There was a time when betting odds used to be straightforward. But today, with an almost unlimited range of things to bet on, odds have become a little more complicated. That is why we now see a greater range of odds such as 7/11 and 7/4, more often than we see the more straightforward ones like 20/1.
But ultimately you want to know who much you could win, or have won, on a bet with odds of 7/11.
The good news is that it doesn’t matter which currency you use – the principle is the exact same. For the purposes of this explanation, I am going to use £ Sterling.
I’ll start by saying that the odds of 7/11 are so short they are called ‘odds on’. This technically means that they are rated as more likely than evens to win. This does not mean they will win, just that it is more likely. You can still make money if your bet wins but it won’t be a huge amount (depending on the size of your wager).
The first number (7) is the amount you’ll win from wagering the second number (11). So for every £11 that you bet, you will get back £7 if your bet wins. Basically, you cannot win back, pound-for-pound, what you bet. And even though you might not win a fortune, the short odds do indicate a much higher chance of success. So it can be worth it even for the small returns.
For instance, a £1 winning bet at 7/11 will payout £.64p (plus your £1 stake is returned). If you increase the stake to £10 you’ll get £6.36 back (plus £10 stake). The maths formula for a win only bet is:
(amount staked x 7) / 11 = win returns + stake back = total amount of returns.
For example: (£20 x 7) = £140 divided by 11 = £12.72 win + £20 stake back = £32.72 returned in total.
7/11 can give decent winnings on a bet with such low odds. You may not be able to retire on it but a win is a win. If you are looking for better odds, you can always check out how much you could win on odds of 18/1 here.
Low odds like this are very popular with bookmakers. In fact, no matter the sport you choose to bet on, you’re going to come across them, particularly when there is a favourite. Think of a high stakes horse race, a football game between two evenly matched teams or tennis game at Wimbledon between two players where one is just marginally better than the other. Odds tend to be low. Mostly so the bookmaker can make a profit.
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. Mathematically, with ‘odds on’ you can’t actually make any money if your bet does not win, but instead finishes second or third.
A £1 each-way example:
If your bet wins you’ll get your £.64p (Win bet) + £1 (Stake) + £.15p (Place bet at 1/4 odds) + £1 (Stake) so you will end up with £2.79 in your pocket.
If they DO NOT win, you will only get back 15p (Place bet at 1/4 odds) + £1 (Place Stake) = £1.15. This is less than the £2 bet you placed!
It really is not worth it. So if you see ‘odds on’ – don’t place an each-way bet!
7/11 WIN BETS
£1 @ 7/11 = £64p
£2 @ 7/11 = £1.27
£5 @ 7/11 = £3.18
£10 @ 7/11 = £6.36
£25 @ 7/11 = £15.91
£50 @ 7/11 = £31.82
£100 @ 7/11 = £63.64
If you’re interested in placing bets online with a reputable bookmaker then Paddy Power has a great bonus bet deal for new customers.