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The three main types of betting odds are fractional British odds, decimal European odds, and American moneyline odds. These are simply different ways of presenting the same thing and hold no difference in terms of payouts. This means that a chance percentage probability of an event occurring can be converted and presented in any of the aforementioned types of odds.
Therefore, the total potential return on a stake can be stated as:. For instance, one of the major sports betting websites listed the following fractional odds for futures betting on the team to win the NBA Championship. Below is a selection of the three teams that had the lowest odds of winning. The favorites and underdogs can be spotted instantaneously by looking at the numbers.
For decimal odds, the number represents the total payout, rather than the profit. In other words, your stake is already included in the decimal number no need to add back your stake , which makes its total payout calculation easier. The total potential return on a stake can be calculated as:. For instance, one of the renowned betting websites priced the candidates to win the U. Presidential Election. Donald Trump: 4. The higher the total payout i.
In both cases, you get your initial wager back, in addition to the amount won. The difference between the odds for the favorite and the underdog widens as the probability of winning for the favorite increases. In this matchup, there is a big difference between the two odds, indicating a much higher probability of Duke winning the game and advancing to the next round of the NCAA Tournament.
If you are planning to enter the betting or the gambling world, it is important to be able to understand and interpret all types of odds well. Trading Psychology. Business Essentials. Our betting odds calculators convert fractions, decimal and parlay payout odds. The odds converter below will do all that and more with one easy click.
Next, you need to know which kind of odds you want to establish for a baseline. These fractional odds are standard in many parts of Europe and elsewhere, but some bettors might be more comfortable using traditional American odds. It will also show the same odds in decimal and percentage chances of winning implied odds. Decimal odds are also far more common in Europe and other parts of the world.
They can be confusing for U. Again, our free odds calculator can easily convert decimal odds to American, fractions or percentage format. At certain online bookmakers, one might find the Los Angeles Lakers with moneyline decimal odds of 1. What does that mean? Essentially, decimals show the potential payout for every dollar wagered. The Lakers at 1. Simply change the preferred format to decimal, enter 1. A good gambler is looking for value in numbers more so than value in teams or players.
Our odds calculator provides those hard numbers instantly, calculated automatically, in all different formats, so that bettors know all the exact numbers before making an informed decision on which outcome to back at their favorite sportsbook. Then go to our parlay calculator , plug in the odds and see the potential payout. The betting calculator can help with all sorts of wagers.
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