Odds, explained in two minutes
UK bookmakers usually show decimal odds, like 2.05. Multiply your stake by the price to see everything you would get back if it wins.
£10 at 2.05 → £20.50 back
That is your £10 plus £10.50 profit.
That is your £10 plus £10.50 profit.
A price is also a chance in disguise. Divide 1 by the price: 1 ÷ 2.05 = 0.49, so the price says this happens about 49% of the time.
Lower price, more likely. Higher price, less likely. A price of 1.50 says about 67%. A price of 4.00 says 25%.