**How
to convert betting odds**

Betting odds are, to the uninitiated rather…odd. They come in a number of different guises and can take a long time to get your head around which, unsurprisingly, is not unusual when it comes to a number-crunching business.

Finding the **best value **requires a good
knowledge of both the sports in question and the odds available so being able
to understand what the odds actually mean is of vital importance. This is why
being able to convert betting odds will be a huge help to those interested in
having a flutter.

We have, therefore, putting together a bit
of a guide to help you understand what odds are, how they work and how to
convert them from one standard to another.

We hope you find this helpful. Read on to
find out more:

**What
are betting odds?**

Starting with the fundamentals let’s take a look at what odds actually are. The easiest way to explain it is by saying they are a number representation of how likely an event is to take place. In betting it is slightly different as the odds are a representation of payoff to stake i.e. they tell you how much you will receive as a return if the bet you place comes off.

To give an example, if Manchester City are
playing Southampton and you bet on Man City to win then you are likely to get
odds of 1/2 (these are just examples as actual odds may vary). This implies
that Manchester City are likely to win the game twice as often as they are to
lose it (if it was 1/1 then you’d expect them to win five out of 10 matches or
half and half). This means that every pound you staked will see you receive 50p
as a return so if your stake was £10 your winnings will be £15 (£5 profit). If
an event is likely to happen one time in every six attempts then the odds of
probability are 5/1 and in a bet of this type, the player would receive £50 for
every £10 they stake.

Odds are linked to the probability of the event in question so if you take the throwing of a die as an example you know
that it has six sides each with a different number on it from one to six. This
means that the probability of throwing a four is 5/1 as every one time you get
four you’d expect another five times to get one of the other numbers.

Betting companies make their money by
having odds that are slightly in their favour and do not often link exactly to
probability but they are very much linked.

**The
different type of odds**

There are two main types of odds which are
both displayed in different ways. They are known simply as fractional odds and
decimal odds and by their name you can probably tell they are just different
numerical ways of showing the same thing. Converting betting odds is an important skill to master in order to make sure you understand what

So in **fractional
odds**, as a gambler, you work out how much you’d get from a 4/1 event that
you have put £10 on by multiplying the right number by the left (10 x 4) which
gives you a £40 profit plus the return of your stake so £50 in total.

It tells you how much you stand to earn in
relation to your stake.

In **decimal
odds**, the gambler works out how much they will get from a 5.00 bet where
they have staked £10 by multiplying their stake by the number so 10 x 5.00
which gives them £50, £40 profit plus their stake. The outcome is the same as
the fractional example above but just expressed in a different way.

There is another type of odds known as **American odds**. Again, these are just
expressed in a different way but essentially mean the same thing. They are also
known as Moneyline odds and are expressed in either a positive number or a
negative number by assuming a $100 stake.

So if something is 4/1 it would be
expressed in American odds as +400 and
if something had odds of 1/4 it would be expressed as -400. If something is
even odds or 1/1 then it can be displayed as +100 or -100 though not all
bookmakers show the plus sign.

All these different expression don’t mean
you will win more money, they are just different ways of showing the same thing
and are all based on probability. If you are a serious gambler then knowing how
all these odds relate to implied probability is pretty important as it will
allow you to decipher which bookmakers are offering the best value and can help
you to win in better value markets.

**How to convert betting odds**

Working out how to convert all these
different expressions of odds from one to another can be a daunting prospect.
Anyone who sat through any algebra as a kid scratching their head will know
what we are talking about but fear not, help is at hand.

We have a simple method of converting one
to another and will hopefully explain it in clear terms below:

**Converting
fractional odds to decimal odds**

So this is probably the most likely sets of
odds you will deal with therefore starting here seems appropriate. Let’s look
at how to convert betting odds from fractional to decimal.

It is actually far simpler than you might
think. The formula is thus:

To** convert fractional odds to
decimal**, divide the first figure by the second figure add 1.00
(so 6/4 = 6 ÷ 4 = 1.5, then add
1.00 = 2.5). Here are a few more examples:

13/6 = 13 ÷ 6 = 2.17 + 1.00 = 3.17

24/5 = 24 ÷ 5 = 4.8 + 1.00 = 5.8

1/3 = 1 ÷ 3 = 0.33 + 1.00 = 1.33

**Converting
decimal odds to fractional odds**

You may find that this is the most common
change due to the number of sites now preferring to display in decimal even though
fractional is still more common especially in the UK. Below is the formula you
will need in order to convert betting odds from decimal to fractional:

To** convert decimal odds to
fractional**, subtract 1.00 and then find the nearest whole
integers (so 5.75 - 1.00 becomes 4.75/1, or 19/4). Here are a few more
examples:

(To work out the nearest whole integer for
4.75 put it over 100 so 475/100 then divide this by the lowest common
denominator until you get the answer, so in this case five.)

9.00 -1.00 = 8.00/1 = 8/1

4.25 – 1.00 = 3.25/1 = 13/4

1.25 – 1.00 = 0.25/1 = 1/4

**How
to convert American odds to decimal odds**

This will be required less often but the easiest way to convert American or Moneywise odds is to make them decimal odds
and then convert them to fractional from there. Below is the formula you will
need to convert betting odds from American odds to decimal odds:

To **convert American odds to
decimal**, if the American odds are positive, divide by 100 and
add 1. If they are negative, divide 100 by the American amount (without the
minus sign) and add 1 (so if you have +400 then you would divide by 100 to get
4 then add one to get 5.00). Here are a few more examples:

+650 ÷ 100 = 6.5 + 1 = 7.50

+125 ÷ 100 = 1.25 + 1 = 2.25

-500 (so this is an example of negative
American odds) 100 ÷ 500 = 0.2 + 1 = 1.20

Hopefully, these examples are fairly easy to
understand and will help you convert odds into whichever format you are happy
with.

**How
to convert betting odds to implied probability**

Implied probability is essentially how
likely, as a percentage, something is to happen. This will help you understand
which markets offer the best value and will aid in making better decision when
placing a bet.

To convert the different odds to implied
probability use the following formulas:

**Converting
decimal odds to implied probability**

To convert decimal odds to implied
probability use the below formula:

(1/decimal odds) x 100 = implied
probability

Here are a couple of examples:

(1 ÷ 3.25) x 100 = 30.77% so the chance of team A winning is 30.7%

(1 ÷ 1.15) x 100 = 86.96% so the chance of team B winning will be 86.9%
(in this case, this is likely to be for a huge favourite)

**Converting
fractional odds to implied probability**

To convert fractional odds to implied
probability use the below formula:

Denominator/ (denominator + numerator) x
100 = implied probability

So if the odds in this example are 13/4 it
would be:

4 ÷ (4 + 13) x
100 = 23.5%

If a favourite has odds of 1/3 then implied
probability would be higher. Here is the working:

3 ÷ (3 +1) x 100
= 75%

**Converting
American odds to implied improbability**

Firstly, let’s start with negative American
odds. Here is the formula:

Negative American odds / (Negative American
odds + 100) x 100 = Implied probability

So for odds of -300 it would be as follows:

300 ÷ (300 + 100) x 100 = 75%

Secondly, we have positive American odds.
Here is the formula:

100/ (positive American odds + 100) x 100 =
Implied probability

So for odds of +300 we would work it out as
follows:

100 ÷ (300 + 100) x 100 = 25%

These should all help give you a better idea of how to convert betting odds from one type to another and then work out the implied probability of each bet you wish to place. We hope this has been helpful. Keep an eye out for our other useful guys for all things betting related.