When a bookmaker prices up an event, he factors his profit into the odds, and this is called the “overround”. A 9/1 (10.00 or +900) bet is ‘expected’ to be successful once in every 10 occasions, so the probability would be 10%. However, if the decmial odds do not end in .00 then you will have to multiply the fraction to reach a non-decimal one. A successful £10 bet at 2/7 returns £2.86 on top of the stake, so total returns of £12.86.
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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).
How Can I Work Out My Potential Returns Using the 3 Most Common Betting Odds Formats?
- Betting odds can be presented in different formats, such as decimal odds, fractional odds or money line odds, depending on the region or bookmaker.
- U.S. odds can either start with a plus sign (positive odds) or a minus sign (negative odds).
- Learn how to interpret betting odds and calculate a value bet in the world of sports betting.
- Accumulator Calculator – In the UK, the parlay bet is known as an accumulator.
Bookmakers now use complex mathematical processes called Algorithms to work out the odds for the vast majority, if not all of their betting markets. These are often available at bookmakers sites, or on standalone bet calculator sites. So odds of -154 means you would need to bet $154 to win $100 (for a total return of $254). With negative odds, the number indicated shows how much you would need to bet in order to make a profit of $100 on that bet. So in a simple example odds of 2.50 x £100, would return £250 (£150 profit, £100 stake return). Now that we know what odds mean, let’s start using them practically in a situation where you want to know the potential winnings you have on a bet.
In this post, we are going to explain a number of important things to note about odds. Our odds converter works automatically and in an instant, so you odds to percentage can quickly get the odds that you need. All that you need to do is input the odds that you need converting into the relevant box – such as +400 odds into the American odds box – and then read the results of the other boxes. You can much more easily convert any odds you want with our useful and quick tool. Of course, with the Paddy Power odds converter, you don’t need to run these sums. Then, the PP odds converter will automatically convert it into all of the other main types of odds.
With positive numbers, such as +270 or +600, the number indicates how much you would make in profit for a theoretical bet of $100. American odds are slightly different because there are two types of odds, positive numbers and negative numbers and how you work out the potential returns for your bet is different for each. The first number in the fraction (4) refers to the amount you could win for your unit stake (1).