Few bettors use fractional odds for betting sports (other than horse racing), because the conversions to understand return are difficult. To calculate winnings on fractional odds, multiply your bet by the top number (numerator), then divide the result by the bottom (denominator). So a $10 bet at 5/2 odds is (10. 5) / 2, which equals $25.
- How To Calculate American Betting Odds Calculator
- How To Calculate American Betting Odds Horse Racing
- How To Calculate American Betting Odds For Today
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- Positive odds - 100 divided by (the american odds plus 100), multiplied by 100 to give a percentage e.g. American odds of 150 = (100 / (150 + 100)). 100 = 40%. Negative odds - Firstly multiply the american odds by -1 and use the positive value in the following formula: american odds divided by (the american odds plus 100), multiplied by 100 to give a percentage e.g. American odds of -300 = (300/(300+100)).
- American roulette odds and European roulette odds are different because they use two separate wheels. The European roulette wheel has 37 numbers, while the American roulette wheel has 38. This is because the American wheel has 00, giving the house a more significant edge in the United States.
Sometimes it is necessary to figure out the average odds from a set of betting odds which can then be used as the basis for further calculations. For example, computing deviation and variance.
When using odds in European format (decimal) you can be forgiven for thinking that average betting odds are simply computed by building the arithmetic mean of the data to be analysed. Unfortunately, this is the wrong approach and leads to a deceptive result.
As a reminder, European odds are calculated as the reciprocal of the statistical probabilities of each event:
and vice versa … The implied probabilities are the reciprocals of the odds:
In effect, European odds are ratios/relations representing the likelihood of an event happening in comparison to each other event (e.g. a bet priced at odds of 4.0 is half as likely to win as a bet with odds of 2.0).
If these ratios are averaged using arithmetic mean (a common error), high data points are given greater weights than low data points. (e.g. working out the arithmetic mean of a set of 20 odds, 19 of them between 2.0 and 2.4, would be skewed if the 20th figure was, say, 15.0).
The correct approach is to calculate average odds by forming the harmonic mean!
How To Calculate American Betting Odds Calculator
The harmonic mean is defined as the reciprocal of the arithmetic mean of the reciprocals of x1, x2, …, xn (the odds):
How To Calculate American Betting Odds Horse Racing
As the reciprocals of betting odds are the implied probabilities of the events, one can calculate the harmonic mean as a reciprocal of the average probability of the respective bets:
The above equations rearranged facilitates the harmonic mean calculation by dividing n (the number of matches) by the sum of the reciprocals of the odds:
Or alternatively… dividing n (the number of matches) by the sum of their individual probabilities:
The Result (Harmonic Mean) is the Accurate Average of the Betting Odds.
Excel users employ the following formula: =HARMEAN(number1,number2,…)
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How To Calculate American Betting Odds For Today
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