If you are not very familiar with sports betting the odds can be confusing. Especially when they are not particularly straight forward. Odds like 7/4, 8/11 or 2/9 are not easy to work out in your head. Is there even any value in them? The good news is that a simple maths formula can tell you how much you could win if you place a wager at these odds.
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 7/4 are very short. 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 Netherlands were 7/4 to win Eurovision 2019 – and they did!
The first number (7) is the amount you’ll win from wagering the second number (4). So for every £4 that you bet, you will get back £7 if your bet wins. It’s just slightly less than 2/1. You might not win a fortune but 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 7/4 will payout £1.75 (plus your £1 stake is returned). If you increase the stake to £10 you’ll get £11.75 back (plus £10 stake). The maths formula for a win only bet is:
(amount staked x 7) / 4 = win returns + stake back = total amount of returns.
For example: (£5 x 7) = £35 divided by 4 = £8.75 win + £5 stake back = £13.75 returned in total.
7/4 is a 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.
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 a boxing match with two high profile fighters. 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 you can’t actually make any money if your bet does not win, but instead finishes second or third.
While in theory, this is good advice, I have a slightly different take. If you are going to make the bet anyway, it is better to come away with some of your money back rather than none of it. Let’s look at a £1 each-way bet (£2 spent in total).
If your bet wins you’ll get your £1.75 (Win bet) + £1 (Stake) + £.44p (Place bet at 1/4 odds) + £1 (Stake) so you will end up with £4.19 in your pocket.
If they DO NOT win, you will only get back 44p (Place bet at 1/4 odds) + £1 (Place Stake) = £1.44. This is less than the £2 bet you placed!
The thing is, if you were going to put £2 on the win you would have lost the £2. Splitting it, £1 each-way, means you are only down 56p. Not great, but you didn’t lose it all. Of course, if your bet doesn’t win or place, you will get nothing back.
So there you have it, 7/4 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.
7/4 WIN BETS
£1 @ 7/4 = £1.75
£2 @ 7/4 = £3.50
£5 @ 7/4 = £8.75
£10 @ 7/4 = £17.50
£25 @ 7/4 = £43.75
£50 @ 7/4 = £87.50
£100 @ 7/4 = £175.00
7/4 EACH WAY BETS (2nd, 3rd or 4th Place)
£1 @ 7/4 = 44p
£2 @ 7/4 = 88p
£5 @ 7/4 = £2.19
£10 @ 7/4 = £4.38
£25 @ 7/4 = £10.94
£50 @ 7/4 = £21.88
£100 @ 7/4 = £43.75
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 £5 win at 7/4 pays £8.75 + £5 place at 7/4 pays out £2.19 giving you a total of £10.94 plus your £10 stake is returned.
If you’re interested in placing bets online with a reputable bookmaker then Paddy Power has a great bonus bet deal for new customers.