In recent years, working out your odds has become quite difficult. Remember with bookies use to offer the bog-standard 2/1 or 10/1? Now it’s a heady mix of odds so short you don’t even know if you are getting value for money.
I’m not kidding when I tell you that a couple of weeks ago, one of the odds available on the Nice V PSG game was actually 40/85. Seriously? How on earth is anybody supposed to know what that means?? Compared to that working out odds of 2/7 is a walk in the park!
Firstly, what you need to know is that odds of 2/7 are known as ‘Odds ON’. This means that you will get back less than you staked if you place a winning bet. In the easiest terms to understand, you will receive £2 for every £7 that you stake on a successful bet. So no matter how much you decide to spend, the most you can ever expect back is just over one-third of what you bet.
Basically, you need to stake a lot of money to make any real money. So are there any advantages to betting with these kinds of low odds? The reality is that often they reflect a clear favourite. So that could be a great football team taking on a poor side. Or a highly ranked tennis player taking on a wild card in a bit tournament. Just remember that even underdogs can win and Odds On only reflects what could happen, not what will happen.
More frequently you will see odds like 2/7 in the ‘In-Play’ markets. So as one team or player gains an edge, their odds drop to reflect this. Check out the example below from Betfred when two U21 teams were in the middle of a football game. When US Biskra scored, their odds immediately dropped to 2/7 ON to win the game.
So now you a little bit more, let’s get to the maths! This is actually a very simple formula.
The first number (2) is the amount you’ll win from wagering the second number (7). So for every £7 that you bet, you will get back £2 if your bet wins. You basically get back a lot less than you bet, plus your stake back.
For instance, a £20 winning bet at 2/7 will payout £5.71 (plus your £20 stake is returned). If you increase the stake to £50 you’ll get £14.29 back (plus £50 stake). The maths formula for a win only bet is:
(amount staked x 2) / 7 = win returns + stake back = total amount of returns.
For example: (£30 x 2) = £60 divided by 7 = £8.57 win + £30 stake back = £38.57 returned in total.
There is an option to bet each-way on most markets. However, it is generally advised not to do this unless the odds are over 6/1. The reason is that you can’t win any money if your bet loses the win but takes a place instead.
Most bookmakers payout 1/4 odds on each-way places. And when you are already betting on such short odds, it is almost impossible to get any money back on an each-way bet. For example, if you placed £10 each-way (£20) on odds of 2/7 you would get back £10.71 in TOTAL.
You would lose the win part of your stake, leaving you with the each-way winnings of just 71p plus that part of the stake back. It really isn’t worth it.
So there you have it, 2/7 explained in simple terms. There’s a payout guide below for some common bets placed at those odds. However, you can also use our online bet calculator to work out other odds and stake combinations.
2/7 WIN BETS
£1 @ 2/7 = 29p
£2 @ 2/7 = 57p
£5 @ 2/7 = £1.43
£10 @ 2/7 = £2.86
£25 @ 2/7 = £7.14
£50 @ 2/7 = £14.29
£100 @ 2/7 = £28.57
The amounts quoted above are based on Win bets only. The returns do not include the original amount staked. If you place an each-way bet and it wins, you get back the win and the place winnings, plus your original stake.
If you’re interested in placing bets online with a reputable bookmaker then Betfair has a great welcome offer for new customers.