Odds are the fulcrum of sports betting, and understanding betting odds is the first step to placing a winning bet. Odds are an expression of your chances of winning as well as the profit you stand to gain on a successful bet. There are three different odds formats at sportsbooks – decimal, fractional, and Moneyline (American). However, each one is an expression of the same implied probability. Fortunately, it’s easy to convert from one form to another, thanks to the odds conversion table, which we’ll be discussing on this page.
The odds conversion table below details some of the most common prices in the different formats alongside their implied probability.
To understand the betting odds conversion chart, you’ll need to learn how to read the odds in all available formats:
Fractional – These are written as a fraction where the numerator represents the profit to be made against the stake, which is the denominator. For instance, 2/1 means that you win £2 for every £1 bet. Higher stakes will be multiplied by the numerator to find the corresponding payout. So, a £10 bet will net you £20. This style is prominent in UK and Irish betting markets.
Decimal – Also known as European odds, these are given as decimals. Your potential profit is your stake multiplied by the odds value. For example, a £10 bet at odds of 1.80 will give £18 in returns (your original £10 stake + £8 profit). Here, smaller odds indicate the team with a higher chance of winning.
American – With American or Moneyline odds, bookmakers, give a whole number with a + or – sign. The positive (the underdog) indicates the profit on a $100 bet, while the negative coefficient (the favourite team) indicates the amount you have to bet to win $100.
To convert fraction odds to decimals, divide the numerator by the denominator and add 1. Using fractional odds of 3/2, we have (3 ÷ 2) + 1 = 2.5
On the other hand, to convert decimal odds to fractional, there are two steps:
Firstly, subtract the one
2.5 – 1 = 1.5
Secondly, divide by one. Note that the fraction must be in its simplest form with the nearest whole number integers.
1.5 ÷ 1 = 1.5/1
To eliminate the decimal, we can multiply by 10 to arrive at 15/10. Broken down to its simplest form, we have 3/2.
You can find the odds conversion percentage in the fractional decimal odds conversion table.
Regardless of the method of stating odds, implied probability reveals your chances of winning a bet based on the given odds. The relationship between betting odds and your chances of winning is a mathematical concept and can be calculated as follows:
We’ve highlighted the ways to work out odds to probability conversion manually, but you can also use any odds conversion calculator online to achieve this. These calculators will solve for fraction to decimal odds conversion and vice versa. It also solves for American odds conversion. They will also automatically reveal the odds to probability conversion as well as the probability to odds conversion. Simply type the odds in the format you’re given, and other corresponding parameters will be generated.
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