- 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.
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. For odds over 1/1, you then multiply the fraction by 100. So to convert odds 3/2, you’d.
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).
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.
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.
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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3 1 5 As Decimal
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There is a lot of jargon used in sports betting and it can be quite confusing, especially for a novice, but once you get to grips with the basic terminology, your betting experience will be enhanced. The first thing that any punter needs to do is understand how the odds work and what they mean.
Many betting websites - including the Betfair Exchange - now use decimal odds as standard, so let’s take a closer look at this popular format.
The purpose of sports betting odds
1 5 To Decimal
Odds are a numerical way of describing the probability of an outcome occurring. The odds are calculated by bookmakers like Betfair and Paddy Power in a way that allows them a small profit margin. For example, on a 50/50 coin toss, a bookmaker might offer odds of 49/50. If they get an equal amount of money bet on heads and tails, they would be guaranteed a small profit whatever the outcome.
What are decimal odds?
Decimal odds are a way of displaying odds in an easy to understand way.
In the above example, where the bookmaker offers odds of 49/50 on a coin toss, the odds are shown as a fraction. If we showed the same odds in decimal format, they would look like this:
- Decimal odds: 1.98
So, if a punter placed a stake of £1 on this bet and it was successful, they would receive £1.98 back, achieving a profit of 98p.
In decimal odds, odds-on selections will be expressed as values between 1.0 and 2.0
Many websites use the decimal format as standard when displaying the prices of sporting events. In fact, decimal odds are commonly used all over Europe. They are popular because they are so easy to understand, displaying the total return from a 1 unit stake.
As the unit stake is always included, decimal odds always have a value greater than 1.
Here is another example of how simple it is to read decimal odds:
- Odds: 6.0
- Stake: £1
- Winnings: £5
- Total return: £6
Decimal vs. fractional odds
Punters in the UK and Ireland might not be as familiar with decimal odds. In those regions, it is more common to see fractional odds such as 5/1 or 9/2. Fractional odds basically describe the winnings from a theoretical stake.
Fractional odds example:
- Odds: 5/1
- Stake: £1
- Winnings: £5
- Total return: £6
Where the odds are 50/50, the odds are described as Evens rather than 1/1.
The advantage of decimal odds
Fractional odds can sometimes be confusing as the calculation can produce very large numbers. For example, where the decimal odds are 1.46, the fractional equivalent would be 23/50. In this case, it is much easier to calculate the return from a £1 stake by using the decimal odds format.
In addition, fractional odds can be confusing when the probability is very high. For example, when decimal odds fall below 2, the fractional equivalent suddenly takes a different appearance as the second number becomes larger than the first number. Therefore, it is possible to have fractional odds of 2/1 and 1/2 and this can be a little confusing for novice punters.
Decimal vs. moneyline odds
Moneyline odds (also known as US or American odds) are used by bookmakers in America. The odds are presented in either a negative or positive format depending on the probability.
Moneyline odds are used by bookies in America
Positive moneyline odds show how much would be won from a $100 stake. In a sporting event involving two teams, the underdog always has a positive moneyline.
Positive moneyline example:
- Odds: +500
- Stake: $100
- Winnings: $500
- Total return: $600
Negative moneyline odds show how much would need to be staked to win $100. In a sporting event involving two teams, the favourite always has a negative moneyline.
Example
1' 1.5 In Decimal
- Odds: -500
- Stake: $500
- Winnings: $100
- Total return: $600
If there is no clear favourite and the odds are 50/50, the moneyline is displayed as +100. Using the positive rule, a $100 bet would then return a $100 profit.
Converting moneyline odds to decimal or fractional odds is not always easy. However, the tools below can be used as a handy guide.
Why is understanding odds important?
Understanding how to read odds is a vital part of sports betting. If you do not know how to read the odds, you will never know if you are getting good value or what your potential returns might be.
In theory, decimal odds are the easiest to understand and many punters have switched to using decimal odds after years of using the fractional format. Decimal odds can be read at a glance and do not require any tricky calculations.
Most betting websites - including Betfair and Paddy Power- have a settings menu where you can change the way that odds are displayed. This means you can choose the option that suits you best. But even if you prefer to use fractional odds, it still makes sense to learn how to read decimal odds as they are becoming more widely used across the internet.
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5/1 Odds In Decimal
Check out the latest horse racing odds for today's races over on the TImeform horse racing site or get odds for today's football matches at Infogol.net.