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п»їHow Do Odds Work in Betting?
If you are planning to start betting, be it casino gambling, sports betting, or any other type, it's important to understand the odds. It would be preposterous and absurd to think about placing bets without having a good grip on the main types of betting odds and the ability to read and interpret the various associated formats.
The three main types of betting odds are fractional (British) odds, decimal (European) odds, and American (moneyline) odds. These are simply different ways of presenting the same thing and hold no difference in terms of payouts. This means that a chance (percentage probability) of an event occurring can be converted and presented in any of the aforementioned types of odds.
How Fractional Odds Work.
Fractional odds (aka British odds, UK odds, or traditional odds) are popular among British and Irish bookies. These are typically written with a “slash (/)” or a “hyphen (-),” e.g. 6/1 or 6-1 and announced as “six-to-one.” Fractional odds are used by some of the world’s largest bookmakers, making them the most preferred odds across the globe.
Therefore, the total (potential) return on a stake can be stated as:
For instance, one of the major sports betting websites listed the following fractional odds for futures betting on the team to win the 2017-18 NBA Championship. Below is a selection of the three teams that had the lowest odds of winning.
Golden State Warriors: 10/11 Houston Rockets: 9/4 Cleveland Cavaliers: 7/1.
It can quickly be determined that the Golden State Warriors are the favorites while the odds on Houston and Cleveland winning are longer. That is, one wins only $10 against every $11 wagered on Golden State to be the champions. Meanwhile, one wins $9 against each $4 (i.e. 3.25 times) put at stake for Houston to win, which is a bit less probable. For Cleveland, one wins $7 against each $1 bet.
In the above example, if you bet $100 on Golden State to win, you could make a $90.91 profit [$100 x (10/11)], and could get back your initial stake of $100, resulting in a total payout of $190.91. However, if you wager $100 on Houston to win, you could receive a profit of $225 [$100 x (9/4)], in addition to the $100 initial stake leading to a total payout of $325. The potential profit for a Cleveland win would be even higher, as you could make a profit of $700 [$100 x (7/1)]. With the initial stake of $100 being returned, it would make for a total payout of $800.
How Decimal Odds Work.
Decimal odds (aka European odds, digital odds, or continental odds) are popular in continental Europe, Australia, New Zealand, and Canada. These are a bit easier to understand and work with. The favorites and underdogs can be spotted instantaneously by looking at the numbers.
The decimal odds number represents the amount one wins for every $1 wagered. For decimal odds, the number represents the total payout, rather than the profit. In other words, your stake is already included in the decimal number (no need to add back your stake), which makes its total payout calculation easier.
The total (potential) return on a stake can be calculated as:
For instance, one of the renowned betting websites priced the candidates to win the 2020 U.S. Presidential Election. Here, we list the decimal odds for the candidates and the biggest long shot among the candidates listed by the bookmaker.
Donald Trump: 4.00 Joe Biden: 1.3.
These numbers merely represent the amount one could win against each $1 put at stake. Therefore, if one bets $100 on Donald Trump to be re-elected as president, this person could make a total payout of $400 ($100 x 4.00). This amount includes the initial stake of $100, giving a net profit of $300.
Similarly, a bettor could make a total payout of $130 ($100 x 1.3) if they successfully bet $100 on Joe Biden. Deducting $100 from this return gives the bettor the net profit earned.
Reviewing the prices that the bookmaker has set for each candidate, it can be determined that according to the bookmaker, the probability of Biden (favorite) winning the election is higher than that for Trump. The higher the total payout (i.e. the higher the decimal odd), the less probable (and riskier) it is for the listed candidate to win.
How American (Moneyline) Odds Work.
Let’s understand this with the help of an example:
One of the popular betting websites priced the NCAA "Sweet 16" men's basketball game between Duke and Syracuse on March 23, 2018, with the following moneyline odds.
In this matchup, there is a big difference between the two odds, indicating a much higher probability of Duke winning the game and advancing to the next round of the NCAA Tournament.
Key Takeaways.
The three main types of betting odds are fractional (British) odds, decimal (European) odds, and American (moneyline) odds. These are simply different ways of presenting the same thing, and hold no difference in terms of payouts. Fractional odds are the ratio of the amount (profit) won to the stake; Decimal odds represent the amount one wins for every $1 wagered; and American odds, depending on the negative or positive sign, either indicate the amount one needs to wager to win $100 or the amount one would win for every $100 staked.
The Bottom Line.
If you are planning to enter the betting or the gambling world, it is important to be able to understand and interpret all types of odds well. Once you have mastered the three popular types of odds (fractional, decimal, and American), you can move towards a more detailed read on this topic and find out how the house always wins. Please refer to Understanding the Math Behind Betting Odds & Gambling for the conversion between the different formats of odds, the conversion of odds into implied probabilities, and the differences between the true chances of an outcome as well as the odds on display.


Betting Odds Calculator.
The betting odds calculator allows you to input your stake & odds in American, Decimal, or Fractional formats to quickly calculate the payout for your bets.
Top Offers.
American Odds are the default odds at American sportsbooks. These odds are based on winning $100 for a given bet.
Betting a Favorite: The odds for favorites will have a minus (-) sign , and represent the money you need to risk to win $100 .
So if you're betting on the Packers at -140 against the Vikings, that means Green Bay is a slight favorite. You need to risk $140 to win $100 on the Packers. If they win, you profit $100 and get your original $140 back.
The rest of the world uses Decimal Odds , in part because it’s easier to convert them to implied probabilities than American Odds. Decimal odds represent the amount a bettor wins for every $1 wagered . And the number represents the total return , not just the profit like American and fractional odds.
The Packers would be 1.714 in decimal odds as a -140 favorite in American odds. For every $1 risked, you’re profiting 71.4 cents, plus your $1 back.
Fractional Odds are used primarily in the UK and Ireland. Few bettors use fractional odds for betting sports (other than horse racing), because the conversions to understand return are difficult.
To calculate winnings on fractional odds, multiply your bet by the top number (numerator), then divide the result by the bottom (denominator). So a $10 bet at 5/2 odds is (10 * 5) / 2, which equals $25. A $10 bet at 2/5 odds is (10 * 2) / 5, which is $4.
Did you notice those percentages add up to more than 100%? That’s because of the vig, which is a sportsbook’s cut for facilitating your bet. To calculate implied probability, use the following formulas:
For negative numbers (favorites), drop the minus sign, then do:
For positive numbers (underdogs) :
The bet amount is how much you’re risking on a given bet. As a responsible bettor, it is important to understand proper bankroll management.
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How To Compile Your Own Odds.
January 12, 2016 By Bradley Gibbs.
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This is a guest post from sports betting expert and successful punter Bradley Gibbs. This is definitely a very important read for anyone who wants to punt profitably and you should bookmark this page and refer back to it very, very often!
Being able to compile your own odds is one of the key steps to being a successful punter. All of the profiting gamblers I’ve ever met or have indeed read about price up events for themselves and stress the importance of doing so. This article takes a look at why it is very useful to compile odds, and how it can be achieved.
Who compiles odds?
Many people associate odds compiling and the pricing up of events as practices carried out solely by bookmakers or the people bookmakers employ to do so – often known as ‘odds compilers’. The bookmaker forms a market by compiling a set of odds and the punter comes along and places their bet. The majority of punters are happy to accept whatever odds are offered on a particular market and place their bets without thinking too much of it, and for much of the betting world this is how it goes. But of course, as with many things, there are a few diamonds in the rough, a small percentage of punters out there who aren’t willing to conform to this normality. These are the shrewd punters who make that extra effort to tilt the scales in their favour by compiling their own odds. In doing so this type of punter uses their own odds in comparison with the odds set by the bookmaker in order to find and exploit good value.
Why compile our own odds?
If you’re serious about making a success of your punting efforts then compiling your own odds is something you really ought to be doing. For you can be sure, at least to some degree, that the successful minority are indeed compiling their own sets of odds. To some it might seem a bit long winded and perhaps even unnecessary to compile your own set of odds for each market you want to bet on, but the reality is – as with almost everything in life – to get results you have to put the work in. Pricing up events is an essential part of the work carried out by the serious punter. The main advantage of pricing up events is that it allows the punter to compare their own prices with those available with the bookmakers or on the exchange.
What do you need to price up?
It seems to be a fairly common misconception that compiling your own odds is a highly advanced process and can only be done by those who are blessed with a superior mathematical brain. This is simply not true. You don’t need to be a numbers genius to price up events for yourself, all you really need to do is be able to carry out some simple arithmetic. It is important to note that although you don’t need to be a particularly gifted mathematician to compile your own odds, you will need a strong knowledge of the event you’re planning to price up. For example if you’ve only got a beginners knowledge of racing then compiling your own odds will be pretty pointless as you will likely be hugely inaccurate. So first off make sure you are thoroughly educated in the sport you’re going to bet on.
How do you compile your own odds?
Pricing up a simple football market:
Let’s use a simple win/draw/win football market example to put this into practice. We’ll imagine that top four chasing, Tottenham are travelling to face struggling, Newcastle. We’ll start by looking at the relative home and away form of each side. To keep the example simple let’s look at Newcastle’s last 10 home games and Tottenham’s last 10 away games. Newcastle last 10 home games = Won 3, lost 4 and drawn 3 Tottenham last 10 away games = Won 3, lost 3 and drawn 4.
What we now need to do is use these figures to determine the odds on a home win, away win and the draw. To get a Newcastle win we add their 3 home wins to Tottenham’s 3 way losses = 6 To get a price for the draw we add 3 Newcastle draws to the 4 Tottenham draws = 7 To get Tottenham’s price we add their 3 away wins to Newcastle’s 4 losses = 7.
This leaves us with the following: Newcastle 6, Draw 7 and Tottenham 7. In order to get the percentage chances from this all we do is divide each number by the total number of matches sampled. So in this case 20. Newcastle percentage = 6/20 = 30% Tottenham percentage = 7/20 = 35% Draw = 7/20 = 35%
As discussed above all we do now is simply divide 100 by the percentage figure in order to express the chances of each team as odds.
Newcastle – 100/30 = 3.33 Tottenham – 100/35 = 2.85 Draw – 100/35 = 2.85.
We have now priced the win/draw/win market up as; 3.33 for a home win and 2.85 for both a draw and an away victory. Let’s assume that you feel Tottenham are much the stronger team and you expect them to win the game; however, the price available is only 2.65. You wouldn’t bet an away win at these odds simply because they are lower than the odds you have calculated yourself (your own odds being the ones you believe to be the true representation). Betting on a price below this would represent a bad value bet. On the other hand let’s imagine that you could back Tottenham to win at 3.00. At these odds Tottenham would be a better bet and would indeed represent good value.
Of course using just a sample of each teams’ relevant home/away form is quite a simple example and there are of course plenty of other factors you can consider when pricing up a game such as this. For example you may wish to consider a longer streak of games, perhaps 20. You can also consider both the home and away form of each side rather than just one or the other. Considering how the teams fared against similar opposition is also something that is recommended.
Pricing up a horse race –
Pricing up a horse race can be a bit trickier than a simple win/draw/win football market. The main reason for this is that there are less tangible statistics in a horse race. You will need to have an expert knowledge of form and be able to consider all the different factors involved in analysing both races and a particular horses’ chance.
As for the actual pricing up of the event itself, then this is pretty much the same as that which is discussed above. It is important to price the race to 100% and assign a percentage figure to each horse in the race.
Keeping things simple, let’s say that having analysed a three runner race you have compiled odds on the three runners to 100% and your prices show: 2.00 (50%), 4.00 (25%) and 4.00 (25%). By these calculations you believe that the favourite should be an even money shot and therefore has a 50% chance of winning. However, the actual prices available are: 2.50 (40%), 3.00 (33.3%) and 3.50 (28.6%). If this were to be the case – assuming you were right in your analysis – the value would lie in betting the favourite at a price of 2.00. This is simply because judging by your own prices the horse has a 10% greater chance of winning the race than the odds available suggest.
There are a lot of factors to consider when pricing up a race, so as a basic starting point it is advised that when beginning to do so you focus on smaller field events – probably 8 runners or less. Any more can become quite a headache, even for the more experienced odds compiler! The best thing to do before attempting to price up a horse race is to simply know your stuff! Learn about the different aspects of analysing racing and race form, there is tons of information out there, most of which is readily available at the click of a button. Read up on everything you can regarding the best ways to look at races and just generally learn as much as possible!
The benefits of compiling your own odds.
As we can see from both the racing and football examples above, the reason punters would choose to price up events for themselves is that it helps to both identify and exploit value. Of course “value” or “true odds” can be pretty vague terms, after all despite what some people may say, whether or not a selection represents good or bad value is never really more than matter of opinion, an opinion that is only proved right or wrong after the event has finished.
There is no doubt that being able to compile your own odds – using them as a comparison with those that are available on betting exchanges or with bookmakers – is an invaluable skill when aiming to be successful as a punter. Being able to do this though is nowhere near as useful as being able to do it correctly! This comes from hard work and knowing your stuff.
The bottom line is this; work hard, learn all there is to learn, practice compiling your own odds and through a combination of having an expert understanding of betting on your sport and the ability to compile your own odds you will give yourself an edge over the majority of the betting world.


How to Calculate Odds.
Last Updated: February 1, 2021 References.
wikiHow is a “wiki,” similar to Wikipedia, which means that many of our articles are co-written by multiple authors. To create this article, 33 people, some anonymous, worked to edit and improve it over time.
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The mathematical concept of odds is related to, yet distinct from the concept of probability. In simplest terms, odds are a way of expressing the relationship between the number of favorable outcomes in a given situation versus the number of unfavorable outcomes. Usually, this is expressed as a ratio (like 1 : 3 or 1/3 ). Calculating odds is central to the strategy of many games of chance, like roulette, horse racing and poker. Whether you're a high-roller or simply a curious newcomer, learning how to calculate odds can make games of chance a more enjoyable (and profitable!) activity.
David Jia Academic Tutor Expert Interview. 14 January 2021. Let's say we bet that we'll roll either a one or a two. In this case, there's two possibilities where we win - if the dice shows a two, we win, and if the dice shows a one, we also win. Thus, there are two favorable outcomes.
David Jia Academic Tutor Expert Interview. 14 January 2021. In the example with the die, if we bet that we'll roll either a one or a two, that means we'll lose if we roll a three, four, five, or six. Since there are four ways that we can lose, that means that there are four unfavorable outcomes. Another way to think of this is as the Number of total outcomes minus the number of favorable outcomes. When rolling a die, there are a total of six possible outcomes - one for each number on the die. In our example, then, we would subtract two (the number of desired outcomes) from six. 6 - 2 = 4 unfavorable outcomes. Similarly, you may subtract the number of unfavorable outcomes from the total number of outcomes to find the number of favorable outcomes.
David Jia Academic Tutor Expert Interview. 14 January 2021. You may choose to represent this ratio as a fraction. In this case, our odds are 2/4 , simplified as 1/2. Note - 1/2 odds don't mean we have a one-half (50%) chance of winning. In fact, we have a one-third chance of winning. Remember when expressing odds that odds are a ratio of favorable outcomes to unfavorable outcomes - not a numerical measurement of how likely we are to win.




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