Betting Odds Explained: Decimal, Fractional & American Odds

Although, they are pretty easy to understand if you have some basic knowledge about math. The amount of money you will win from your wager depends on the odds. Your potential reward increases with increasing odds, but your chances of winning decrease. The lower the decimal, the more likely the sportsbook thinks that team is going to win, and the less you’ll earn for betting on them.

They immediately tell you who’s the favorite and who’s the underdog. If you like the simplicity that decimal odds offer, you can always switch to that format at any time. So if a team has odds of -180, you can convert such odds by following the above formula. So if you’re used to American odds and you find yourself in a situation where you’re forced to interact with decimal odds, you can easily convert those pesky decimal points to US odds.

A total (or over/under) bet focuses on the combined final score of a game. The sportsbook sets a “line,” and you wager on whether the total points/goals/runs will go over or under that line. Moneylines are especially common in lower-scoring sports like baseball (MLB) and hockey (NHL), where a single point or goal can drastically change outcomes. A point spread (common in football and basketball) is essentially a handicap to level the playing field between two teams of different strengths. Decimal odds above 2.00 convert to positive American odds, and below 2.00 convert to negative odds. They can also be expressed as fractions, such as 2.50, converting to 3/2.

Convert Decimal Odds To Implied Probability

Odds represent potential payouts, while implied probability shows how likely an event is to occur based on those odds. Switching between odds formats without understanding the differences can lead to costly mistakes. Simply put, the greater the odds against a team, the larger the payout will be for anyone who bets on that team and wins. For example, 7 to 2 odds mean that for every $2 you wager, you could win $7 if your bet is successful, while 5 to 1 odds mean you could win $5 for every $1 you bet.

So, +200 means if you bet R100, you’ll win R200 and get R300 back total. One site might offer 2.10 on a football match, while another offers 1.95. These small changes in display odds can mean a big difference in returns, especially with bigger bets. The most common odds are -110, so we will use it for our example.

What are Betting Splits? (+ How to use them to make smarter wagers)

If your research or model suggests a team has a 60% chance to win, but the betting odds meaning shows only a 45% implied probability, you’re looking at a value opportunity. So, in this case, the odds the bookmaker offers equate to a probability of 50%. If you think the chance of winning that bet is greater than 50%, you may have found value, which is the key to successful sports betting.

The larger the gap between the favorite and underdog odds, the higher the favorite’s chances of winning. Most South African sportsbooks default to decimal odds because they’re easy to read and calculate. Fractional odds are more common in the UK, especially for horse racing, while American odds dominate U.S. sports betting.

In the sections below, we will provide a comprehensive overview of how betting odds function and influence your betting decisions. Understanding the mechanics behind betting odds is crucial for becoming a more astute bettor. Let’s explore the intricacies and practical implications of betting odds. A 1.30 favorite might win often, but if the real chance is 70% and the odds suggest 77%, it’s a bad bet. You don’t have to decipher strange fractions or decode plus/minus symbols, just simple multiplication.

If the decimal odds are 11.0, this means a £1 stake results in returns of £11, including the stake. This is a minor point of difference with calculating winnings from betting odds as fractions. Decimal odds are the simplest and most widely used betting format worldwide, making them ideal for both beginners and professionals. By understanding how to read them, calculate payouts, and identify value, you’ll gain a clear edge in your sports betting strategy. By following these guidelines, you can optimize your sports betting strategy and consistently find the best betting odds available, enhancing your chances of long-term profitability.

For example, if your odds are 3/2, where 3 is the numerator, and 2 is the denominator. Because of its global reach and reasonable pricing in the basketball and soccer markets, bet365 frequently leads in terms of value. For Fractional odds, the formula is also quite easy—just flip the fraction into numbers and plug them in. However, when you become used to American odds, you won’t find anything complicated about them. So if the Colts win, your friend will get $112.50, and this amount includes his original $50 plus his $62.50 profit.

They look like +150, -200, or +350 and are always tied to the $100 bet. Grande Vegas Casino brings you 350 distinct games to choose from. The progressive jackpots offer you over $1 million in jackpot prizes and you can participate in various slot tournaments, and play games that pay 97.50% on average.

Horse racing odds in the decimal format, for example, could be 3.50, indicating you could win $3.50 for every $1 wagered. Fractional odds might be 7/2, meaning you could win $7 for every $2 wagered. Tennis betting odds are usually presented in decimal, fractional or moneyline formats.

Decimal odds are written as numbers and most are usually rounded off to two decimal places—for example, 3.25. And hey — once you’ve got this down, you’re halfway to being the sharpest bettor in your group chat.

• Decimal odds represent the total payout of your bet, rather than just the pure profit.
• There is more to it than that, of course, as betting sites also factor in what is called a betting margin – something that we have explained further in a guide.
• Betting odds are also fluid and can be changed by betting sites if one option is proving popular.

Decimal odds, also known as European odds, are the simplest and most commonly used format worldwide. They are particularly popular in countries like Canada, Australia, and Europe. Decimal odds represent the total payout you will receive for every $1 wagered, including your initial stake.

Betting odds are a numerical expression of the probability of a certain event happening, and a way to show how much you can win by placing a bet. They are used by bookmakers in sports betting, casino online, and other games of chance. Hopefully, this guide has helped demystify sports betting lines explained — from point spread betting guides to understanding moneyline odds and over under betting explained.

In many sports and events, you can tell at a glance which team or market outcome is the favorite, as this will be quality site indicated with negative odds, while underdogs have positive odds. As with fractional odds in the UK, if you want to bet on US sports like football, you need to understand the money line. Decimal odds represent the total payout (including the original stake) for every $1 wagered.