What is 'Odds-on'?
Odds-on is a phrase used in gaming to indicate that the profit from a particular wager
will be smaller than the player’s stake
. It is a commonly-used phrase in gaming and betting and, when used as an expression of probability, indicates an event that is considered to have a greater than 50% chance of occurring.
The odds or price available on any particular wager is also, theoretically, an expression of probability. A price is said to be odds-on when it equates to a probability of greater than 50%.For example, odds
of 2-1 equate to a probability of 33.33%; not odds-on. A price of 4-6 would work out to a probability of 60%, so if you bet at 4-6 you would be said to be wagering at odds-on.The profit on a successful odds-on bet will always be less than the stake wagered, but players will still make a profit on such a bet, as they will receive the stake back as part of their returns. For example, if you were to strike a successful $10 bet at odds of 2-5 you would win $4 on the bet. This would be your profit, but your returns would include your stake, so would amount to $14.Working out whether your bet is odds-on depends on what format the odds are expressed in. For fractional odds, any price that has the smaller number first will be odds on. For instance, 2-7 is an odds-on bet, while 7-2 is an odds-against bet. If the odds are expressed in decimal terms, then any price below 2.0 is an odds-on bet, since decimal odds include the player’s wager in the price.In sports betting, the term 'odds-on' can be used to refer to a team or competitor who is the overwhelming favourite
to win a competition or match. For example, Celtic Football Club start each season as the odds-on favourites to win the Scottish Premier League, while in the last decade or so, Roger Federer has been odds-on to win most of the tennis matches he has played in.