Odds like 4/7 are considered very short. Known as ‘Odds On’, they will always return less than you bet. While you may not make a lot of money from a winning bet, they do indicate a clear favourite, so there is slightly less risk.
Really short odds are more common than you think. It seems that the more markets that become available the less value there is on betting on them. That said, while very few people could ever win big with small bets on low odds, they do offer a greater chance of actually winning – statistically.
The bookmaker is basically saying that the player/horse/team on odds of 4/7 is roughly three times more likely to win than their opposition. Their rivals are simply not as good. But it’s still very important to do the research before committing to any bet. That way you’ll know if the odds offer decent value and if they truly represent your chances of winning.
Ordinarily, the lower the odds of something, the less chance there is of it happening. But with betting, it is the opposite. The lower the odds, the greater the chance you may win.
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However, the sport you choose will also be important. In a tennis match, as there are only two players, there are fewer outcomes. Basically, a player either wins or loses. So the chances of your player winning are pretty decent. You may think they are 50/50 but that’s not the case. The world number one will always stand a better chance of beating a player much further down the rankings.
But in a golf tournament, it’s a different prospect entirely. How many times has the favourite had a bad round? Or bottled it in a playoff? There are far too many outcomes in a major tournament with over a hundred players. So in this case odds of 4/7 should be approached with some degree of caution.
Odds of 4/7 offer very little in terms of payouts. But a win is still a win. The amounts may be small but they do add up. Just don’t get carried away as favourites don’t always win.
So now you a little bit more, let’s get to the maths!
A Very Simple Formula
The first number (4) is the amount you’ll win from wagering the second number (7). So for every £10 that you bet, you will get back £5.71 if your bet wins. You basically get a little more than half of what you bet, plus your stake back.
For instance, a £40 winning bet at 4/7 will payout £22.86 (plus your £40 stake is returned). If you increase the stake to £50 you’ll get £28.57 back (plus £50 stake). The maths formula for a win only bet is:
(amount staked x 4) / 7 = win returns + stake back = total amount of returns.
For example: (£30 x 4) = £120 divided by 7 = £17.14 win + £30 stake back = £47.14 returned in total.
Each Way Bets
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.
Traditionally most bookmakers paid out 1/4 of the odds on each-way bets. However, with larger offers, such as more paid places, the odds are often less and around 1/5 of the fixed odds quoted. This is often what happens in golf tournaments when a bookie will payout to the first 8 or 10 places.
When you are already betting on such short numbers, it is almost impossible to get any money back on an each-way bet. For example, if you placed £10 each-way (£20 in total) on odds of 4/7 you would get back £11.43 in TOTAL if you won the place part of the bet.
You would lose the win part of your stake, leaving you with the each-way winnings of just £1.43 plus that part of the stake back. That is a loss of -£8.57 on your original total stake. It really isn’t worth it.
So there you have it, 4/7 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.
4/7 PROFIT ON WIN BET
£1 = 57p
£2 = £1.14
£5 = £2.86
£10 = £5.71
£25 = £14.29
£50 = £28.57
£100 = £57.14
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.
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