How to read betting odds – How to Read Odds | How to Bet On Sports

How to convert betting odds – Smarkets Help Centre

Being able to convert fractional, percentage and American betting odds into decimal odds is vital when comparing prices quickly across online bookmakers and exchanges.

Betting sites offer a number of different odds formats. It’s vital, however, to understand that regardless of the odds format presented, the probability is always the same.

It is fundamental to understand how to convert betting odds, but our odds converter conveniently calculates it for you as well.

How to use the odds converter

  1. Enter the odds in the relevant field you would like to convert
  2. Our odds converter will then convert into all other formats
  3. The underlying system on the Smarkets exchange matches bets between users in percentage prices. The available nearest price you can bet on will be displayed in the Smarkets nearest tick section.

Converting fractional odds to decimal odds

You can convert fractional odds to decimals odds with this equation:

(numerator/denominator) + 1 = decimal odds

Using the starting price on Chic Theatre (36/5) to win at Towcester as an example:

(36/5) + 1 = 8.20

The one added to the equation accounts for the return of stake which is not included in fractional odds, but is included in the return displayed by decimal odds.

Converting percentage odds to decimal odds

Decimal odds are simply inverted probabilities, which is why it’s so easy to calculate. This equation quickly converts percentages into decimal odds:

100 / implied probability = decimal odds

As an example let’s say you think Manchester United have a 68% chance of beating Sunderland at home. To calculate your decimal odds, you want to convert 68% into odds:

100/68 = 1.470

No addition is required for return of stake, as it is already included in the display of both percentage and decimal odds.

Converting American odds to decimal odds

Converting American odds into decimals can be done quickly with these calculations.

To convert positive American odds the equation is:

(American odds / 100) + 1 = Decimal odds

Let’s use the starting price offered on the Denver Broncos (+205) to win Super Bowl 50 as an example:

(205 / 100) + 1 = 3.05

To convert negative American odds the equation is:

(100 / American odds) + 1 = Decimal odds

For favourites the Carolina Panthers, who started at -200:

(100/200) + 1 = 1.50

As with the fractional odds conversion, the one is added in respect of the stake not being included in the return with American odds, but being included for decimals.

Apply this to betting

Now you have learnt how to convert fractional, percentage and American betting odds to decimal odds you have the necessary tools to compare all bookmaker and exchange prices quickly, irrespective of the format shown.

Bet now

help.smarkets.com

What are the different betting odds formats? – Smarkets Help Centre

By understanding the different odds formats bookmakers and exchanges offer, bettors will be able to compare odds across providers irrespective of format to find where the best value is.

Bookmakers and exchanges offer a number of different odds formats. No matter the format used, the probability is always the same. It’s just the presentation that differs.

Familiarity, nationality, the bookmaker/exchange used or the sport bet on can all determine which odds format bettors prefer.

When you can understand each odds format and calculate your payout, you’re better placed to compare the odds on offer across bookmakers and exchanges, allowing you to find best value quickly.

It is fundamental to understand how to convert betting odds, but our odds converter conveniently calculates it for you as well.

How to use the odds converter

  1. Enter the odds in the relevant field you would like to convert
  2. Our odds converter will then convert into all other formats
  3. The underlying system on the Smarkets exchange matches bets between users in percentage prices. The available nearest price you can bet on will be displayed in the Smarkets nearest tick section.

How to use the bet calculator

Having the ability to calculate your return on any bet is a great skill, and the Smarkets bet calculator makes this process simple. Read on further to learn how to calculate your return for each odds type.

Betting odds as a percentage

Betting odds represent the chance an event will occur — the probability. In any event, each outcome has a chance of occurring. Odds are simply an interpretation of those chances.

However, odds are not normally represented as percentages, despite displaying the implied probability of an outcome better than any other format. This is because they are harder to compare quickly.

The return using percentage odds is calculated by first converting to decimal odds and then multiplying by stake.

(100 / percentage) * stake = return (including stake)

Below is an example of how to calculate your return using percentage odds:

Correct Score
West Brom to beat Peterborough 1-0: 11.4%

To calculate the return from a £50 bet we have:

(100 / 11.4) * £50 = £438.60

This return includes your original stake giving a profit of £388.60

What are decimal odds?

The decimal odds format represents the potential return of a bet including stake. Decimals are more common as it’s the easiest format to compare prices between bookmakers and exchanges.

The potential return of decimal odds is simple to calculate. Just multiply the amount you wish to bet by the decimal odds offered.

odds * stake = return (Including stake)

Below is an example of how to calculate your return using decimal odds:

1X2 Odds
Man City: 2.10
Draw: 3.75
Tottenham: 3.85

To calculate the potential return on a £100 bet on Man City to win would simply be:

2.10 X £100 = £210

As this includes your original £100 stake the potential profit is £110.

What are fractional odds?

Fractional odds are most popular in the UK and particularly on horse racing, but are becoming less favoured due to the difficulty comparing them against other odds formats.

The odds displayed show the amount of profit you would receive for a winning bet relative to your stake.

Fractional odds are displayed as 10/1 or 7/2. For odds on selections fractional odds appear the other way around; 1/10 or 2/7.

The simplest way to understand this format is:

How much you will win / how much you stake

To calculate your potential returns from fractional odds, you can use this simple equation:

((numerator/denominator) +1) * stake = return

Let’s use an example horse racing card to showcase how to calculate a return using fractional odds:

Winner odds
Razin’ Hell: 7/1

To calculate the potential return on a £100 bet on Razin’ Hell to win would simply be:

((7/1) +1) * 100 = £800 return

What are American odds?

American odds, also known as money line or US odds, are expressed with either a positive or negative number. A negative number indicates what you must bet to make £100 profit, while a positive number indicates how much you might profit if you bet £100.

It’s important to understand that you don’t need to bet the amount equal to the money line — you can bet more or less, with the return linked to your stake.

The calculation to see a return on a negative money line is:

(100/negative money line odds) * stake

While the calculation to see a return on a positive money line is:

Positive money line odds * (stake/100)

Let’s use an example tennis match of how to place a bet using American odds:

US Odds on a tennis match
Djokovic: -108
Murray: +120

To calculate the potential return on a £30 bet on favourite Djokovic would simply be:

100/108 * 30 = £27.77 return

To calculate the potential return on a £175 bet on underdog Murray would be:

120 * 175/100 = £210 return

Apply this to betting

You now understand what the different odds formats are, and how to calculate the potential return for each. Applying this knowledge gives you the tools to compare odds across numerous bookmakers and exchanges, irrespective of what odds format is shown, so you can identify where the best price is.

Bet now

help.smarkets.com

How to Read American Odds

American odds are read differently for favourites and underdogs:

Favourite (odds that start with -): odds are the amount you need to stake to win 100
Underdog (odds that start with +): odds are the amount you would win if you bet 100

Example:

Odds = +180
Stake = 100
Total Payout = 180


As the name implies, American odds are most commonly used in the USA and Canada. They are much less common in Europe, falling in favour to Decimal or Fractional odds. Let’s take a look at a matchup between Nadal and Djokovic; assume an oddsmaker set the odds like this:

Nadal -152
Djokovic +120

The first thing to note is the “+” and the “-” before the number for each market.

If a market has a “+”, that means it is the underdog. That is, it is the market perceived to have a lower chance of winning the matchup.

If a market has a “-”, then it is the favourite, perceived to have the higher chance of winning the matchup.

In this example, Djokovic is the underdog, and Nadal is the favourite – pretty straightforward, right?

The numbers after those symbols are used as an indicator of how likely the teams are perceived to be to win or lose.

For favorites, the number is the amount you would need to risk in order to win 100. In the case of Nadal, you would need to risk 152 to make a profit of 100. If Nadal wins, your 152 is returned to you, plus your 100 profit. But if Nadal loses, then you lose the 152 you risked. Easy enough.

For underdogs, the number is the amount you would win if you risked 100. If you risked 100 on Djokovic then you would win 120 if he won the matchup, and of course you would get your initial 100 returned on top of that. Even easier!

The unit size of 100 is used just for simplicity. In no way does that mean you have to be risking that amount. For Djokovic, you could risk 50 to win 60, risk 25 to win 30, risk 10 to win 12, and so on.

To convert any odds formats check out Pinnacle’s odds converter.

www.betsmart.co

Odds — Wikipedia

«Odds against» redirects here. For the 1966 documentary film, see The Odds Against.

Look up odds in Wiktionary, the free dictionary.

Odds are a numerical expression, usually expressed as a pair of numbers, used in both gambling and statistics. In statistics, the odds for or odds of some event reflect the likelihood that the event will take place, while odds against reflect the likelihood that it will not. In gambling, the odds are the ratio of payoff to stake, and do not necessarily reflect exactly the probabilities. Odds are expressed in several ways (see below), and sometimes the term is used incorrectly to mean simply the probability of an event.[1][2] Conventionally, gambling odds are expressed in the form «X to Y», where X and Y are numbers, and it is implied that the odds are odds against the event on which the gambler is considering wagering. In both gambling and statistics, the ‘odds’ are a numerical expression of the likelihood of some possible event.

If you bet on rolling one of the six sides of a fair die, with a probability of one out of six, the odds are five to one against you (5 to 1), and you would win five times as much as your wager. If you bet six times and win once, you win five times your wager while also losing your wager five times, thus the odds offered here by the bookmaker reflect the probabilities of the die.

In gambling, odds represent the ratio between the amounts staked by parties to a wager or bet.[3] Thus, odds of 6 to 1 mean the first party (normally a bookmaker) stakes six times the amount staked by the second party. In simplest terms, 6 to 1 odds means if you bet a dollar (the «1» in the expression), and you win you get paid six dollars (the «6» in the expression), or 6 times 1. If you bet two dollars you would be paid twelve dollars, or 6 times 2. If you bet three dollars and win, you would be paid eighteen dollars, or 6 times 3. If you bet one hundred dollars and win you would be paid six hundred dollars, or 6 times 100. If you lose any of those bets you would lose the dollar, or two dollars, or three dollars, or one hundred dollars.

In statistics, the odds for an event E are defined as a simple function of the probability of that possible event E. One drawback of expressing the uncertainty of this possible event as odds for is that to regain the probability requires a calculation. The natural way to interpret odds for (without calculating anything) is as the ratio of events to non-events in the long run. A simple example is that the (statistical) odds for rolling a three with a fair die (one of a pair of dice) are 1 to 5. This is because, if one rolls the die many times, and keeps a tally of the results, one expects 1 three event for every 5 times the die does not show three (i.e., a 1, 2, 4, 5 or 6). For example, if we roll the fair die 600 times, we would very much expect something in the neighborhood of 100 threes, and 500 of the other five possible outcomes. That is a ratio of 100 to

en.wikipedia.org

Odds Converter — How to Convert Betting Odds Formats

The odds converter tool in this page will convert odds from any of the three main formats into the other formats.
It will also calculate the relevant implied probability too.
To use it, simply enter the odds you wish to convert in the appropriate box, and then click the «Convert Odds» button. It’s as easy as that!

If you came to this page specifically looking for a tool to
convert odds, then it’s likely that you already have a
fundamental understanding of what odds are and how they work in
relation to sports betting. If this is a subject that you’re not
particularly familiar with, however, then you might want to read
the following article from our beginner’s guide to sports
betting.



Overview of Different Odds Formats

If you live in the United States, then simply knowing the
moneyline odds will suffice, as this is the primary format used
by the limited number of gambling sites available for US
residents. Likewise, if you live in the United Kingdom, then you
only really need to know how fractional odds work. If you live
in Europe, then the decimal format is the one that will be most
important for you to understand.

With all that being said, it’s still a good idea to be
familiarized with how each format works. Many online betting
sites will allow you to choose the format that their odds are
displayed in. Please keep in mind that the conversation may
round in their favor.. For example, most US friendly sites offer
moneyline odds of -110 when betting points spreads. If you
choose to bet in the decimal format instead, then you’ll often
be given odds of 1.90. The true conversion is 1.9091 though, so
you’ll potentially lose a small percentage of your winnings if
you bet based on their conversion.

Therefore, it can be an advantage to use the primary format
offered by an online bookmaker, which is why it pays to make
sure you understand each of the different formats. We’ve
explained them all b

www.gamblingsites.org

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