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Odds-on and odds-against

Odds-on means a price shorter than evens, implying more than a 50% chance, so a win pays less profit than the stake. Odds-against is longer than evens.

Example

1.50 (1/2) is odds-on: 10 wins 5. 3.00 (2/1) is odds-against: 10 wins 20. Evens, 2.00, is neither.

Go further

Odds-on and odds-against explainedThe full explainer, on the blogOdds converterDecimal, fractional, American and the Asian formats, with the chance each price implies.

Related terms

Fractional oddsFractional odds show the profit over the stake. 5/2 pays 5 for every 2 staked, plus the stake back, and evens (1/1) doubles the stake.Decimal oddsDecimal odds are the total return for each unit staked, the stake included. 2.50 pays 2.50 for every 1, so a stake of 10 returns 25, a profit of 15.