Working out your bet can be tricky if you’ve bet on unusual odds. If you’ve ventured outside of the more familiar odds such as 10/1, 33/1 or 66/1 then there is a little bit of maths involved.
Thankfully you don’t need a degree to work them out, just a very basic and simple formula. The general rule of thumb is that the smaller the odds, the greater the chance your bet has of winning. While that is definitely not a guarantee of a win, it means that statistically, you have a better chance.
Which is where we are at with odds of 7/2. Those odds are pretty short. And they roughly work out at 3.5 to 1. You will often see these in horse racing, particularly on the day of the race as the odds keep changing to keep up with the bets. If a horse is short priced at around 5/1 or 4/1 and somebody puts a massive bet on it, you may see them drop to 7/2.
In tennis, if one player is 7/2 to win, their opponent is usually odds on. So in this case, despite the short odds, they are not the favourite. But for the 2020 ICC Twenty20 World Cup India are the current favourites to win outright at odds of 7/2. The value of your bet will depend entirely on the sport you pick.
If you have made a bet or won a bet with odds of 7/2 here is how you work it out:
The first number (7) is the amount you’ll win from wagering the second number (2). So for every £2 that you bet, you will get back £7 if your bet wins. You basically get back three and a half times more than you bet.
For instance, a £1 winning bet at 7/2 will payout £3.50 (plus your £1 stake is returned). If you increase the stake to £10 you’ll get £35 back (plus £10 stake). The maths formula for a win only bet is:
(amount staked x 7) / 2 = win returns + stake back = total amount of returns.
For example: (£5 x 7) = £35 divided by 2 = £17.50 win + £5 stake back = £22.50 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 for this is that you can’t really make any money if your bet does not win, but instead places.
To compare the outcome, let’s look at a £20 each-way bet. That will cost you £40.
If your bet wins you’ll get your £70 (Win bet) + £20 (Stake) + £17.50 (Place bet at 1/4 odds) + £20 (Stake) so you will end up with £127.50 in your pocket.
If they DO NOT win, you will only get back £17.50 (Place bet at 1/4 odds) + £20 (Place Stake) = £37.50. This is less than the £40 bet (£20 each way) you placed!
So yes, technically, you do not get back as much as you bet. However, £20 each-way still gets you something back if you bet places. If you simply lumped the £40 on the win, you would get nothing back!. There’s definitely a balance.
So there you have it, 7/2 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.
7/2 WIN BETS
£1 @ 7/2 = £3.50
£2 @ 7/2 = £7.00
£5 @ 7/2 = £17.50
£10 @ 7/2 = £35.00
£25 @ 7/2 = £87.50
£50 @ 7/2 = £175.00
£100 @ 7/2 = £350.00
7/2 EACH WAY BETS (2nd, 3rd or 4th Place)
£1 @ 7/2 = 88p
£2 @ 7/2 = £1.75p
£5 @ 7/2 = £4.38
£10 @ 7/2 = £8.75
£25 @ 7/2 = £21.86
£50 @ 7/2 = £43.75
£100 @ 7/2 = £87.50
Amounts above do not include returned stakes and assumes the bet is settle each-way at a quarter odds.
If your each way bet wins you can add together the win bet column and place bet column to get the correct amount. For example, a £10 win at 7/2 pays £35 + £10 place at 7/2 pays out £8.75 giving you a total of £43.75 plus your £20 stake is returned.
If you’re interested in placing bets online with a reputable bookmaker then Betfair has a great bonus bet deal for new customers.