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For example, the exact mathematical equivalent of decimal odds 30 is fractional odds 29/1. However 29/1 is not used in betting markets, instead 30/1 is used, so that is what appears in this converter. For an explanation of the odds types on this table see decimal, fractional and American odds. Hence, decimal odds of 1.5000 imply that if a $1 bet were to win, $1.50 would be returned to the bettor (the $1 initial stake plus $0.50 in winnings), while decimal odds of 3.0000 imply that if a. Here’s an example: The Stars are 1.714 in decimal odds (-140 in American). For every $1 wagered, the bettor profits 71.4 cents, plus the original stake of $1. The Oilers have odds of 2.2 in decimal odds (+120 in American), which means every $1 bet would profit $1.20 plus the original $1 stake. As the name suggests, American Odds are popular in North America, with decimal odds of 3.00 being converted to +200. However, to make things more complicated, decimal odds of 2.00 are expressed as -100. If you go just slightly higher to 2.05, then you will find that the odds are expressed as +105 so anything above even money has a positive symbol.

• Betting odds are used to assess the likelihood of an event happening.
• Less likely events tend to have higher odds and offer a larger reward, while more likely events have a lower risk attached and therefore a lower reward.
• Your winnings depend on how much you wager on a given set of odds.
• Betting odds are seen in a range of formats – they are most commonly seen as fractions but are also sometimes presented as decimals.

A quick introduction to betting odds

Decimal and fraction odds might seem confusing, especially if you’re not familiar with online sports betting and all the betting terms and types. This handy guide is ideal for anyone new to betting, or if you’re struggling to read the odds.

It contains a range of useful tips and tricks that will help you better understand just how betting odds work, so you can choose odds and place your bets with more confidence.

Here, we will highlight:

• The key points of betting odds and what you should look out for.
• How to read betting odds and make them work in your favour.
• Tips and tricks to help you understand betting odds more easily.

What are betting odds?

Betting odds are used to present the likelihood of an outcome, as well as help you understand how much you could win from a bet. They are often written out as a fraction (e.g. 2/1) or a decimal (e.g. 3.0).

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Betting odds can be applied to anything that has a set outcome and is often seen in sport, football betting, entertainment, and politics. The odds measure the probability of a certain outcome, such as the result of a sports game or reality TV show, or whether a certain party gets the majority vote in an election.

How do betting odds work?

Betting odds are used to determine probability and calculate the winnings from a bet and are often seen in their decimal or fractional form. Odds are commonly recognised as being even, long, or short.

Even odds

When something is just as likely to happen as not, it is given even odds. These are presented as 1/1 in fractional odds or 2.0 in decimal odds. In this instance, your winnings would be the same as your stake.

For example: In the case of 1/1 odds, you win £1 for every £1 you bet.

Therefore, if you bet £10 you’d win £10, and return £20 in total (your £10 stake plus your £10 winnings).

Long odds

If something is statistically less likely to happen, it is given long odds. This means you have the potential to win more than you would on even odds, but the risk of losing is higher.

For example: In the case of 10/1 long odds (or 11.0 in decimal form), you could win £10 for every £1 you bet, and therefore your winnings exceed your stake.

A winning £10 bet at 10/1 odds would result in £100 winnings plus your £10 stake, therefore returning £110 in total.

Short odds

If something has a higher probability of happening, it is given short odds. While short odds are more likely to happen, the winnings will be smaller, and therefore you’ll need to stake higher amounts for a bigger return.

For example: In the case of 1/10 short odds (1.10 in decimal form), you could win £1 for every £10 you bet.

Therefore, a winning £10 bet would result in £1 in winnings, amounting to a return of £11 (your £1 winnings plus your £10 stake).

How to read betting odds

Betting odds are most commonly presented as a fraction or a decimal in the UK. Moneyline odds, which are common in the US, are also becoming more popular.

Reading odds can be confusing if you’re not familiar with what the different sets of numbers reflect. Here, we explain how to read decimal, fraction, and moneyline odds.

Understanding decimal odds

The simple rule of thumb with decimal betting odds is the bigger the number, the larger the return will be. For example, decimal odds of 3.75 will result in larger winnings than decimal odds of 1.75.

To work out your winnings from decimal odds, simply multiply the odds by your stake. The resulting number reflects both your winnings and your stake.

For example: If you bet £10 on odds of 3.75, you would return £37.50 – this means you’ll have won £27.50 (£37.50 – your £10 stake).

Understanding fractional odds

Fractional odds are a more traditional way of displaying odds in the UK. Appearing in fraction form (e.g. 2/1), you must first work out your winnings and then add on your stake to determine your total return.

The best way to calculate your returns from fractional odds is to follow a formula:

((stake/second number) x first number) + stake = total returns

This might look complicated, but we promise it will make sense when you plug your numbers in.

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For example: If you bet £10 on a 5/2 bet, your calculation would look like:

((£10/2) x 5) + £10) = £35

For longer odds with a larger return, look out for odds where the first half of the fraction is larger than the second half.

For example Odds of 5/1 will return greater winnings than odds of 1/5. If you were to stake £10 on odds of 5/1, then your return would be £60. However, if you were to stake £10 on odds of 1/5, your return would only be £12.

Understanding moneyline odds

Moneyline odds are often used in the US when betting on American sports, but they are becoming more common in Britain. They are presented as a plus (+) or minus (-) figure.

The moneyline shows you how much you have to bet to win £100.

For example: If you are presented with odds of +200, then your return (if you stake £100) will be £300 (your £200 winnings plus your £100 stake).

If you are presented odds of -200 (because this event is more likely) you will have to stake £200 to return £300 (your £200 stake plus £100 winnings).

To calculate the potential payout from a moneyline bet, simply follow this formula

stake x (odds/100) + stake = total returns

For example: If you are presented with odds of +200 and you bet £5, your formula would look like:

£5 x (200/100) + £5 = £15 total returns

Converting decimal odds to fractions

Converting decimal betting odds to fractions takes a bit of basic maths knowledge.

First, take your decimal odds and subtract 1 from the number.

For example: If you have decimal odds of 3.75, subtract 1 and you are left with 2.75. These are odds of 2.75/1.

Odds need to be made up of whole numbers, so we need to take 2.75 and turn it into a whole number. The easiest way in this instance is to multiply 2.75 by 100 and move the decimal along two places. This gives us 275/100.

From there, we can work our way to finding the smallest equivalent fraction.

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In this case, we can divide our fraction by 25, leaving us with fractional odds of 11/4 – previously 3.75 when presented as a decimal.

Now that you understand betting odds and how they work, you can begin to use them to your advantage. Browse all the latest sports betting odds or sign up to Grosvenor Casinos today to get started.

How to calculate betting odds return

Using our bet calculator, you can now work out how much a potential bet could return.

The calculator gives you the option to select the bet type, the win odds, your stake, and whether the bet placed will be each way or not.

As well as finding out how much your bet will potentially return, the calculator also gives you the total profit.

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For most British punters, odds are best understood as being fractional. It’s simple to work out that if something is 5/1 then for every £1 you bet you’ll get £5 back. Yet as more and more foreign bookmakers are entering the UK market they’re also offering decimal odds more readily than fractional ones, confusing people that have never dealt with them before.

In actuality, decimal odds are just as easy to understand as their fractional cousins. The decimal format is used across Europe, with only British bookmakers steering away from them. The key thing to remember is that the unit stake of 1 is always included, so decimal odds of 1.97 mean that you’ll get 97p back on top of your £1 stake.

Decimal Odds

The decimal way of displaying odds is the favoured manner of doing so across continental Europe as well as in countries such as Australia, New Zealand, Singapore and Canada. Defectively any country that uses metric measurement will generally use decimal odds.

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Learning how they work is also useful for you’re looking at a betting exchange, therefore, but also if you want to place bets when you’re abroad and don’t want to have to convert things into fractional odds.

Simply put, decimal odds give you the payout amount that includes the stake. As a result, the decimal odds of an event are the same as fractional odds converted to decimal and adding 1. Even odds, therefore, come out as 2.00 in decimal. If you opted for something like 4/1 then it would be displayed as 5.00, whereas 1/4 would be 1.25.

Whilst chucking formula into the conversation is unlikely to make things easier, here’s how to think of decimal odds:

Return = Initial Wager x Decimal Value

In other words, returns on a £100 bet on Liverpool to beat Manchester United at decimal odds of 2.00 would be £100 x 2.00, or £200. To phrase it differently, simply multiply your stake by the odds and you’ll get your return. So a £100 bet on a wager with odds of 1.25 would return £125. That’s why they’re favoured on the exchange, because they’re so easy to calculate.

Working Out The Odds

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Odds are another way of discussing the implied chances of something happening. Let’s say that darts player A is going up against darts player B and the bookmakers have decided that A has an 80% chance of winning. This obviously means that B has a 20% chance of winning, meaning that our fair bookie needs to price it up 80% / 20%.

In order to come up with the decimal odds our bookmaker takes the total chance of all outcomes happening, or 100, then divides it by the 80% chance they think player A has got. 100/80 is 1.25, so they’re player A’s decimal odds. For player B, meanwhile, we divide 100 by 20%, or 100/20. That equals 5.00, so they’re that player’s odds.

In order to figure out the probability given to an event, you simply need to reverse engineer that line of thinking. If something has been given odds of 6.00 then the math is 100/6, which works out at 16.6%. The reason 2.00 is the equivalent of Evens is that 100/2.00 equals 50%. Odds of 1.5 in decimal means the probability of that happening is 100/1.5, or 66.6%.

Decimal v Fractional Odds

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The trouble with decimal odds is that they seem more complex than they actually are for people that have grown up using fractional odds in betting. In reality, of course, it’s much easier to figure out your total return using decimal odds as opposed to fractional, because with fractional odds you need to add your stake in afterwards.

To put it another way, fractional odds are good at working out your net profit, whereas decimal odds are best for figuring out your total return for your bet. In decimal odds, Evens is 2.00. That means anything above 2.00 is you getting a larger return than just your stake and anything less than 2.00 is the equivalent of getting your money back plus less then what you bet.

If you’re using a bookmaker that is offering fractional odds and you want to figure out what that would be in decimal then you simply divide the first number by the second and then add 1. So odds of 1/4 is 1 divided by 4, or 0.25, plus 1 for 1.25. Equally you might find yourself in a position where the odds are decimal but you want to know what they’d be in fractions.

When that is the case, the easiest way to do it is to take 1 away from the decimal and then convert what’s left into the most simplified fraction possible. So odds of 6.00 would be 6.00-1, which is 5 and becomes 5/1. To use a more complex example, 8.50 as decimal odds would be 8.50-1, which is 7.50. The most simplified fraction would be 15/2.

The table at the top show a list of the most obvious odds as both decimal and their fractional equivalents.

Having read the above, you might be able to see the table making a bit more sense. A £1 bet at 5/2, for example, would return £2.50 plus your initial £1 stake. That amounts to £3.50, which is why the decimal odds equivalent of 5/2 is 3.50. Equally, a £1 stake on something with fractional odds of 1/3 would mean that you’d get 33 pence back plus your £1 stake, of £1.33. The fractional odds are 1.33.

The key thing with this is not to overly test yourself. Most bookmakers will give you the choice about whether you’d like to see your odds displayed as fractional or decimal, so figure out which one is for you and then go from there. You don’t need to sit and do maths problems to work out what you’re betting, but it’s handy to know how it all works.

If you are interested in American Odds and how they work see our dedicated article.