As the name suggests, Hong Kong odds are mostly used by people living in the East Asia city-state. Despite not being used much outside of China, Hong Kong odds – often shortened to HK – are one of the simplest odds formats available to use to work out profit.
As Hong Kong was under British rule until 1997 when it was transferred to China, it is not surprising to see that Hong Kong odds are very similar to UK Fractional odds. The only difference being that UK uses fractions, whilst Hong Kong expresses the probability in decimals. HK odds are also very similar to Decimal odds, however they do not include the initial stake like in the Decimal format.
Exactly the same as for Fractional odds, Hong Kong odds show the amount of profit relative to the stake, should the bet win. As an example, Hong Kong odds of 1.80 would mean that you receive 1.80 units of profit for every 1 unit that is staked in the bet. If 1 unit is $20.00, then you would make a profit of $36.00 on top of the original stake of $20.00 which is also returned, to give a return of $56.00.
With Hong Kong odds, 1.00 is seen as evens. This means that if you placed a bet at 1.00, you would double your money as you’d receive the amount you staked in profit in addition to your initial stake back. Any odds which are less than 1.00 represent bets that have a greater than 50% chance of winning and are therefore ‘odds on’. This means that the bettor will need to stake more money than they will make in profit – for example, Hong Kong odds of 0.70 would see a profit of 0.70 units to every 1 unit that is wagered, in addition to your stake returned. For bets which are ‘odds against’, you would receive more profit than the amount which was staked – for example, Hong Kong odds of 3.20 would see 3.20 units of profit for every 1 unit staked, in addition to your stake returned.
Most online bookmakers have a feature which allows the bettor to change between the different types of odds based on their preference. This is normally found in the account settings or as an option when looking at the available bets online. This makes it much easier than manually converting odds from one format to another and ensures that no errors are made during the conversion process.
Should you with to convert HK odds to decimal odds though, this can be done by simply adding 1 to the Hong Kong odds, e.g. HK odds of 0.85 + 1 gives decimal odds of 1.85.
Hong Kong odds make it very simple to work out the profit on a winning bet. This is done by multiplying the HK odds on offer by the wager being placed on the bet. HK odds also make it very easy to find the best price when comparing the same bet across multiple bookmakers. As is the case with Decimal odds, the best odds are represented by the highest number – find the biggest number and you know that you will get the best profit for your stake should the bet win.
Stake x Odds = Profit
1) In football, if Bayern Munich are favourites to win the Champions League at odds of 2.25 and you stake $100.00 on them to win the trophy:
$100.00 stake x 2.25 odds = $225.00 profit
You would make $225.00 profit if Bayern Munich win, in addition to receiving your initial stake of $100.00 back, to make a total return of $325.00.
2) In baseball, if Toronto Blue Jays play Boston Red Sox and you place a bet of £200 on Over 9.5 runs at odds of 1.00:
£200.00 stake x 1.00 odds = £200.00 profit
You would make £200.00 profit if there are Over 9.5 runs, in addition to receiving your initial stake of £200.00 back, to make a total return of £400.00.
3) In basketball, if Miami Heat are favourites to beat San Antonio Spurs with odds of 0.71 and you place a €30.00 stake on Miami Heat to win:
€30.00 stake x 0.71 odds = €21.30 profit
You would make €21.30 profit if Miami Heat won, in addition to receiving your initial stake of €30.00 back, to make a total return of €51.30.