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• High odds suggest a low probability of something happening, while low odds suggest a high probability of something happening. For example, imagine a tennis player is +200 to win an upcoming match. This would be 3.00 in decimal odds, and 2/1 in fractional odds. The implied probability for these odds.
• If we convert odds of 2/4 to decimal odds, you get an outcome of 1.50 (-200 in Moneyline odds). This indicates that the team you’re betting on is the favourite. For every 4 units you bet, you get 2 in return if you predict correctly. That’s 6 units in total you get – your original stake plus the profit.

Example: -250 = -100/ -250 = 2/5. How do i convert odds to probability? Considering a decimal odd, divide 1 by the odd, multiplied by 100. Example: 2.50 = 1/2.5.100 = 40%. How do i convert probability to odds? To convert from probability to decimal odds: 1/(probability/100) Example: 40% probability = 1/(40/100) = 2.50. How to get the best odds.

• 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.

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.

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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

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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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If you want to come out on top against the bookies it is vital that you understand the fundamentals. When it comes to sports betting there is nothing quite as fundamental as the odds that the bookies offer. Unfortunately, betting odds can prove very confusing. That’s especially true for people who are new to betting.

That’s where this article comes in. We’re going to explain exactly how betting odds work, how they are set and the differences in the ways they are displayed. After taking in all the information below, you will be much better equipped to set about making some profit.

What Do Betting Odds Represent?

At their most basic, betting odds tell you two things:

1. How much you stand to make should the selection win
2. The probability of the selection winning

Take this example. If you were looking through the weekend Premier League fixtures and saw a team had fractional odds of 2/1 (that’s decimal odds of 3.0) you would know that you stand to win £2 in profit from every £1 that you stake should the team win. You’d also know that the bookmaker who set the odds ranks the team’s chances of winning as one in every three times the game is played.

If you saw a team had fractional odds of 8/13, you’d know that for every £13 you stake, you will win £8 or profit and that if the game was played 21 times in total, the bookies think the team would win 13 times and fail to win eight times (what is known as the implied probability).

Working out an implied probability percentage from fractional odds is simple. You just divide the stake by the combined sum of the two numbers which make up the fractional odds. In the case of 2/1 the equation looks like this:

1 / (2+1) = 0.33 or 33%

For odds of 8/13 this is the equation:

13 / (8+13) = 0.62 or 62%

That’s how the maths works but when it comes to the actual odds that bookmakers set, it’s a little more complicated.

How Do Bookmakers Set Their Odds?

The basic business model of a sportsbook is fairly uncomplicated. Bookmakers set the odds and take bets on an event. When that event ends they pay out everyone who backed the winner and then keep the rest for themselves.

But, consider the following horse race.

As you can see, the combined implied probability of the selections above is 100%. From a bookmaker’s perspective that is a big problem. That’s because, presuming they’ve got the same amount of liability on each selection, they’d never make any money as they’d have to collect and payout the same amount.

So, the bookmakers will build something called an overround into their odds. Here’s a real example of a match odds market from a football match:

With an total implied probability of 101.7%, the bookmaker who set those odds is guaranteed to make a profit of 1.7% assuming that they have the same amount of liability on all three selections. Of course, it rarely works out that the bookies manage to spread their liability evenly but you need to know that when you look at a betting market you’re not simply looking at a reflection of how the bookies think the event will pan out. There’s much more going on behind the scenes.

Armed with this knowledge of how the bookmakers set their odds, you can concentrate on finding value. That is, finding a bet where you believe the odds (and therefore the implied probability) is too big. If the bookies think that a side has a 50% chance of winning but you think they’ve got a better chance than that, that’s value.

The Difference Between Decimal and Fractional Odds

You will have seen above that we’ve spoken about both fractional and decimal odds. They are just different ways of conveying the same information but they do add another layer of complexity.

All the major online bookmakers will shows their odds as both fractions and decimals so it’s important that you understand just what they are showing and how to switch between the two. Thankfully, it only requires simple maths.

To go from a fraction to a decimal is as easy as dividing out the fraction and adding one. Here’s how that looks for odds of 2/1:

(2/1) + 1 = 3.o

And using our second example from above, 8/13, it looks like this:

(8/13) + 1 = 1.62

If you want to go from decimal odds to fractional odds is similarly simple. You just minus one from the decimal odds, turn that number into a fraction and reduce it down to it’s simplest form.

Let’s take decimal odds of 4.5, this is the equation:

4.5 – 1 = 3.5
35/10 -> 7/2

If the decimal price is 1.25, you convert it into fractional odds like this:

1.25 – 1 = 0.25
25/100 -> 1/4

Here’s a list of some of the most common fractional odds and their decimal equivalents (for a more in-depth list click here).

Key Terminology

When reading betting advice or searching for a value bet on the bookies’ websites you’ll come across some key terms relating to betting odds. To round up our article on betting odds, we’ve covered the most widely used terms to ensure you don’t get confused in your search for winners.

Stake – The amount of money that you place (or wager) on a specific bet.

Price – The price of a bet is simply another way of referring to the odds. You can either say that a football team can be backed at odds of 2/1or that their price is 2/1.

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Odds On & Odds Against – Two of the key terms that you’ll hear when it comes to betting odds are ‘odds on’ and ‘odds against’. These terms refer to whether a price is greater or lower than evens. Any price above evens is known as odds against, while anything below evens is odds on.

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Short and Long Odds – If something is described as being short odds it means the price is low. A long odds shot will provide you with a bigger win but is much less likely to win.