Expert: C.J. - 6/23/2006

Question
Hi C.J.,

I don't know if you can help me with this question but it's worth asking.

I'm watching the world cup and I'm looking at all the bets and odds, but I don't have a clue what it means.

For example.

England to win a match with Ecuador is at

2/5, while ecuador is at 7/1.

Could you please explain that...what does it means...who has the better hand.....

I do rate...please help thanks a million!


Answer
Hi Paul,
I'm much better at slot machine questions, but I'm pretty confident on answering this question.

According to the odds you have given me, most people are betting on England to win. A 2/5 bet means that if you bet $5 on England, you will get $2 (plus your original $5 bet back.)  The 7/1 odds on Ecuador means that for every dollar bet, you would get $7 back if your team wins, plus your original bet.

Odds are a funny thing. The bookmakers originally set the odds, and then the bettors take it from there. You see, the ultimate job of the bookmaker is to make money, so he sets the odds as he originally sees them.  If too much money gets bet on one side or the other, the bookmaker changes the odds to even it out. So, it's important to watch if the opening odds vary radically from the odds close to game time. The change in odds might reflect a huge change in the betting pattern, or perhaps a recent injury to a key player.  
Hope this helps, and that you are enjoying the World Cup.

CJ