Have you booked a last-minute flight and nearly choked from the extortionate price being charged? Odds work in a similar way. The closer you get to the event you want to place a bet on, the greater the likelihood that the odds will offer very little value.
The reasons are simple. More people have placed bets and to make sure that the bookies can still make a profit, the odds reduce. There is also more time for bookmakers to accumulate knowledge that can potentially reduce odds. For example, if Lionel Messi is thought to be injured, Barcelona odds may reflect this. Now imagine, he is on the team sheet and fit to play. Odds plummet. That piece of key information changes the game, which in turn will impact the odds. That’s why you come across weird odds like 2/9 or 10/11.
Maybe you’ve even received a last-minute tip on a horse only to find out that everybody under the sun has backed it as the favourite. Generally, this is when the odds become very, very low, which is where the likes of 3/10 ON come into play. Odds this short mean that you will get back less than you staked if you place a winning bet. In the easiest terms to understand, you will receive £3 for every £10 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 under one-third of what you bet.
So are there any advantages to betting with these kinds of low odds? Often during in-play matches or races, a clear favourite emerges and barring some kind of huge mishap, the winner is more or less guaranteed. So in this kind of scenario, there is less risk when placing a bet. The example in the image below shows the ‘In-Play’ odds for a tennis match. It’s a doubles game with Dimitrov & Skorilas v Jeong & Park in the ITF Greece F7 Futures. The game is in the early stages but you can see that already the odds are low.
So now you a little bit more, let’s get to the maths! This is actually a very simple formula.
The first number (3) is the amount you’ll win from wagering the second number (10). So for every £10 that you bet, you will get back £3 if your bet wins. You basically get back a lot less than you bet, plus your stake back.
For instance, a £30 winning bet at 3/10 will payout £9 (plus your £30 stake is returned). If you increase the stake to £50 you’ll get £15 back (plus £50 stake). The maths formula for a win only bet is:
(amount staked x 3) / 10 = win returns + stake back = total amount of returns.
For example: (£40 x 3) = £120 divided by 10 = £12 win + £40 stake back = £52 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 3/10 you would get back £10.75 in TOTAL.
You would lose the win part of your stake, leaving you with the each-way winnings of just 75p plus that part of the stake back. It really isn’t worth it.
So there you have it, 3/10 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.
3/10 WIN BETS
£1 @ 3/10 = 30p
£2 @ 3/10 = 60p
£5 @ 3/10 = £1.50
£10 @ 3/10 = £3.00
£25 @ 3/10 = £7.50
£50 @ 3/10 = £15.00
£100 @ 3/10 = £30.00
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 Paddy Power Bookmakers has a great welcome offer for new customers.