Odds Converter
Convert odds between different odds formats
Different odds formats in sports betting
Odds are the numbers used by bookmakers to determine the payout for a winning bet. They represent the probability of an event occurring, and are used to calculate the amount of money a bettor stands to win if their bet is successful. There are three main formats used for sports betting odds: decimal, fractional, and American.
Decimal Odds
Decimal odds are the most common and simplest form of betting odds. They express the potential payout as a single decimal number, including the original stake. For example, a decimal odds of 2.00 means that for every $1 bet, the payout will be $2 if the bet is successful.
Fractional Odds
Fractional odds are most commonly used in the UK and Ireland. They express the potential payout as a fraction of the original stake, with the denominator representing the stake, and the numerator representing the winnings. For example, fractional odds of 1/1 mean that for every $1 bet, the payout will be $1 if the bet is successful.
American Odds
American odds, also known as Moneyline odds, are commonly used in the United States. They express the potential payout as a positive or negative number, with the magnitude of the number representing the degree of favoritism for either team. For example, American odds of -150 mean that a bettor must wager $150 to win $100, while American odds of +120 mean that a bettor will win $120 for every $100 bet if the bet is successful.
Implied probability
Implied probability is a term used to describe the probability of a specific outcome, as implied by the odds offered by bookmakers. It's calculated by dividing 100 by the decimal odds, which is the expected return for a winning bet, including the original stake.
For example, if the decimal odds for a bet are 2.00, the implied probability can be calculated as follows: . This means that the bookmaker believes there is a 50% chance that the outcome in question will occur, and the odds reflect this probability.
It's important to note that implied probability is not a guarantee of the outcome, but rather a representation of the bookmaker's expectation. The actual probability of an event occurring can be higher or lower than the implied probability. Understanding the concept of implied probability is useful to make informed betting decisions, as it gives an idea of the bookmaker's assessment of the likelihood of a specific outcome.