Gone are the days where you could rely on a bookmaker to offer you a straightforward 10/1 or 20/1 on your bet. Not the odds are so complicated that it’s almost impossible to work them out in your head.
That’s why we see the more unusual odds like 8/13 or 10/11 with no real ability to instantly know what we would get back if our bet won. And that is exactly the same as working out odds of 8/11. They are short odds, don’t offer very much value for money and they are more common than you think.
They are quite popular in football, often days ahead of a game being played. They basically indicate that the team you want to back has a 72% chance of winning. That is based on all of the information that the bookmaker has. They have taken every stat on the planet and put it in an algorithm and out pops the odds of 8/11. But betting is never that simple. If it was we would all be rich and bookmakers would go out of business. So while the chances of your team or horse winning are good, anything can happen on the day.
So how do you work out a bet when the odds are 8/11?. As a rough guide, for every £1 you place on a winning bet with odds of 8/11, you will make a profit of 73p. You will also get your stake back. So in total, you will get back £1.73.
So now you know a little bit more, let’s get to the maths! This is actually a very simple formula.
The first number (8) is the amount you’ll win from wagering the second number (11). So for every £10 that you bet, you will get back £7.27 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 8/11 will payout £21.82 (plus your £30 stake is returned). If you increase the stake to £50 you’ll get £36.36 back (plus £50 stake). The maths formula for a win only bet is:
(amount staked x 8) / 11 = win returns + stake back = total amount of returns.
For example: (£40 x 8) = £320 divided by 11 = £29.09 win + £40 stake back = £69.09 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 online bookmakers payout 1/4 on each-way places, basically a quarter of the odds. However, there has been a move to reduce this and only offer 1/5 of the odds. And 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 8/11 you would get back £11.45 in TOTAL if you won the place part of the bet on 1/5 of the odds.
You would lose the win part of your stake, leaving you with the each-way winnings of just 1.45p plus that part of the stake back. That is a loss of £8.55 on your original total stake. It really isn’t worth it.
So there you have it, 8/11 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.
8/11 WIN BET RETURNS
£1 = 73p
£2 = £1.45p
£5 = £3.64
£10 = £7.27
£25 = £18.18
£50 = £36.36
£100 = £72.73
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.