As you can see, American odds carry a plus sign if they are odds against and a minus sign to show a bet is odds-on. A bet with a 1/2 price is known as odds-on, as it’s a bottom-heavy fraction. In its simplest form, the first number is how much you’d win if you staked the second number. Knowing how to read odds still has some uses, including when considering a cash-out offer, and it’s easy to do when you know how. For example, a bet at 2/1 as a fraction is the same as a bet at 3.0 as a decimal.
£36.60 in winnings and your £10 stake back.Customers in some parts of the world, notably the UK, may be more used to seeing fractional odds used, as they tend to predominate across the UK. For example, a £10 bet on a selection of decimal odds of 4.66 would see you win £46.60. Again, the bet is scalable, so if you bet $10 at odds odds converter of -154, then you would win $15.40 as profit, plus get your $10 stake back for a total return of $25.40. Decimal odds are the easiest to use to calculate the potential total return on any bet as the equation used is simply decimal odds x stake. For more complicated Fractional odds, such as 100/30, 5/8, 9/4, many people use a bet calculator to translate the fraction into a decimal odds which makes the calculation a lot easier as we will show you below.
How To Use An Implied Probability Calculator
In this way, they also reflect the probability that the bookmaker assigns to the event e.g., the likelihood of the visiting team winning. Increasing the confidence level to 99% this interval would increase to between 2.11 and 93.25. If the odds are positive, you will see the profit you would earn by placing a successful $1 wager.As such, American odds of -150 equate to Indonesian odds of -1.50. In that respect, they are similar to American odds.For example, if you see Malay odds of 0.7500, you can expect to receive a $0.75 profit for every $1 you wagered. If the Malay odds are negative, it tells you the amount you would need to wager in order to win $1. If the odds are positive, it tells you the profit you can expect for each $1 you wager.
🔎 What are the types of odds used in an odds calculator?
It can be useful to calculate the probability of a bet landing before parting with your hard-earned cash or free bets. Let’s look at an example of probability in football betting. When researching your bets and revising the gambling industry, it won’t be long before you encounter probability. Betting on Team A in this scenario is a smart move because you’re getting better odds than the actual probability. If you believe a team has a better chance of winning than the odds suggest, that’s a value bet. If your own research suggests a higher probability, you might have found a good betting opportunity.
If you placed a £10 bet on a 6/5 selection you would get a return of £22 (£12 profit) on a winning bet. With a £10 stake in a successful bet at a price of 9/2 the returns would be £55, a £45 profit plus the £10 stake back. A +200 moneyline price is therefore the same as the fractional 2/1 odds, or 3.00 in decimals. In the UK and Ireland, fractional odds are by far the most familiar and common. Likewise, you can also get a grip on the concept of ‘implied probability’ when assessing odds and shopping for value in the market. The number is how much you’d win off a £100 stake.
- The daunting numbers can be broken down easily when you understand what information you are being given in each format.
- When a bookmaker prices up an event, he factors his profit into the odds, and this is called the “overround”.
- If the answer is yes to all of the above, then you’ve probably found a smart bet worth making.
- Selecting decimal or fractional odds is a matter of personal preference and which is easier for you to understand.
- With odds on bets, you’ll win the larger number if you stake the smaller number.
