From decimal odds to fractional odds and Moneyline to inverse markets, betting on sports is a complex process. But learning the terminology and understanding how the different types of bets work isn’t as difficult as you might think.
To help you get started, we have put together a simple betting odds conversion table to explain how to convert betting odds – it’s that simple! If you’re new to betting on sports, you may find the range of betting markets confusing. It is important that you understand the odds presented by online sportsbooks.
After all, there are so many different ways to bet on sporting events. The first step towards making sense of it all is understanding how different types of odds work. Whether you are betting online or calling in your bets, you need to understand different odds formats. Here’s everything you need to know about converting various types of betting odds:
Decimal odds
Decimal odds are now more common than ever before. They are displayed as a single number which represents the amount that you would win if your bet was successful and your stake was $1 for example. As usual, we have an example to best explain this.
Let’s say that the decimal odds for a specific outcome are listed as “4”. This means that if you were to make a wager of $1, you would get a profit of $3 and your original bet of $1 returned. To help you to convert to fractional odds, an even money bet is represented as “2” in decimal format. Any decimal odd less than 2 is an odds-on bet.
Odds are expressed in decimals because there is not an exact amount you must wager to win $100. The favorite in a boxing match, for example, will have shorter odds than the underdog. The decimal odds reflect this.
Decimal odds are primarily used in sports such as football, cricket and tennis. However, many countries that don’t use European odds also use decimal odds when offering sports betting. This includes the United Kingdom.
Fractional odds
Fractional odds are most commonly found when betting on horse racing and football (soccer). Betting on horse racing can also be done with the “bet without” strategy. Fractional odds are expressed with a numeral and a slash, with the numeral representing the number of places you must place in the race. The slash, followed by the word ‘to’, shows how much you will win for your $1 wager. This assumes no betting tax is applied.
For example, 3/1 means that you will make a profit of $3 and receive your stake back of $1 so you will get $4 back on your bet in total. Fractional odds are sometimes called U.K. odds. You might also see fractional odds displayed with a slash and then the word ‘each’. This is the same as a slash followed by the word ‘to’.
Implied probability and expected value
This is an odds term mainly seen in the United States. The first thing to note about implied probability is that it is not the same as conversion probability. Conversion probability is a term used for decimal odds. Implied probability, on the other hand, refers to fractional odds. You can use implied probability to work out the likelihood of a specific event occurring.
For example, let’s say you place a bet on the Dolphins to win against the Patriots in the AFC Championship. The odds on this game are 2/7. This means you must wager $7 to win $2. So, how likely is it that the Dolphins win?
Well, with implied probability, you take the Dolphins’ odds and subtract the Patriots’ odds. In this case, 2/7 – 7/2 = 5/5. So, you have to wager $7 to win $5. With this information, you can then work out the probability of the Dolphins winning.
Now, let’s say you place a $7 bet on the Dolphins winning. You win $5, so you make a profit of $2. This is called expected value. You can calculate expected value by multiplying the probability of an event occurring by the amount you will make if it does. In this example, you multiply 5/5 by $2 to get an expected value of $10.
Moneyline odds
Again, this is used in the US. Moneyline odds are the most common type of odds in sports such as baseball and hockey. There are no specific numbers associated with the odds. Instead, they are displayed using a positive number or a negative number. A positive number means the team is the favorite and a negative number means the team is the underdog.
For example, -160 means the team is the favorite while +110 means they are the underdog. How do you convert these into a decimal probability? Well, you subtract the favorite’s odds from the underdogs’ odds.
Using the above example, -160 – 110 = 60%. So, the Dolphins, who are -160, have a 60% chance of winning, while the Patriots, who are +110, have a 40% chance of winning. Note that the above conversion only works when dealing with American odds.
In British odds, you convert the odds into decimals before converting them into Moneyline odds. To convert British to American odds, you must add the underdogs’ odds to the favorites’ odds.
Matchup odds and betting props
Matchup odds and betting props are inverse markets. This means the odds are shown in reverse order. For example, -200 means the team is the favorite and +150 means the team is the underdog. To convert these to regular odds, you must add the inverse odds to 100.
So, in this example, -200 + 100 = 100/200 = 50%. So, the team has a 50% chance of winning. Note that the above conversion only works when dealing with American odds. In British odds, you must convert the odds into decimals before converting them into matchup odds. To convert British to American odds, you must add the inverse odds to 100.
