Quote Originally Posted by The Game
Hey KSheep bro,don't worry,I haven't forgot about this but I just haven't had time to learn about it properly. You see,to me it makes no sense because err..I've never betted on anything,real or otherwise in my entire life! Can someone explain 1 thing to me,what do these doss mean,as in when for example someone says they are 2-1 odds on or something? 2 what to 1 what? Sorry if it's a silly question :P
No worries mate, I just learned this stuff a few months ago!!

The american odds (i.e. -200 or +150) and fractional odds (i.e. 2/1 or 5/2) are for people that are used to those kinds of odds. What I have done that is unique is put a FACTOR on each option for example

Fight # 16
Arturo Gatti = -188 = 8/15 = Factor 0.53
http://www.boxrec.com/boxer_display.php?boxer_id=003999
Carlos Manuel Baldomir = +200 = 2/1 = Factor 2.0
http://www.boxrec.com/boxer_display.php?boxer_id=007612
Over 11.5 = -150 = 2/3 = 0.67
Under 11.5 = +110 = 11/10 = Factor 1.1
Draw = +2800 = 28/1 = Factor 28.0

So if you wanted to bet $1000 on Gatti you would multiply your bid ($1000) times the factor (0.53)
and that would be what you stand to win ($530)

As you can see the favorites don't pay as well as the underdog, because it is more likely

So if you wanted to be $1000 on Baldomir multiply your bid ($1000) times the factor (2.0)
and you stand to win ($2000)

If you lose in either case you lose your bid in both cases here $1000

The options of over and under are saying that the fight will last over or under the rounds specified
in this case 11.5 these are independent of a winning fighter and are completely determined by the
length of the fight.

In case you are curious as to the traditional odds, here is a brief explanation

American odds

there are two types of american odds positive and negative

if a number is positive that is how much a $100 bet pays (usually for underdog picks)
for example +200 will payout $200 per every $100 wagered

if a number is negative that is how much you have to bid to win $100 (usually for favorite picks)
for example -300 you would have to wager $300 to win $100

Fractional odds

Much more straight forward, you have your numerator 2/5 and denominator 2/5

the numerator is what you get paid for bidding the denominator. so 2/5 pays $2 for every $5 bid
or 2/1 pays $2 for every dollar bid.

For me personally it's easiest to just multiply the factor times the bid, but whatever you are most comfortable with!!

If anything in unclear, please let me know!! And no there are no silly questions. (I'm kinda making this up as I go along!!)