Betting Odds Explained: How They Work and How To Read Them

Bookmakers set betting odds to reflect the likelihood of an outcome during a match. The higher the chance, the lower the odds and the smaller the potential payout on your wager.

South African sportsbooks offer several odds formats, but decimal odds are the most common. We created a guide because having betting odds explained will help you read market prices and calculate profits across multiple platforms.

How Do Betting Odds Work? It Is About Probability

Betting odds measure the chance of a match outcome and show the potential winnings on your wagers. Higher-probability events offer lower returns.

Let’s consider the Soweto derby between Orlando Pirates and Kaizer Chiefs. Based on both teams’ performances in the 26/27 PSL season and their past five meetings, Pirates would have a 60% chance to win and Chiefs a 25% chance to win, with a 15% chance of a draw.

The Buccaneers offer smaller profit returns because their victory is very likely. Conversely, AmaKhosi offer larger profit returns because their victory is far less likely.

Odds Calculator: Convert Betting Odds And How Much You Can Win

An odds calculator lets you convert odds formats and calculate your potential winnings. You can enter your stake amount and switch between decimal, fractional and moneyline odds. The tool automatically displays your total payouts without any calculation on your part.

Choose your bet type (single, multiple or system), enter your stake in rand and type in the odds for each selection. The calculator shows straight away how much your bet slip would pay out, your profit and the total odds. Once the matches are over, you can mark each selection as won, lost or void to see what you actually win.

The Converter tab turns any odds into decimal, fractional or American format and shows the chance of winning those odds imply. The Margin tab shows how much the bookmaker keeps: enter the home, draw and away odds for a match to find out.

Odds Formats In Sports Betting: What Do We Use In South Africa?

South African sportsbooks typically display market prices in decimal odds by default. However, operators offer different user-preference options.

Top ZA sites like World Sports Betting and Betway allow users to switch to fractional odds. Easybet lets users switch between fractional, net decimal, and moneyline formats. Meanwhile, Mzansibet offers all these formats and is one of the few platforms with Indonesian and Malay odds.

Hollywoodbets, arguably the most popular bookie, uses net decimals rather than standard decimals. Net odds exclude your original stake from the listed price, while standard decimals include it.

Probability Formulas and Examples
Probability calculations show the likelihood behind every listed price on a betting board.

For fractional odds, the formula is:

Probability (%) = B / (A + B) x 100

• 1/4 odds: 4 / (1 + 4) = 0.80 (80% probability)
• 1/1 odds: 1 / (1 + 1) = 0.50 (50% probability)
• 4/1 odds: 1 / (4 + 1) = 0.20 (20% probability)
• 9/1 odds: 1 / (9 + 1) = 0.10 (10% probability)

For decimal odds, the formula is:

Probability (%) = (1 / Decimal Odds) x 100

• 1.25 odds: (1 / 1.25) = 0.80 (80% probability)
• 2.00 odds: (1 / 2.00) = 0.50 (50% probability)
• 5.00 odds: (1 / 5.00) = 0.20 (20% probability)
• 10.00 odds: (1 / 10.00) = 0.10 (10% probability)

Decimal Sports Betting Odds Explained

In sports betting, decimal odds show your total payout per Rand staked, combining your profit with your returned stake.

Let’s take an example on Easybet:

In the European Champions League, Liverpool’s odds to win against LASK Linz are 1.39.

• Stake: R100
• Profit: R39
• Total Return: R100 x 1.39 = R139

South African Decimal Odds Explained in Sports Betting

Most SA betting sites use standard decimal odds, but Hollywoodbets uses net decimal odds to show profit per Rand staked, excluding your original stake. Where you might see 1.35 odds on another site, HWB would display it as 0.35.

The table below shows the difference using Liverpool’s winning odds from that same Champions League match against LASK Linz. Let’s assume our stake is R100.

Odds Format	Displayed Value	Profit	Return Calculation	Total Payout on R100
Net Decimal (Hollywoodbets)	0.35	R35	(R100 stake x 0.35) + R100 stake	R135
Standard Decimal (Easybet)	1.39	R39	R100 stake x 1.39	R139

As you can see, net decimal and standard decimal odds formats differ only visually. A R100 stake at 0.90 and a R100 stake at 1.90 both give you a R190 payout. In our example above, the only meaningful difference is that Easybet gives you a slightly higher payout than Hollywoodbets on the same game.

Fractional Odds Explained in Sports Betting

Fractional odds represent the potential profit relative to your stake using a fractional format. The 1st number represents the potential profit, while the second represents the stake required to earn that profit.

Most bookies in Mzansi let you select the fractional format in the menu under “Settings”.

For example, Betway has Liverpool FC to win at 7/20 against Linz in the Champions League:

• Stake: R100
• Profit calculation: R100 x (7 / 20) = R35 profit
• Total return: R35 profit + R100 stake = R135

American / Moneyline Odds Explained in Sports Betting

Moneyline odds use plus (+) and minus (-) signs based on R100 to show favourites and underdogs. A minus sign shows the favourite and the stake needed for a R100 profit. A plus sign shows the underdog and tells you the profit from a R100 stake.

This format can be hard to read, especially for beginners, which is why many ZA betting sites don’t have it. However, some sites like Easybet and Mzansibet let users switch to the moneyline format easily in the menu under “Settings”.

For example:

• Negative odds of -238 require a R238 wager to win R100 profit.
• Conversely, positive odds of +600 deliver R600 profit on a R100 wager.

How to Read and Find Good Betting Odds in Soccer

In South Africa, the lower the decimal odds, the higher the probability of an outcome and vice versa. However, reading soccer betting odds also means comparing bookmaker prices with team statistics and recent performance data.

Bookmakers thoroughly research top leagues like the PSL and EPL and will change odds accordingly, but they can sometimes suffer from recency bias. Head-to-head stats can show when odds are higher than they should be, letting you exploit the bookmaker’s blind spot.

A great example happened during the 2026 World Cup, when France were set to face Spain in the Semi-Finals. Wanejobets had France to win at 2.35 because of their dominance throughout the tournament, and Spain at 3.15 because their form was less convincing.

However, the match didn’t unfold as the odds suggested. Spain dominated from start to finish and won 2-0. The significant difference in the odds offered for the two teams may have created an opportunity for smart punters to back Spain at a higher price, even though both sides were considered contenders. This illustrates the idea behind value betting: finding odds that underestimate an outcome’s likelihood, while recognising that every bet still carries risk.

Punters who know how to bet on soccer can also apply this analytical approach to alternative markets, where the final result is not always the deciding factor in whether a bet wins or loses. Stats like expected goals can help with markets like both teams to score, while corner stats can help for betting on overs/unders for total corners.

Live Betting Odds: Can the Odds Change?

Yes, live betting odds change constantly during a match to reflect real-time events on the pitch. Bookmakers adjust market prices immediately after significant events like goals, yellow or red cards, corners, and penalties.

Odds can also disappear as the match goes on. For example, if one team is dominating 2-0 or 3-0, their “To Win” odds might disappear, while the odds for a draw or the other team to win will increase.

Pre-match odds can also change in response to team news, injuries and other relevant developments. They may also shift as betting activity changes. When a bookmaker receives significant betting interest on a particular team or market, its odds may shorten to manage exposure and reflect the market’s changing expectations.

What Are Boosted Odds?

Boosted odds are special promotions where bookmakers temporarily increase the potential payout on a specific wager or market. This feature lets you win more with a smaller stake on a single match.

South African bookies usually apply these odds boosts to high-profile fixtures or derbies in top competitions like the PSL, EPL, European Champions League, or CAF competitions. You can get price boosts on match-winner, total goals or goalscorer markets.

Some sites like PlayTSOGO will promote odds boosts for pre-selected accumulator bets. These “Enhanced Multiples” combine 3 or 4 favoured teams in a given soccer week and offer a single boosted odds price for them.

No matter what form they take, paying attention to boosted betting odds is a great long-term strategy. This is especially true if you’re betting on a budget (which we strongly recommend) or trying to meet a welcome bonus’s strict odds requirement.

Frequently Asked Questions