Fixed Odds: Meaning and Definition
Fixed odds is the traditional type of sports betting, where bettors place bets on the outcome based on predetermined odds. Your wager locks the odds value at the time of placing the bet, ensuring that your potential payout is known in advance.
Summary
Fixed odds allow bettors to quickly estimate the chances of each event within a match happening, as well as calculate their potential winnings. Even though odds change until the start of the event (and even throughout it), they become fixed the moment a bettor places a wager.
What Is Fixed Odds Betting?
Betting at fixed odds means that the odds of your bets cannot change once you’ve placed a wager. This is the most common type of betting, no matter if you’re making pre-match or live bets.
Why It's Important
It’s how bookies and bettors determine the probability of an event occurring. Bookies will adjust their odds depending on various factors, but once a bettor places their bet, the odds become fixed for them.
Fixed odds protect bettors from price fluctuations, especially in cases when odds are shortened just before a match starts. They’re also a transparent way for bookies to ensure their customers that betting at their sportsbooks is fair.
How It's Used
Fixed odds are typically quoted in decimal format, but they can also be displayed as fractions or use the “American” moneyline format with positive and negative numbers. Whatever the case, they’re a representation of the amount paid to the punter if their prediction is correct.
Odds become fixed for the bettor the moment a bet is placed. Most betting sites allow bettors to accept later odds changes if they fetch a better (higher) price, but one thing’s certain - you can never get shorter odds than those you initially got.
