Shop around, and you might grab a better deal. So, don’t just settle for the first odds you see. For example, Decimal odds of 3.00 become Fractional odds of 2/1. To convert Decimal odds to Fractional, just subtract 1 and make it a fraction. It tells you the chances of an event happening according to the odds.
By calculating No Vig odds, bettors can strip out the bookmaker’s margin and evaluate the real probabilities of outcomes, ensuring they are getting the fairest possible price. With betting exchanges, the concept of No Vig became popular as bettors sought to find the true value of bets, free from bookmaker bias. However, as betting exchanges such as Betfair emerged, where bettors could both back and lay selections directly, the need for calculating true market odds became more critical.
So, an odds converter can take any odds type and turn it into another type by first referring back to implied probability. Implied probability is the core reference point between all kinds of odds. Each format presents odds in a distinct manner, catering to the preferences of bettors in different regions. They represent the probability of a particular outcome occurring and determine the potential payout for a successful bet.
If you’re trying to profit long-term, avoid chucking a fiver on a 21/10 shot just because it “looks good.” Casual bets drain your bankroll faster than you think. Because bets at 21/10 only win about 1 in 3 times on average, your strategy needs to survive losing runs. Betting at 21/10 can offer good returns, but only if you believe the true probability of your selection winning is higher than 32.26% (the implied probability). For smart punters, 21/10 can signal a sweet spot—the kind of price where informed betting and good judgement can turn long-term profit. In racing, 21/10 odds usually reflect a second or third favourite in the betting.
6/5 is a slightly bigger price than even money (1/1) and is expressed as 2.20 in decimal format or +120 in American format. The same 3/1 price in decimal format would be 4.00 and in the American / moneyline format it would be +300. So with a 3/1 price if a punter puts down a £10 stake the potential profit is £30 (£10 x 3) and the total that would be returned is £40 (£30 profit plus the £10 returned stake).
Odds Converter
For instance, a £10 bet at odds of 1.50 would return £15 (10 x 1.50) – your £10 bet and £5 in winnings. The number represents the total amount you get back from a winning bet, including your original stake. Here at Bet442, we’ll break down exactly how decimal odds work. Decimal odds show you how much you could win for every £1 you bet.
Pros and cons of a free odds calculator
We will cover implied probability at the bottom of this page. These are referred to as fractional, decimal and moneyline, with the latter often being called American (and a lot rarer in the UK). When it comes to odds or prices offered by bookmakers there are three distinct ways in which those odds can be displayed. It is proposed that the cumulative probability is used in the place of percentiles for DAE data. However, the cumulative probabilities provide a reliable estimate of probability (similar to odds converter percentiles) of the population rather than the sample data. Often, the Percentile format is used but it should be remembered that the percentiles are based only on the sample data.
- Implied probability is the expected chance of the bet coming true and can be calculated based on the odds presented by bookmakers.
- However, the relationship is not linear, e.g., doubling the sample size does not halve the confidence interval.
- Instead bookmakers adjust true odds, lowering them by a specific percentage to secure their profit margins.
- Understanding what these odds mean – and when they represent value – is key to making smarter betting decisions.
- Skrill also gives you access to private and fast payments at a wide range of bookmakers, helping you to take advantage of the best odds.
For example, if you were considering a bet on Manchester City to win a game at 2/5, these odds can not only be used to calculate your return, they will also tell you what the betting company think is the probability of Manchester City winning. Knowing how to read these betting numbers is a key aspect of successful sports punting, and an essential prerequisite if you hope to be profitable in the long term. Even experienced sports punters can benefit from brushing up on their betting odds knowledge from time to time. Outside of these calculators, all focused on sports betting, we offer casino-related calculators, too. You can use this implied probability calculator to spot value in specific bets where you think the likelihood is higher than what the bookmaker offers. In traditional betting, bookmakers build a margin into their odds to ensure profitability, often leading to less favorable odds for bettors.
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These odds are displayed as 1/2, 1/1 (evens), 2/1, 100/1 and so on. The table below gives you some common prices in the three formats. Having an understanding of how to convert between the two primary UK methods can be useful for ensuring you full understand the potential return from a bet.