The numbers next to your favourite team, event or individual are called betting odds. More specifically, South African sportsbooks commonly use decimal odds to present their markets.
When multiplied by your stake, decimal odds show the total potential return from a winning bet. This return includes your original stake, so it is important to separate “total return” from “profit”.
Before you place a bet, it helps to understand what the numbers mean, how bookmakers arrive at them, and why the shortest price is not always the safest option.
What Are Betting Odds?
Betting odds are numerical representations of how likely a sportsbook believes an outcome is to happen. They also determine the potential return if that outcome is correct. The more likely an outcome is considered to be, the lower the odds will usually be. The adverse is also true, the less likely an outcome is considered to be, the higher the odds will usually be.
Several factors can influence the price you see on a betting platform, including recent form, head-to-head results, injuries, team news, venue, weather, market demand and sport-specific conditions.
For example, in a rugby match between South Africa and Argentina, South Africa may be priced as the favourite if their recent record, squad strength and historical results suggest they have a stronger chance of winning. However, the odds still only reflect likelihood; they do not remove the possibility of an upset.
What Are Decimal Odds?
Decimal odds are betting odds shown as a single number, such as 1.50, 2.00 or 3.25. They are common in South Africa and many international betting markets because they are easy to calculate: multiply your stake by the decimal odds to see your total possible return if the bet wins.
For decimal odds, the key point is that the displayed number includes the stake in the return. Odds of 2.00 mean a successful R100 bet would return R200 in total: R100 profit plus the original R100 stake.
Odds below 2.00 normally indicate a strong favourite, while odds above 2.00 indicate a selection that is less favoured by the market.
Example of Decimal Odds
Using the South Africa vs Argentina rugby example, South Africa might be listed at 1.35 while Argentina might be listed at 3.20. If you stake R100 on South Africa at 1.35 and the bet wins, your total return would be R135, made up of your R100 stake and R35 profit.
If you stake R100 on Argentina at 3.20 and Argentina wins, your total return would be R320, made up of your R100 stake and R220 profit. The higher return reflects the fact that Argentina is being priced as the outsider in this example.
How Potential Returns Are Calculated
Potential returns are calculated with a simple formula: stake × decimal odds = total return. To work out the profit only, subtract your original stake from the total return.
For example, a R100 stake at odds of 1.35 returns R135 in total, which means R35 profit. A R100 stake at odds of 3.20 returns R320 in total, which means R220 profit. This distinction matters because the return shown on a bet slip may already include the stake, not just the amount won.
Favourite vs Outsider
In any event or matchup, there is usually a favourite and an outsider. The favourite is the selection the market considers more likely to win, so it is given shorter odds and offers a smaller return. The outsider is considered less likely to win, so it is given higher odds and offers a bigger return if it succeeds.
In the South Africa vs Argentina example, South Africa may be the favourite because of stronger recent form, while Argentina may be the outsider because the market gives them a lower chance of winning. The beauty of sport, however, is that favourites can lose and outsiders can win.
Why Odds Change
Odds change when new information affects the perceived chance of an outcome. This can include team announcements, injuries, suspensions, weather, venue conditions, betting volume or events during a live match.
In rugby, for example, a late injury to a key player may cause a team’s odds to drift higher because their chances appear weaker. If a team scores early or receives a red card during live play, the odds can move quickly because the situation has changed in real time.
Pre-Match vs Live Odds
Pre-match odds are available before an event starts and are based on research, statistics and market expectations. Live odds, also called in-play odds, update while the event is happening. These odds react to what is taking place in the match, such as the score, time remaining, momentum, substitutions and disciplinary decisions.
For example, if South Africa start strongly against Argentina and build an early lead, their live odds may shorten because the market sees them as more likely to win from that position.
Probability vs Certainty
Odds are best understood as a guide to probability, not as a promise of what will happen. Decimal odds can be converted into an implied probability by dividing 1 by the odds and then multiplying by 100.
For example, odds of 2.00 imply a 50% chance, while odds of 1.35 imply roughly a 74% chance before considering the bookmaker’s margin.
This does not mean South Africa would be guaranteed to win at 1.35 or Argentina would be guaranteed to lose at 3.20. It simply means the market sees one outcome as more likely than the other. Upsets, errors, injuries and unexpected moments are part of sport, which is why betting should always be approached with caution.
Responsible Play
Betting should be treated as entertainment, not as a guaranteed way to make money. Set a budget before you start, only use money you can afford to lose, and avoid increasing your stake to chase losses.
It is also helpful to set time limits, take breaks and keep track of deposits, withdrawals and overall spend.
If betting stops feeling enjoyable, or if it begins to affect your finances, work or relationships, it may be time to pause and seek support. In South Africa, the National Responsible Gambling Programme offers confidential support and counselling through the toll-free helpline 0800 006 008.
You can also reach out to the sportsbook customer support and opt for self-exclusion to remove the option completely.
