Although odds appear to need sophisticated calculations, if you understand the three types of odds, the theory becomes clearer.

*Fractional odds are also known as British odds or conventional odds, and can be expressed as a fraction (for example, 4/1), or as a ratio (for example, four-to-one).

*The amount gained for every £1 staked is represented by decimal odds. For example, if the chances of a horse winning are 4.00, the payoff is £400 for every £100 staked.

*American odds, sometimes known as money line odds, are preceded by a plus or minus sign, with the plus sign indicating a lesser chance occurrence with a greater payoff.

Many online betting companies provide the opportunity to view the odds in the preferred format.