What Is a ‘Fixed Odds Bet’ in Sports Betting?
A ‘fixed odds bet’ is a straightforward and popular form of wagering in sports betting where the odds are locked in at the moment a bet is placed. This means that the potential payout for a winning bet is predetermined and will not change, regardless of any subsequent fluctuations in the odds leading up to the event.
How Fixed Odds Betting Works
When you place a fixed odds bet, you are entering into an agreement with a bookmaker on the price of a particular outcome. For example, if you bet $10 on a football team to win at odds of 2/1, you know that if your bet is successful, you will receive a total of $30 – your initial $10 stake plus $20 in winnings.
While the odds offered by a bookmaker can and do change in the run-up to an event due to factors like team news, injuries, or the amount of money being wagered on a particular outcome, these changes will not affect your bet once it has been accepted. The odds you took are the odds you will be paid out on.
Key Characteristics of Fixed Odds Bets:
- Certainty of Payout: You know exactly how much you stand to win the moment you place your bet.
- Locked-in Odds: The odds do not change for your bet once it has been confirmed.
- Simplicity: It is a simple and easy-to-understand form of betting, making it ideal for beginners.
Common Examples of Fixed Odds Bets
Fixed odds betting is the most common type of sports wagering and is available for a wide array of markets, including:
- Match Winner: Betting on which team or individual will win a match.
- Outright Winner: Wagering on the overall winner of a tournament or league.
- First Goalscorer: Predicting which player will score the first goal in a match.
- Over/Under: Betting on whether the total number of points or goals will be over or under a specified amount.
Fixed Odds vs. Other Betting Types
It’s helpful to understand how fixed odds betting compares to other forms of wagering:
- Tote Betting (Parimutuel Betting): In Tote betting, all stakes on an event are pooled, and the final payout is determined by the number of winning tickets. This means the odds can change up until the event starts, and you don’t know your exact potential winnings when you place the bet.
- Spread Betting: This type of betting is not on a specific outcome but on the accuracy of a prediction. Your winnings or losses are determined by how right or wrong you are, and it’s possible to lose more than your initial stake.
In essence, a fixed odds bet offers a clear and predictable way to wager on sports, providing you with the security of knowing your potential return from the outset.