Odds are an essential part of matched betting. They indicate how likely it is that an event will or won’t take place. This post shows you how to convert odds from fractional to decimal.
What are odds?
Odds are numbers used to show the probability, or likelihood, of something happening. They are used in betting situations by bookmakers and betting exchanges. Bookmaker odds are shown in two forms, either as fractions or decimals.
As the name suggests, fractional odds are shown as fractions. They are usually written using a ‘/’ symbol but a dash is often used too, eg: 5/1 or 5-1. Even if you’re new to odds, you’ll most likely have seen them used in this form in relation to horse racing. Fractional odds indicate the total that will be paid out to the bettor upon a win. For example, with odds of 5/1, the bettor should receive £5 for every £1 they bet.
Decimal odds are written using a decimal point, eg: 5.0. Decimal odds are equivalent to the decimal value of the fractional odds plus one. So the 5/1 fractional odds we talked about above, are shown as 6.00.
Matched betting predominantly uses decimal odds. However, the majority of bookmakers use fractional odds as their default. Don’t worry. There is a way to convert odds from fractional to decimal.
How to convert odds
Changing fractional odds to decimal odds for matched betting
Most of the time, when signing up to a bookie, the odds are going to be in fractional format. What you need is decimal mode to be able to enter the odds into the matched betting calculators. You can convert the odds of the bookie site by going to your account settings and choosing decimal.
Some bookmaker sites have a conversion dropdown option to let you convert odds automatically. Depending on the bookie, this could either be in your account settings or on the main sports page. If you ever have a problem finding where to convert the odds on a site, just ask!
You can also convert odds manually. Here’s the formula: divide the top number by the bottom and then add one. For example, 13/8. 13 divided by 8 is 1.625 and then add 1. So 13/8 in decimal is 2.625.