Simply enter the decimal odds of your bet into the labelled box, and when you press calculate, the fractional equivalent will be outputted along with the implied probability percentage. When betting odds are explained in this way, many people are surprised at what the implied probability suggests is the percentage chance of winning that even short-priced favourites have. Starting with what sports betting odds are, how sports betting odds work, the different types of betting odds formats and how you can convert odds from one format to the other.

• That means the bookmaker believes there’s about a 32% chance of your bet winning.
• By the end, you’ll be ready to tackle rugby betting like a pro.
• Implied probability is the core reference point between all kinds of odds.
• A parlay is a bet that combines multiple selections into a single wager that has a payout only when all parts win.
• The coin toss is a 50/50 chance, so the odds should be even money heads and even money tails.

Are You Decimal or Fractional?

The B weights give the linear combination of the explanatory variables that best predict the log odds. Output from a logistic regression of gender on educational aspiration So the log of the odds can be expressed as an additive function of a + bx.

For conversion of fractional odds to decimal take the first figure and divide it by the second figure then add 1.00. Punters usually only find themselves in situations where they are trying to convert odds between formats, for example whilst on holiday or traveling and betting outside their home countries. Sometimes decimal prices are quoted to three decimal places, so if you odds to percentage place a £10 stake at 4.755 your total return on a correct bet is exactly £47.55, meaning you made a £37.55 profit.

Reviews by Type

It can be useful to calculate the probability of a bet landing before parting with your hard-earned cash or free bets. Let’s look at an example of probability in football betting. When researching your bets and revising the gambling industry, it won’t be long before you encounter probability. Betting on Team A in this scenario is a smart move because you’re getting better odds than the actual probability. If you believe a team has a better chance of winning than the odds suggest, that’s a value bet. If your own research suggests a higher probability, you might have found a good betting opportunity.

This is the essence of how sports betting odds work, and it is the case regardless of the type of bet. This is why decimal odds are ideal for beginners as all you need is a calculator to work out how much you stand to win on any bet. Betting odds are as fundamental to sports betting as the bookmakers and the sporting events themselves. A free odds calculator is a useful tool that can improve your sports betting experience, but can be hard to find. Our odds calculator is here to make your sports betting a whole lot easier. Understanding betting odds is key to more informed sports betting.