What Does 100 to 1 Odds Mean? An In-Depth Gambler‘s Guide
100 to 1 odds means that for every 100 instances of one outcome, the other outcome will occur just 1 time. So something with 100/1 odds is very unlikely to happen – it has just a 1% probability. But if that unlikely event does hit, you‘ll get paid 100 times your bet.
Let‘s dive into 100 to 1 odds to fully understand what they mean, the payout you can expect, and why casinos and sportsbooks take on this kind of risk. Grab your chips and let‘s roll!
Defining 100 to 1 Odds
Simply put, if odds are set at 100 to 1, it means:
- There are two possible outcomes
- One outcome has 100 chances to occur
- The other outcome has just 1 chance to occur
For example, think about flipping a coin 100 times. You would expect roughly 50 heads and 50 tails. But let‘s say "heads" was set at standard even odds of 1 to 1 payout each flip. "Tails" was set at 100 to 1 odds.
That means:
- "Heads" has 100 chances – or about 50 of the 100 flips
- "Tails" has just 1 chance – it should come up around 1 time
If "tails" does hit, you get paid 100 times your bet because it was so unlikely. But much more often you‘ll lose because "heads" has 100 chances compared to just 1.
According to investing site The Motley Fool, the implied probability for any 100 to 1 bet hitting is just 0.99%. So almost a total longshot!
Calculating a 100 to 1 Odds Payout
While something at 100 to 1 odds is not expected to happen, if it does you‘ll receive a sizable payout.
The payout is your original wager multiplied by the first number in the odds ratio – in this case, 100.
So for example:
- Bet $10 at 100 to 1 odds
- The 100 represents your profit ratio
- $10 x 100 = $1,000 profit
- Plus receive your original $10 wager back
- Total payout = $1,010
Payouts increase even higher for more extreme odds like 500 to 1 or 1000 to 1. Of course in those cases, the probability of winning goes down significantly as well.
Here‘s a table showing profits on different size bets at 100 to 1 odds:
| Bet Amount | Total Payout | Profit |
|---|---|---|
| $10 | $1,010 | $1,000 |
| $50 | $5,050 | $5,000 |
| $100 | $10,100 | $10,000 |
| $500 | $50,500 | $50,000 |
As shown, a $100 bet would net you $10,000 in profit if the 100 to 1 longshot hit!
Why Bookmakers Take 100 to 1 Odds Bets
With nearly guaranteed profits from the 1% probability, you might wonder – why would any sportsbook bother taking wagers at such high 100 to 1 odds?
As veteran Las Vegas oddsmaker Kenny White told ESPN, it‘s all about drawing attention and new customers – not the tiny chance they have to pay out.
"It gives your property a little bit more flare and you get known to take these crazy wagers," White said. "It‘s great talking points."
In fact, according to casino math experts The Wizard of Odds, typical 100 to 1 payout table games still make a staggering 11% profit margin for the house. So even if the jackpot gets hit, they‘re fine in the long run.
Of course, individual bettors can get lucky and buck those percentages – and that‘s the lure for many sports gamblers. Let‘s look at some legendary cases where 100 to 1 came through.
Famous 100 to 1 Longshot Winners
While very rare, we do occasionally see those 1% probability 100 to 1 miracle bets punch through. A few legendary cases across horse racing and sports:
Donerail‘s 1913 Kentucky Derby Shock
One of the most famous 100 to 1 wins came at Churchill Downs over a century ago. With 91-1 morning line odds, a plucky 3 year old chestnut colt named Donerail pulled off the upset against his heavily favored rival.
Donerail rewarded his backers with a $2 minimum bet paying out over $200. The Lexington Herald called it "the greatest upset in American turf history." And the Miami News said the win "made one of the red letter afternoons that will keep folks guessing for years."
Sure enough, no 100 to 1 shot has won the Run for the Roses ever since!
Leicester City‘s 5,000 to 1 EPL Title
While not exactly 100 to 1 odds, English soccer side Leicester City stunned the sports world by winning the 2015-2016 Premier League title after starting the season at 5,000 to 1 odds.
According to ESPN FC, bookmakers thought Leicester "had a better chance of discovering the Loch Ness Monster than winning the Prem."
But backed by legendary striker Jamie Vardy‘s 24 goals, the Foxes hoisted the trophy in the ultimate underdog tale. Bettors won life-changing sums – the biggest reported payout topping £200,000!
17 NFL Playoff 100 to 1 Upsets
The NFL playoffs bring out the craziest futures and prop bets each January. And according to Bookies.com stats, 17 playoff games have seen true 100 to 1 dogs win outright since 1936!
Most recently, the 2007 Giants dealt the juggernaut 16-0 Patriots a crushing Super Bowl defeat as huge 12.5 point underdogs.
The line translates to around 100 to 1 moneyline odds. So any bold Giants backers cashed a golden ticket!
As you can see in these epic upsets, while ultra-longshots at 100 to 1 odds don‘t win often – when they do, it‘s life-changing and goes down in gambling history.
Key Takeaways on Understanding 100 to 1 Odds
I know I just overloaded you with a ton of information on 100 to 1 odds, payouts, and legendary betting stories. So let‘s recap the key points:
- 100 to 1 odds mean a 1% chance – Almost no probability of that outcome occurring
- Calculate big payouts – A winning $100 bet returns $10,100 (plus the original wager)
- It‘s marketing for books – They attract attention despite barely paying out
- Extremely rare to hit – But cashes huge when it does in upsets for the ages!
So now you know everything to fully understand what those elusive and magical 100 to 1 odds truly mean!
Thanks for reading my in-depth breakdown for gamblers and fans. Got any hot takes on other longshot odds in upcoming games or matchups? Let me know in the comments!
