It can often be difficult to fully understand what the odds that a bet is offering mean. What doesn’t help this, is that some sportsbooks will use different ways of expressing the odds. It might even lead some people to choose a sportsbook they’re not totally happy with because the site they prefer shows odds in an uncomfortable manner. If you’ve ever seen odds of 7 to 1 shown, then we are here to help you work out what that means.
7 to 1 or 7/1
If you’ve ever looked at horse racing or soccer, or even used a sportsbook that’s located in Europe, there’s a good chance you will have come across fractional odds. They are normally shown in the form 7/1 on these sites. This is the same as 7 to 1.
What does 7 to 1 Mean?
There are two different things that you need to understand when a sportsbook offers 7 to 1 as odds. The first is the probability and the second is the payout. Although both of these things are intrinsically linked, they also stand apart from each other in how they apply to you.
7 to 1 as a Probability
When it comes to the probability, 7/1 is showing the chances of the bet being a winner. In terms of working out what the probability is, you have to add the two numbers together and then from there you can work out what the chances of winning are. So, in the case of 7 to 1, you would get 8 as your initial answer. Then, from there you can see what the probability is for the different outcomes.
So, if the bet is 7/1 for the underdog to win in a football game, it means that 7 times out of 8 the underdog will lose the game. But, 1 time out of 8 the underdog will win. The reason you would place this bet is because you think that this will be the 1 time that the underdog wins.
The above method can be used to work out the probability of any bet.
The probability is an important way to learn what the chances of winning the bet are. For example, if the bet is likely to lose 7 times out of 8 then that’s probably not a sensible bet to place. However, if you can find value in that bet through research, this could change that opinion.
7 to 1 as a Payout
In terms of finding what the payout is, it uses the same numbers as the probability, but a slightly different method. The 7 to 1 odds basically mean for every single unit that you wager, you will get 7 units as profit. An example of this would be as follows:
- 0.1 BTC wagered
- 0.7 BTC profit
- 0.8 BTC paid back because the stake is also returned
Finding Value on a 7 to 1 Bet
It’s often difficult to find value with different bets. This is especially the case with a 7/1 bet as it would normally be a bet on a significant underdog. However, it is possible to find some value with a 7/1 wager. Researching what’s going on behind the scenes is the best way to find the value that you need. It could be something as simple as a legendary veteran playing for the underdog or home field advantage. This could be what you feel will offer high value when placing your bet. These slight statistical anomalies are where value can be found. It is important to remember that this won’t always be the case, not every 7 to 1 game will have value, so if you don’t find it, don’t place the bet.
Converting 7 to 1 to Decimal and American Odds
7/1 as decimal odds is 8.00. This is because for every unit that you stake, you will get 8 units back.
7/1 as American odds is 700. This is because for every 100 units that you wager, you will get 700 units as profit.