What are fixed odds? Ah, a question I hear all too often from sports betting beginners. So don’t let it get you down if you haven’t yet grasped this betting term.
Only one option remains - time to learn the fixed odds meaning in detail. This betting school guide will tell you all the ins and outs when it comes to fixed odds, how they work, different types of fixed odds, pros, cons and much more. Sit back and relax!
Ah, the age old question, what does fixed odds mean? Well, it’s actually much simpler than you might have thought, we won’t be needing Albert Einstein to assist with this explanation, that’s for sure - this betting guide will more than suffice. Fixed odds betting is where you bet on an event and when you have confirmed the odds, finalizing your bet with the bookmaker, the odds are locked in.
They can’t change no matter what happens. If the price becomes more favorable you won’t be able to benefit from the improved odds, however, if the price becomes less favorable then you’ll keep your original odds no matter what. Not even Robin Hood will be able to take this bet from you!
Fixed odds don’t just come in one format, I know, more stuff to learn, annoying right! Although it’s worth noting that different formats are typically used in different regions of the world. Since you’re probably not living on three different continents you should be fine without needing to know each and every type in detail.
Sportsbooks in the United States typically favor moneyline fixed odds, the UK and Ireland favor fractional while continental Europe, Australia, New Zealand and Canada favor Decimal. You can see this information in the easy to digest table below, along with examples of how even odds look for each of the fixed odds types:
| Type of Odds | Example of Even Odds | Region Typically Used In |
|---|---|---|
| Moneyline | +100 | United States |
| Fractional | 1/1 | United Kingdom and Ireland |
| Decimal | 2.0 | Continental Europe, Australia, New Zealand, and Canada |
The great thing about fixed odds is they link up with a huge variety of markets seamlessly. So, take this as if you’re at a gourmet buffet, no need to pick only one dish, go ahead and load up your plate with a bit of everything. From straight bets, to accumulators, Under/Over and many more. I’d be on for days if I had to explain them all, so here are a few of my personal favorites:
Sit tight, time for accumulator bets explained! When I think of these bets I like to compare it to going on a shopping spree, I’ve not just got my eyes set on one item, but a whole cartload of goodies, and when I check out, they’ll all be added to a single receipt. That’s exactly what accumulator bets are like in the world of sports betting. This betting type allows you to add multiple single bets (known as legs) into one big bet.
Although, it’s worth pointing out if any of your individual legs lose, your entire bet is lost. So you could win 6 out of 7 legs, but you’ll still lose your accumulator bet. Fortunately this increased risk is reflected in the fixed betting odds on offer, typically the more legs you add the better the potential payouts, but the lower the probability of winning.
You’ve just heard the ins and outs of accumulator betting. Well, when it comes to straight betting it’s somewhat of the opposite. Straight betting explained refers to placing a single bet on the outcome of a particular sports event.
While it can be nerve-racking to put all your chips in on one bet, it’s also a much simpler way to use fixed odds. So, if you’re new to the world of sports betting this one could be the one for you. Let’s say you want to bet on the Dallas Cowboys to win their next game at fixed odds of +200, just place the bet and lock it in, it’s that simple.
Ever found yourself arguing back and forth with a friend about how many points will be scored in a game? Personally, I’m forever the optimist and think most games I’m betting on are going to be jam-packed with action, maybe to my own downfall. When I first heard the over under bet explained I knew this would be one of my personal favorites for this reason.
This betting type allows you to predict higher or lower for certain sporting metrics, it could be points, goals, minutes played, yellow cards, touchdowns and many more. For example, you could place a bet on the next Super Bowl Final to have over 54.5 points scored in total at fixed odds of +150. For this to win you’d need both teams' scores to add up to 55 points or more, anything less and it’s a loss.
Well, there you have it, time to wrap up this guide to the meaning of fixed odds. Ultimately this sports betting option keeps things simple for you, allowing you to lock your odds in there and then. No twists, turns or surprises! What you see is what you get. No matter if the odds turn as temperamental as a diva on a movie set, your bet stands firm.
Furthermore, the meaning of fixed odds applies to all odds formats and to multiple bet types too. Fixed odds pair up seamlessly with a variety of different bet types, and while it won’t be possible to name them all here accumulators, straight bets and under/over bets are undeniably the most popular.
The term ‘fixed odds' refers to the predetermined odds that are agreed upon and locked in at the time a bet is placed. As the market fluctuates with different off-field events and circumstances in the lead up, your bet won’t be affected. You’ll get the exact odds that you agreed to when placing your bet. This is different from betting on variable odds, or exchange betting, where odds changes will directly affect your payout.
There’s no reins holding you back when it comes to placing fixed odds bets on sports. Virtually any sport where betting is permitted can offer fixed odds markets, including the likes of basketball, football, horse racing, tennis and more.
Nothing changes. That’s the beauty of fixed odds, once you’ve placed your bet the odds have been finalized as they pertain to your bet. This can be good and bad, as any positive price changes you won’t be able to benefit from, but negative price changes won’t affect your final bet in any way. Personally I prefer the certainty of knowing my odds will be exactly as I saw them when placing the bet originally.
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