A Comprehensive Guide to Understanding and Converting Betting Odds
One of the essential aspects of betting is understanding the different kinds of odds that exist and be a master converting betting odds. These odds are used to calculate the amount of money that a bettor can win based on their wager. In this article, we will explore the four different kinds of odds that are commonly used in betting: Fractional, Decimal, American, and Probability.
Odds Converter Calculator: Easily Convert Between Different Odds Formats
Understanding Fractional Odds: How to Convert and Use Them
Fractional odds are a popular method of representing odds in the United Kingdom and Ireland. They are presented as fractions, such as 2/1 or 5/4. The first number in the fraction represents the amount of profit a bettor will make if they wager the second number. For example, if you bet £1 on odds of 2/1 and win, you will receive £2 in profit plus your original £1 stake.
Decimal Odds: An Easy Guide for Bettors
Decimal odds are commonly used in Europe, Canada, and Australia. They are presented as a decimal number, such as 2.50 or 1.83. Decimal odds represent the total payout a bettor will receive, including their original stake. For example, if you bet £1 on odds of 2.50 and win, you will receive £2.50 in total payout, including your original £1 stake.
American Odds Demystified: Conversion and Usage Tips
American odds are the most common type of odds used in the United States. They are presented as either a positive or negative number, such as +200 or -150. Positive odds indicate how much a bettor can win on a £100 wager, while negative odds indicate how much a bettor needs to wager to win £100. For example, if you bet £100 on odds of +200 and win, you will receive £200 in profit plus your original £100 stake.
Probability Odds Explained: How to Calculate and Convert Them
Probability odds are presented as a percentage, such as 60% or 75%. These odds represent the likelihood of an event occurring. For example, if a horse has a 75% chance of winning a race, the probability odds of that horse winning are 75%.
How to Convert Betting Odds: A Step-by-Step Guide
Converting between different types of odds is a crucial skill for any bettor. Fortunately, it’s not difficult once you understand the formulas.
To convert from fractional odds to decimal odds, divide the numerator by the denominator and add 1. For example, if the fractional odds are 7/4, the decimal odds would be 2.75 (7 divided by 4 equals 1.75, plus 1 equals 2.75).
To convert from decimal odds to fractional odds, subtract 1 from the decimal odds and then convert to a fraction. For example, if the decimal odds are 2.75, subtracting 1 gives 1.75. Then, convert 1.75 to a fraction by finding the lowest common denominator. In this case, the closest whole number to 1.75 is 7/4, so the fractional odds would be 7/4.
To convert from decimal odds to American odds, use the formula (decimal odds – 1) x 100 if the decimal odds are greater than or equal to 2, and (-100) / (decimal odds – 1) if the decimal odds are less than 2. For example, if the decimal odds are 2.75, the American odds would be +175 (2.75 minus 1 equals 1.75, times 100 equals 175).
To convert from American odds to decimal odds, use the formula (odds / 100) + 1 if the odds are positive, and (100 / odds) + 1 if the odds are negative. For example, if the American odds are +175, the decimal odds would be 2.75 (175 divided by 100 equals 1.75, plus 1 equals 2.75).
To convert from decimal odds to probability, use the formula 1 / decimal odds. For example, if the decimal odds are 2.75, the implied probability would be 0.3636 (1 divided by 2.75 equals 0.3636, or 36.36% when expressed as a percentage).
To convert from probability to decimal odds, use the formula 1 / probability. For example, if the implied probability is 0.3636, the decimal odds would be 2.75 (1 divided by 0.3636 equals 2.75).
Odds Conversion Table: Probability to Decimal, Fraction, and American Odds