With decimal odds, you would instantly see that 1.61 is bigger than 1.57. 2.54, 2.56 or 2.58, which are all available on the Exchange before the next standard fraction of 2.6 (8/5). How to Use the Fractional to Decimal Odds Calculator. Using this converter is easy. Simply enter the fractional odds into the box that states Fractional Odds. Fractional odds look like 2-1 0r 13/5. Press convert and the decimal odds will be shown in the Decimal Odds Box. 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. Under 1/1: divide -100 by the Fraction as a Decimal. Moneyline = -100/(fraction value) Examples: 1/4: -100/(1/4) = -100/.25 = -400 1/10: -100/(1/10) = -100/.1 = -1000. Fractional to Decimal. Convert the fraction to a decimal and add one. Examples: 3/4: (3/4) + 1 = (.75) + 1 = 1.75 6/5: (6/5) + 1 = (1.20) + 1 = 2.20. American to Decimal. The most popular of these are decimal odds and fractional odds. While fractional odds are considered the most traditional form of football odds, decimal odds are certainly the most popular. Either way, SmartBets allows you to set your preferred odds format including not only decimal and fractional football odds, but also moneyline odds.
Fixed-odds betting is a form of wagering against odds offered by a bookmaker or an individual or on a bet exchange. It involves betting on an event in which there is no fluctuation on the payout. In Australia, the practice is usually known as 'SP betting'.
Calculating fixed odds[edit]
It is customary with fixed-odds gambling to know the odds at the time of the placement of the wager (the 'live price'), but the category also includes wagers whose price is determined only when the race or game starts (the 'starting prices'). It is ideal for bookmakers to price/mark up a book such that the net outcome will always be in their favour: the sum of the probabilities quoted for all possible outcomes will be in excess of 100%. The excess over 100% (or overround) represents profit to the bookmaker in the event of a balanced/even book. In the more usual case of an imbalanced book, the bookmaker may have to pay out more winnings than what is staked or may earn more than mathematically expected. An imbalanced book may arise since there is no way for a bookmaker to know the true probabilities for the outcome of competitions left to human effort or to predict the bets that will be attracted from others by fixed odds compiled on the basis personal view and knowledge.
With the advent of Internet and bet exchange betting, the possibility of fixed-odds arbitrage actions and Dutch books against bookmakers and exchanges has expanded significantly. Betting exchanges in particular act like a stock exchange, allowing the odds to be set in the course of trading between individual bettors, usually leading to quoted odds that are reasonably close to the 'true odds.'
'The best of it'[edit]
In making a bet where the expected value is positive, one is said to be getting 'the best of it'. For example, if one were to bet $1 at 10 to 1 odds (one could win $10) on the outcome of a coin flip, one would be getting 'the best of it' and should always make the bet (assuming a rational and risk-neutral attitude with linear utility curves and have no preferences implying loss aversion or the like). However, if someone offered odds of 10 to 1 that a card chosen at random from a regular 52 card deck would be the ace of spades, one would be getting 'the worst of it' because the chance is only 1 in 52 that the ace will be chosen.
In an entry for L'Encyclopédie (the Enlightenment-era 'French Encyclopedia'), Denis Diderot cites a similar example in which two players, Player A and Player B, wager over a game of dice that involves rolling two six-sided dice. Player A wins if the dice add up to 12, of which there is only one possible case. Player B wins if the dice fall in any other combination, of which there are 35 possibilities.[1] It is mathematically disadvantageous to make a bet if one gets'the worst of it.' Accordingly, for the bet to be 'fair,' the amount each player could potentially lose or gain from the wager should be adjusted, depending on the odds of their success.
Laying odds[edit]
When making a bet in which one must put more at risk than one can win, one is laying the odds. Rational bettors will do so only if the actual chances of an adverse outcome are low enough that the expected outcome even after deduction of taxes and any transaction costs is favorable to the person placing the bet. For example, if one bets $1,000 that it will rain tomorrow and can win only $200 but can lose the entire $1,000, one is laying odds that will rain tomorrow. Laying odds is reflected in the colloquial expression '[I would] dollars to doughnuts' — with which the speaker is expressing a willingness to risk losing something of value in exchange for something worthless, because winning that bet is a certainty.[2]
Lay betting[edit]
'Lay betting' is a bet that something will not happen, so 'laying $50 on a horse' is betting the horse will not win. Bookmakers sell bets based on the odds of a specific outcome, but lay betting allows the bettor (in some English-speaking countries, the 'punter') to reverse roles with the bookmaker, using odds to sell the opposite outcome to the bookmaker. In this context, 'lay' is used in the sense of 'layman', i.e., a bet sold by someone who does not sell bets professionally.
Types of odds offered[edit]
There are three widely used means of quoting odds:
Fractional odds[edit]
Favoured by bookmakers in the United Kingdom and Ireland and common in horse racing, fractional odds quote the net total that will be paid out to the winning bettor relative to the stake. The term 'fractional odds' is something of a misnomer, especially when visually reinforced by using a slash (as opposed to, e.g., a colon or the word 'to' or 'on') to separate a potential gain from the amount that a bettor must wager in order to receive it upon a win, because the 'fraction' in question represents not the odds of winning or even the reciprocal of the odds of winning but rather the fraction (for any odds longer than 'even money' or chances of winning less than 50%, an improper fraction) of the amount at stake that the upside outcome represents. This fraction may be derived by subtracting 1 from the reciprocal of the chances of winning; for any odds longer than 'even money,' this fraction will be an improper one.[3][4] Odds of 4:1 ('four-to-one' or less commonly 'four-to-one against') would imply that the bettor stands to make a £400 profit on a £100 stake. If the odds are 1:4 (read 'one-to-four', or alternatively 'four-to-one on' or 'four-to-one in favor'), the bettor stands to make £25 on a £100 stake. In either case, against or on, should he win, the bettor always receives his original stake back, so if the odds are 4:1 the bettor receives a total of £500 (£400 plus the original £100). Odds of 1/1 are known as evens or even money.
Not all fractional odds are traditionally read using the lowest common denominator. Perhaps most unusual is that odds of 10:3 are read as 'one-hundred-to-thirty'.
Fractional odds are also known as British odds,UK odds,[5] or, in that country, traditional odds.
Decimal odds[edit]
Favoured in Continental Europe, Australia, New Zealand and Canada, decimal odds differ from fractional odds by taking into account that the bettor must first part with their stake to make a bet; the figure quoted, therefore, is the winning amount that would be paid out to the bettor.[4][6] Therefore, the decimal odds of an outcome are equivalent to one plus the decimal value of the fractional odds; in the absence of built-in house advantage to cover overhead, profit margins, or (for an illegal enterprise) compensation for the fact that both chances of prosecution and penalties in the event of conviction tend to be higher for bookmakers than for clients, the decimal odds associated with a given outcome would be the decimal expression of the reciprocal of what the offering party assesses to be the outcome's chance of occurring.[7] Thus, even odds 1/1 are quoted in decimal odds as 2. The 4/1 fractional odds discussed above are quoted as 5, while the 1/4 odds are quoted as 1.25. It is considered to be ideal for parlay betting because the odds to be paid out are simply the product of the odds for each outcome wagered on.
Decimal odds are also known as European odds, digital odds or continental odds and tend to be favoured by betting exchanges because they are the easiest to work with for trading, in this case the purchase and sale of upside and downside risk.[5]
Moneyline odds[edit]
Moneyline odds are favoured by United States bookmakers and as such are sometimes called American Odds.[4] There are two possibilities: the figure quote can be either positive or negative. Moneyline refers to odds on the straight-up outcome of a game with no consideration to a point spread.
- Positive figures
- If the figure quoted is positive, the odds are quoting how much money will be won on a $100 wager (done if the odds are better than even). Fractional odds of 4/1 would be quoted as +400 while fractional odds of 1/4 cannot be quoted as a positive figure.
- Negative figures
- If the figure quoted is negative, the moneyline odds are quoting how much money must be wagered to win $100 (this is done if the odds are worse than even). Fractional odds of 1/4 would be quoted as −400 while fractional odds of 4/1 cannot be quoted as a negative figure.
- Even odds
- Even odds are quoted as +100 or −100. Some but not all bookmakers display the positive symbol.
Odds conversion[edit]
Blackjack other words. To convert fractional odds to decimal, take the fractional number, convert it to decimal by doing the division, and then add 1. For example, the 4-to-1 fractional odds shown above is the same as 5 in decimal odds, while 1-to-4 would be quoted as 1.25.
The method for converting moneyline to decimal odds depends on whether the moneyline value is positive or negative. If the moneyline is positive, it is divided by 100 and add 1. Thus, +400 moneyline is the same as 5.0 in decimal odds. If the moneyline is negative, 100 is divided by the absolute moneyline amount (the minus signed is removed), and then 1 is added. For example, −400 moneyline is 100/400 + 1, or 1.25, in decimal odds.
Decimal | Fractional | Moneyline | Win% (to break even) | Return (minus stake) |
---|---|---|---|---|
1.01 | 1/100 | −10,000 | 99.01% | 1.00% |
1.11 | 1/9 | −900 | 90.00% | 11.11% |
1.33 | 1/3 | −300 | 75.00% | 33.33% |
1.50 | 1/2 | −200 | 66.67% | 50.00% |
2.00 | 1/1 | ±100 | 50.00% | 100.00% |
3.00 | 2/1 | +200 | 33.33% | 200.00% |
4.00 | 3/1 | +300 | 25.00% | 300.00% |
10.00 | 9/1 | +900 | 10.00% | 900.00% |
101.00 | 100/1 | +10,000 | 0.99% | 10,000.00% |
See also[edit]
References[edit]
- ^'Wager'. University of Michigan Library. Retrieved 1 April 2015.
- ^Listening to America, Stuart Berg Flexner (Simon and Schuster, New York, 1982).
- ^'Betting School: Understanding Fractional & Decimal Betting Odds'. Goal. 10 January 2011. Retrieved 27 March 2014.
- ^ abcCortis, Dominic (2015). Expected Values and variance in bookmaker payouts: A Theoretical Approach towards setting limits on odds. Journal of Prediction Markets. 1. 9.
- ^ ab'Betting Odds Format'. World Bet Exchange. Archived from the original on May 2, 2014. Retrieved 27 March 2014.
- ^D., Chris. 'What is Fixed odds betting and Due Column betting?'. TBR. Retrieved 27 March 2014.
- ^'Fractional Odds'. betstarter.com/. Archived from the original on April 2, 2014. Retrieved 27 March 2014.
External links[edit]
Retrieved from 'https://en.wikipedia.org/w/index.php?title=Fixed-odds_betting&oldid=1004157818'
How to count cards in blackjack 8 decks. Use the calculator below to convert betting odds into any betting odds format.
CONVERT BETTING ODDS
Around the world, there are several methods used to present betting odds. Ultimately they all represent the perceived percentage chance of success, but to the uninitiated the different odds displays can be confusing. Here we break down just what each of the popular methods mean:
Decimal Odds
Decimal odds are widely used around Europe and are the display format of choice for the betting exchanges around the world. They are also incorporated in Asian Handicap betting which is quickly becoming a popular way of gambling on football and other events, and, to many, decimal odds are the most straightforward representation of probabilities. The odds that are presented illustrate the return that you will receive if your bet is successful, to a unit stake of 1. Therefore, if the decimal odds on a football team are 4.50, and you stake £10, the return if the bet goes in would be £45 and the profit would be £35 (4.5 – 1, multiplied by stake).
Any decimal odds that are less than 2.0 indicated that the selection has a more than 50% chance of success, as the outlay is greater than the return. For instance, a bet of £50 on a 1.60 chance would return £80 (£50 stake + £30 profit).
Decimal To Fraction Odds Chart
Fractional Odds
Fractional odds have been the choice in the UK for centuries. They are still used today on racecourses, football coupons and betting adverts. To a beginner, fractional odds may seem a little more difficult to grasp that decimal odds.
Examples of fractional odds include 7/4, 4/1, 5/2 and 11/4. In order to obtain ‘the multiplier’, the top number should be divided by the bottom number. For instance 7 divided by 4 gives 1.75. This 1.75 multiplied by your stake will be the profit on the bet, but don’t forget to add on your stake to get the total return.
E.g. £40 is placed on a horse whose odds are 5/2. The horse wins.
Stake: £40
Multiplier: 5 divided by 2 = 2.5
Profit: 2.5 x 40 = £100
Return: Stake (£40) + Profit (£100) = £140
Multiplier: 5 divided by 2 = 2.5
Profit: 2.5 x 40 = £100
Return: Stake (£40) + Profit (£100) = £140
When converting fractional odds to decimal odds, the calculation requires you to add the multiplier + 1 (which acts as the stake). For instance, 6/4 express in decimal odds is 1.5 + 1 = 2.50 (decimals always expressed to two places)
If the number at the bottom of the fractional odds is larger than the number at the top, then the selection is ‘odds on’ – it is deemed to have more than a 50% chance of success. The larger the bottom number compared to the top number, the higher the probability.
Moneyline (US) odds
For some events such as horse racing, US betting sites adopt fractional odds. However for many sports and markets such as American Football, Boxing etc. ‘moneyline’ odds are used. These moneyline odds are generally used for an event with two outcomes.
Moneyline odds are worked out to a bet of $100. If the figure for a team is positive, then it refers to how much profit will be made based on a $100 dollar wager. For example, if the Denver Broncos were available for a match at +120, for every $100 staked, the profit would be $120 and the total return would be $220. Positive odds are used for the outcome which is deemed to be less likely.
A negative figure on the moneyline indicates a betting favourite and indicates how much needs to be staked to win $100. Betting on a Floyd Mayweather fight (where he is always a heavy favourite), punters are likely to see odds of -700 for the undefeated star. This means that $700 will have to be staked to make $100 profit. The total return would be $800.
Even money shots indicate that there is a 50% chance of success and in theory could be expressed as -100 or +100, as ultimately $100 staked at these odds equals $100 profit. Read about US Moneyline odds in more detail.
Hong Kong odds
Hong Kong odds are unsurprisingly adopted by many Asian bookmakers. The odds are fairly simple to work out in format and are a cross between decimal and fractional odds in their presentation, in that they exhibit the net return similar to fractional odds, but are presented in a decimal format.
To understand Hong Kong odds, the punter should assume that they are placing a 1 unit bet on a selection. The odds reflect the profit that will be obtained from striking that bet. List of closed atlantic city casinos. Any odds that are less than 1, indicate the bet is ‘odds on’ i.e. has more than a 50% chance of success.
E.g.
HK odds of 0.4 = 0.4 units profit for every 1 staked. (Fractional odds of 2/5)
HK odds of 5 = 5 units profit for every 1 staked (Fractional odds of 5/1)
HK odds of 5 = 5 units profit for every 1 staked (Fractional odds of 5/1)
Indonesian odds
Indonesian odds follow the same format as US odds, but just use a different stake to illustrate the probabilities of each outcome. Whereas with US betting odds returns are calculated a stake of 100, in Indonesia, they are calculated to a stake of 1. Again, odds with a – sign before them demonstrate how much is required to be staked to win 1 unit, whilst the + sign is disregarded for the ‘outsider’ bets which show how much profit can be obtained for a 1 unit stake. Read further about Indonesian odds here.
E.g:
Manchester United are playing Newcastle at home. Manchester United are available at Indonesian odds of -3.0 to win the game. This means a 3 unit bet will give a 1 unit profit and total return of 4 unit.
Andy Murray is playing Rafa Nadal in France on a clay court. Murray is available at Indonesian odds of 2.25 to win the match. This means for every 1 unit staked, if Murray wins, 2.25 units will be made in profit, with a return of 3.25.
Even money bets are quoted as 1.00.
Even money bets are quoted as 1.00.
Malay odds
![Decimal To Fraction Odds Decimal To Fraction Odds](/uploads/1/3/7/1/137142837/751652174.png)
Malay odds are effectively the opposite of US odds. They also work on positive/negative system of display, but in reverse to that adopted in America. If the number is positive, then it indicates what you will receive for an outlay of 1 unit. For example, odds of 0.75 would indicate that for 1 unit stakes, 0.75 units profit would be derived. When the odds are negative, they indicate the bet has a less than 50% chance of success. So a bet which was -0.05 would require just 0.05 units to be staked to win 1. An even money bet is indicated as 0. Read more on this here.
E.g.
Odds Converter
1. A horse is available at odds of -0.40. This would require an outlay over 0.4 units to win 1 unit. In decimal terms this equates to odds of 3.5
Decimal To Fraction Odds
2. Arsenal are at home to Ipswich in the FA Cup. Arsenal can be backed at 0.25. This means for every 1 unit placed on Arsenal, 0.25 units profit will be made.