The definition of odds is simply; the probability that one thing is so or will happen rather than another. Around the world, there’s a difference in how you present the odds. Just like we can write “half” as 0.5, 50% or 1/2 while remaining the same meaning, odds can be written differently and still have the same probability or pay the same amount of money. This article will cover the most common ways of writing and converting odds.
A common way to present odds is in decimal form, and it could look something like this: 2.25. One way to interpret odds in decimal format is as a percentage of your bet. An odds of 1 would be the same as 100% of your bet, and winning at an odds of 1 would mean you get your money back. At an odds of 2.25, your return would be 225% of your bet, so if your bet were $100, you would receive $225 if you have the winning bet. Another way to calculate your winnings with the decimal form is to multiply your bet by the odds; $100 * 2.25 = $225.
Converting decimal odds to fractional odds
Add /1 behind the decimal odds; using the above example; we would get 2.25/1. Multiply both sides of the fraction by 100 to get 225/100. Divide by a suitable number to get the lowest common denominator. In this case, we would divide by 25 and get the final fractional odds of 9/4.
Fractional odds are written like 5/3 (five to three), which means that if you bet $3, a winning bet would give you $5 in profit. The important difference here is that your initial bet is not included in the odds, so in the bet above, you would get a total of $8 ($3 that was your initial bet and $5 in profit). If the odds had been 1/5, you would have gotten $1 in profit if your bet was $5 (a total of $6 returned to you with the initial bet included). Fractional odds are always shown in whole numbers. For example, if your profit on a bet would be $1.25, the odds would show it as $5 in profit for every $4 bet, or 5/4.
Converting fractional odds to decimal odds
Converting fractional odds to decimal odds is very easy. Read the fractional odds as “divided by”; the odds 5/3 should be read as “five divided by three”.
- After we calculate the division, we just add +1.
- A fractional odds of 5/3 would then be 5/3 = 1.67 and add +1.
- 1.67 + 1 = 2.67.
American odds use a plus or a minus sign in front of the odds, such as +115 or -115.
- When the American odds are positive, the figure indicates how much money will be won on a $100 wager (this is done for an outcome considered less likely to happen than not). For example, a net payout of 4/1 would be quoted as +400.
- When the American odds are negative, the figure indicates how much money must be wagered to win $100 (this is done for an outcome that is considered more likely to happen than not). For example, a net payout of 1/4 would be quoted as −400
In most cases, the favourite will have negative American odds (less payoff for a safer bet), and the underdog will have positive American odds (more profit for a risky bet). However, if the teams are evenly matched, both teams can have a negative line simultaneously (e.g. −110 −110 or −105 −115).
Converting American odds to decimal odds
Converting American odds to decimal odds is easy. Divide the American odds by 100 and add 1. An American odds of +115 would convert to decimal odds like this.
- 115/100 = 1.15. After dividing by 100 we add 1 and get 1.15 + 1 = 2.15
The Indonesian Odds are very similar to American; they are the same, odds are just divided by 100. Similar to American odds, the number represents the wager’s odds. The difference is that it will be based on one unit wagered.
- A positive Indonesian odds of 2.00 (or +2.00) mean you’ll win two units for every one unit wagered, plus your stake back. 3.00 would mean three units for every one unit wagered, and 2.8 would mean 2.8 units for every one wagered.
- A negative Indonesian odds of -1.50 mean you’ll need to risk 1.50 units to win one unit. Odds of -4.8 mean you’ll have to wager 4.8 units to win one unit and so on. Of course, you’ll receive your stake back on top.
Converting Indonesian odds to fractional odds
To convert positive Indonesian odds to Fractional odds.
- Remove the plus sign (+) and any zeros from the odds, and add /1.
Example: Portugal has Indonesian odds of +3.00 to beat Brazil in the World Cup. We strip the number of the + sign and the zeros to get 3. Then, we add ‘/1’ to the end. So, the odds become 3/1.
To convert negative Indonesian odds to Fractional odds.
- Remove the minus sign (-) and any zeros from the odds, and add /1.
Example: Brazil has Indonesian odds of -4.25 to beat Portugal in the World Cup. First, we strip the number of the – sign to get 4.25. So, the odds become 1/4.25.
Since Fractional odds always use whole numbers, we multiply the 4.25 by four and get 4/17 as Fractional odds.
You might also be interested in reading: Common Errors In Live Betting
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