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Odds Conversion Table Explained

An odds conversion table is a useful piece of formatted data that provides information about a list of the common odds and what they equate to in both the fractional and decimal formats, as well as their implied probability. Of course, on most bookmakers and exchanges, you can change the odds displayed in your account settings, but using an odds conversion table like this one at OddsMonkey will save you a lot of time, especially if you want to swap between the two formats frequently. 

The table’s main use is to help you understand the difference between Fractional odds, Decimal odds, and the implied probability of whatever odds your chosen bookmaker is offering. You can use our odds converter to do the calculations manually without having to look at the graph at the bottom of this page. However, finding out the implied probability is also very useful.

Odds Formatting

The existence of various odds formats, such as decimal and fractional, stems from historical and regional preferences, along with a few other reasons. Fractional odds have deep roots in the UK and Ireland within horse racing and are part of the traditional betting culture. In Europe, Canada, and Australia, the decimal odds are regionally preferred. These regional preferences have been shaped through years of history. 

The ease of understanding is also a huge factor. Decimal odds are generally considered more straightforward, especially for beginners. They clearly show the total amount that will be returned on a winning bet for each unit staked, including the original bet. This simplicity in understanding and calculating potential returns makes them popular, where ease of use is a priority. Fractional odds, while potentially more complex, provide a direct sense of the profit relative to the stake, which can be more intuitive for assessing risk and reward in certain betting communities.

Understanding Odds 

Understanding the odds is crucial when betting on sports for several reasons, including risk management. Different odds can represent the same probability but in a different format. Understanding these formats helps bettors manage their risk more effectively. It allows them to accurately calculate potential returns and losses, which is key to maintaining a sustainable betting strategy.

Comparing odds for assessing probability and value can be beneficial, too. Odds represent the probability of an event occurring and the potential return on a bet. Understanding how to interpret these odds is essential for assessing whether a bet offers good value. This means comparing the likelihood of an event (as you perceive it) with the implied probability of the odds.

Decimal Odds Format 

Decimal odds are one of the simplest ways to understand betting odds. They are widely used around the world in countries like the United States, with bettors worldwide adopting this format. Decimal odds represent the total amount a bettor will receive for every one unit wagered, including the original stake. For example, if the decimal odds are 3.00, and you bet £1, you will receive £3 in return if you win (including your £1 stake). This makes calculating potential winnings straightforward. You simply multiply your stake by the decimal odds to determine the potential profit. For instance, a £10 bet at 3.00 odds would return £30, meaning a profit of £20. The simplicity of decimal odds makes them appealing, especially for beginners in sports betting. They provide a clear and quick understanding of the potential return on a bet without the need for additional calculations.

Fractional Odds Format

Fractional odds are a traditional format for odds, particularly popular in the United Kingdom and Ireland. These odds are expressed as a fraction, such as 5/1, indicating the amount of profit to the amount staked. In this example, for every £1 wagered, the bettor would win £5, plus the return of their original £1 stake, making a total return of £6. Fractional odds can be more complicated to understand at first, especially for those unfamiliar with fractions. They are more commonly used in horse racing and are integral to the betting culture in the UK and Ireland. To calculate the potential profit, you divide your stake by the denominator (the second number in the fraction) and then multiply it by the numerator (the first number). For example, a £10 bet at 5/1 odds would yield a £50 profit, plus the return of the original stake.

Implied Probability 

Implied probability is a concept derived from betting odds that indicates the likelihood of a particular outcome. It is an important tool for bettors to assess the value of a bet. In essence, it converts traditional odds into a percentage that reflects the chance of an event happening. For decimal odds, the calculation is 1 divided by the decimal odds. For example, odds of 4.00 imply a 25% chance of that event occurring (1/4.00 = 0.25). For fractional odds, the calculation is the denominator divided by the sum of the numerator and denominator. For example, odds of 1/4 imply a probability of 80% (4/(1+4)). Implied probability is crucial for bettors as it helps them compare an event’s likelihood with the odds being offered. It’s a key aspect of ‘value betting’ – identifying when the odds on offer provide a favourable return relative to the perceived probability of the event. OddsMonkey offers an implied probability calculator that is useful for working out the differences between the bookmakers’ odds and your implied chance of the selection winning.

Fractional Odds Decimal Odds Implied Probability
1/100 1.01 99%
1/5 1.2 83.30%
2/9 1.22 81.80%
1/4 1.25 80%
2/7 1.29 77.80%
3/10 1.3 76.90%
1/3 1.33 75%
4/11 1.36 73.30%
2/5 1.4 71.40%
4/9 1.44 69.20%
1/2 1.5 66.70%
8/15 1.53 65.20%
4/7 1.57 63.60%
8/13 1.62 61.90%
4/6 1.67 60%
8/11 1.73 57.90%
4/5 1.8 55.60%
5/6 1.83 54.50%
10/11 1.91 52.40%
1/1 (evens) 2 50%
21/20 2.05 48.80%
11/10 2.1 47.60%
23/20 2.15 46.50%
6/5 2.2 45.50%
5/4 2.25 44.40%
11/8 2.38 42.10%
7/5 2.4 41.70%
6/4 2.5 40%
8/5 2.6 38.50%
13/8 2.62 38.10%
7/4 2.75 36.40%
9/5 2.8 35.70%
15/8 2.88 34.80%
2/1 3 33.30%
11/5 3.2 31.20%
9/4 3.25 30.80%
12/5 3.4 29.40%
5/2 3.5 28.60%
13/5 3.6 27.80%
11/4 3.75 26.70%
3/1 4 25%
16/5 4.2 23.80%
10/3 4.33 23.10%
7/2 4.5 22.20%
4/1 5 20%
9/2 5.5 18.20%
5/1 6 16.70%
11/2 6.5 15.40%
6/1 7 14.30%
13/2 7.5 13.30%
7/1 8 12.50%
15/2 8.5 11.80%
8/1 9 11.10%
9/1 10 10%
10/1 11 9.10%
11/1 12 8.30%
12/1 13 7.70%
13/1 14 7.10%
14/1 15 6.70%
15/1 16 6.20%
16/1 17 5.90%
18/1 19 5.30%
20/1 21 4.80%
25/1 26 3.80%
33/1 34 2.90%
50/1 51 2%
66/1 67 1.50%
100/1 101 1%
1000/1 1001 0.10%

Other Betting Tools At OddsMonkey

OddsMonkey provides a huge variety of sports betting guides and tools which are incredibly useful to bettors of all experience levels. There are tools like the matched betting calculator available, joining a whole list of betting calculators on the site.

Regardless of how much sports betting you have done in the past or what your level or experience is, the calculators on offer from OddsMonkey are easy to use and will always provide accurate results. These betting calculators and other tools are designed to be usable for anyone and everyone.

Start making profits now for free!

About the author:

James OddsMonkey

James OddsMonkey

James' background in IT support and matched betting knowledge is how he's ended up at OddsMonkey updating offer, answering tickets and generally being super helpful.

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