Considering that betting on esports is getting increasingly common, it’s vital that you understand the manner in which to go about converting to various kinds of odds available. There are various types of betting odds. In this piece, we’ll go over a few different kinds of odds you’re likely to come across, such as American odds, Fractional odds, and Decimal odds.
In addition, we will walk you through the essentials of every one of them, exhibiting the way they function with appropriate instances in order that you’re able to completely comprehend what different kinds of odds represent. The goal of this piece is to show you the correct way to convert odds to percentages and probabilities, which can be useful if you’re trying to comprehend the reasoning beneath the odds you see or you’re totally new to gambling.
The Three Formats and Definitions: Probability and Odds
As earlier stated in the introduction, the three major formats of betting odds in online gambling are; decimal odds, fractional odds, and American odds. In this part, we’ll go over each category quickly before explaining how to convert these chances to probability and percentages.
Just as its name suggests, this kind of odd is most prevalent in the continent of North America. Furthermore, a positive moneyline figure indicates how much you can earn on a winning bet with a $100 wager. Note also that, -100 is evens, so the profits are precisely twice what you wagered. A $100 wager at -100 yields $200, or a $100 profit. You wager $100 and win $100.
In Northern America, prices or odds are mostly termed ‘lines’. A minus moneyline value greater than -100 indicates that the price is odds against and that you will make less return on the bet size. For example, a -105 moneyline (1.952 in decimal or 20/21 in fractional odds), your winning $100 wager earns you $95.20, giving you a total return of $195.20. Using a -500 value (1/5 in fractional or 1.20 in decimal odds), a winning bet with a $100 stake results in a $20 profit. Therefore, the total payout is $120.
Rates in decimals, which are commonly utilized in most of Europe as well as worldwide, show you how much you stand to gain if your wager turns out well, plus the expected return of your capital. Decimal pricing are sometimes offered to a maximum of three decimal places. If you wager €10 at 4.755, the overall reward for an accurate bet is precisely €47.55, implying a €37.55 profit.
However it may require some time to transition from calculating in fractions to decimals, they have grown more popular because they precisely present to the player the precise gain he stands to get out with if their pick pulls through.
Decimal odds enable more accurate computations and are becoming more frequent on online platforms as sportsbooks such as Bet999 that serve a larger global clientele.
Observe the trends of common decimal odds like 4.00 (3/1 or +300), 5.00 (4/1 or +400), and 6.00 (5/1 or +500) to gain a sense of how they translate into fractional or moneyline values. If you happen to be still not sure, use a bet converter or an odds converter, such as the one offered later in this article, to verify the values.
Fractional odds, which have their roots in horse racing, are by far the most popular way to represent prices in Ireland and United Kingdom. However, bettors from these countries are gradually becoming more acquainted with decimal odds.
Although fractions are simple to understand, the format is rather confined to common pricing, whereas bookies and skilled players are constantly demanding more exact odds. If the bet is right, the person making the wager will earn a profit based on the fractional odds.
Hence, with a 3/1 price, if the gambler stakes £10, his or her possible gain is £30 (£10 x 3) and the total amount paid is £40 (£30 profit + the £10 stake refunded). The exact same 3/1 value translates to 300 in American odds and 4.00 or 4.000 in decimals.
Whenever you come across fraction like 9/2, 1/1, or 2/7, it is a little more difficult to figure out your possible wins. Given a £10 stake in a winning wager at 9/2, the return on investment would be a sum of £55, representing a £45 gain plus the £10 investment back. In decimal terms, a 9/2 price is 5.50, and a +450 value in moneyline terms.
1/1, frequently referred to as evens, is represented by -100 in American odds and 2.00 in decimal notation. You can virtually double the amount you invested here, therefore if you wager £10, you’ll receive £20 back i.e.,£10 in profits if you win.
A 2/7 fraction is an odd contrary to price, which means there is a good chance of winning but you will only receive a percentage of your capital back in profit. A winning £10 wager at 2/7 pays £2.86 in addition to the initial wager, giving a total reward of £12.86. The decimal odds price equivalent is 1.286 or -350 in American notation.
Odds Conversion Chart
The table below shows some typical pricing in all three formats and the corresponding implied probability. You can find some common examples in decimal, fraction, and percentage probability.
|Decimal||Fraction||American (Moneyline)||Implied Probability|
|2||1/1 or Evens||+100||50%|
Convert your gaming experience to premium at Bet999
Why hesitate to put your newly acquired understanding of percentages and betting odds to use? When you sign up at Bet999, you can play all of the top casino games with the most favorable odds. We provide a wide selection of quality online slots, RNG table titles, and live dealer casino table games for your enjoyment.
In addition, there is a dedicated sportsbook section at Bet999 where you can bet on a wide variety of sports at top odds. All the major types of odds are available, including Hong Kong, Malay, and Indonesian. The betting platform is compatible with all mobile devices for a premium gaming experience.
The manner in which Odds are Determined?
The odds that are offered on any betting market are computed according to the total amount of possible results as well as the bookie’s margin or house edge on the wager, which would imply that the bookmaker ought to turn a profit irrespective of the end result of the contest.
The simplest approach to understanding how odds are computed is to consider an event that has two alternative outcomes of identical probability, such as the toss of a coin. The probability of the coin being tossed and resulting in either heads or tails is roughly 50/50.
You’d assume that a bookie would be willing to provide an equal payout on this wager; however, they have to factor in their margin. As a result, the odds presented will be somewhat lowered.
In this instance, if the probability of winning on either heads or tails were 4/6 (1.67), a £10 bet on the final result would yield a £6.70 profit for an overall payout of £16.70. The goal of the bookmaker is to create equilibrium in their books by having sufficient wagering on the alternative outcome to pay their responsibility and generate a profit.
Whenever moneyline wagers are given as +200 or +1400, the simplest approach to translating these to fractional odds or decimal odds is to keep in mind that the odds are given as the amount of profit someone would gain on a $100 stake.
Thus, in the above instance, a moneyline or American odds bet with a +200 of $100 would return a $200 win and a $300 overall return. This corresponds to a 2/1 bet (or 3.0 in decimal odds).
In what way Do You Determine Odds on Money Line Bets?
You can apply a fairly easy computation to determine the likelihood of your bet based on the odds provided. The formula is A / (A+B). In this computation, A represents the gambler’s probability of winning, while B represents his probability of losing.
Assume a punter has made a wager on a circuit race with four contestants. The player has chosen one contender to win; however, there are three riders who have not been backed by the player, which could lead them to lose.
When we enter these digits into the formula, we get 1/(1+3), which can be converted to 1/4. Subsequently, the possibilities of a punter succeeding equates to 25% or 1/4.
What happens when you place a $100 wager on the +140 Moneyline?
In the event that you wager $100 on a +140 moneyline bet and the wager wins, you are going to get your $100 stake in addition to $140 in profits. This equates to a total payout of $240. Nevertheless, if the prediction is wrong, you will lose the money you invested and receive nothing in compensation. Therefore, players should endeavor to gamble responsibly and only wager with what they can afford to let go, as betting should be a recreational activity.
FAQs About Converting Odds and Probabilities
How do you convert odds to probability percentages?
- Decimal – 1 split by decimal odds times by 100 yields a percentage For example, decimal odds of 3 = (1/3) * 100 = 33.3%.
- Fraction – To calculate the percentage, split the fraction by 1 (the fractional odds plus 1) and multiply by 100. For example, a fractional odds of 2/1 is (1 / ((2/1) + 1)) * 100 = 33.3%.
- Positive odds – 100 split by (the American odds plus 100) times 100 to provide a percentage, for example, american odds of 200 = (100 / (200 + 100)) * 100 = 33.3%.
- Negative odds are calculated by first multiplying the moneyline odds by -1 and then using the positive value in the following formula: moneyline odds divided by (the American odds plus 100) times 100 to yield a percentage, for example, american odds of -200 = (200/(200+100)) * 100 = 66.7%.
Convert probability percentages to odds?
- Decimal – 1 split by (the percentage split by 100), for example, 50% probability = 1 / (50 / 100) = 2.
- Fraction – (1 split by (the percentage split by 100)) minus 1; for example, a 25% probability = (1 / (25 / 100)) – 1 = 3 = 3/1.
- Positive odds – (100 split by (the percentage split by 100)) – 100, for example, a 10% chance = (100 / (10 / 100)) – 100 = 900
- Negative odds – The probability split by (1 – (the probability split by 100)) then multiplied by (-1) to translate to a negative, for example, a probability of 60% = (60 / (1 – (60/100)) * -1 = -150.
Convert american odds to decimal?
- Positive odds – 1 + (the American odds split by 100), for example, 500 American odds = 1 + (500/100) = 5.
- Negative odds – 1 – (100 split by the American odds), for example, -500 American odds = 1 – (100/-500) = 1.2.
Convert american odds to fractional?
- Positive odds – The American odds split by 100, for example, 400/100 = 4/1.
- Negative odds – is computed by (- 100 split by American odds), for instance. american odds of -200 = -100/-200 = 1/2.
Convert fractional odds to decimal?
Simply add 1 to the fractional value, for example, 6/1 = (6/1) + 1 = 7.
Convert fractional odds to american?
Positive American odds – The fractional value times 100, for example, 4/1 odds = (4/1) * 100 = 400.
Negative American odds = -100 split by fractional odds, e.g. -100 / (1/3) = -300.
Convert decimal odds to fractional?
Minus 1 from the decimal value, for example, a decimal value of 7 = 7 – 1 = 6, typically written as 6/1.
Converting decimal odds to american?
Positive American odds – (the decimal value less one) times 100, for example, a decimal value of 5 = (5 – 1) * 100 = 400.
Negative american odds – (-100 split by (the decimal odds less one), for example, a decimal value of 1.5 = -100 / (1.5 – 1) = -200