | Dutching | Hedging | Most Probable Winners and Green Light | EB function | GO function
Odds - How they work
Betting Exchanges use decimal odds which is the most widely spread and internationally recognised format.
If a traditional 'bookie' offers you odds of say, 3/1 this means that if you win you get 3 times your stake back plus your original stake. On the betting exchange, odds of 3/1 are quoted as 4.0. This means, if you win a Back bet at odds of 4.0 you get 4 times your stake back. This calculation includes your stake and is far simpler.
It also makes life easier if you want to calculate price-based probabilities of your selections chance of success. With decimal odds, to calculate the price-based probability of a selection priced at say, 5.0 you just divide 100% by 5 = 20%.
ExPort deals primarily with odds that fall into two categories - Back odds and Lay odds.
A Back bet is where you are betting a selection will win.
A Lay bet is where you are betting a selection will lose.
Profit and loss for Back and Lay bets differs as follows: A £10 Back bet at odds of 4.0 will return a profit of £30 (£40 return less original stake) if successful or lose £10 if unsuccessful. A £10 Lay bet at odds of 4.0 will return a profit of £10 if successful or lose £30 if unsuccessful (£40 less original stake).
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