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Now you know odds are set out with two numbers separated by a forward slash, you can use them to work out the probability of an event happening. The method for calculating probability in percentage terms from odds is most easily explained by taking the two numbers that appear in the odds and replacing them with letters. Now you know how to work out the probability of an event happening, you can use the betting odds to work out the potential returns if you were to bet on it.
Fractional odds tell you the potential winnings in relation to the stake you place on the bet. See below for more examples of how to read betting odds. Any odds in which the first number is bigger than the second are odds against, while any odds in which the first number is smaller than the second are odds on. Odds-on events are considered more likely to happen than not by bookmakers, and vice versa for events that odds against.
When converted into decimals, the potential winnings include the stake, so you just multiply the stake by the odds. Decimal odds are often used on betting exchanges , such as Betfair , as the user is in control of the odds rather than the bookmaker. Here are some examples of how to read decimal betting odds. And is the key number, which we will illustrate with another example.
The minus in front of the New England Patriots odds means they are favourites and the calculation is different. Underage gambling is an offence. Please gamble responsibly and only bet what you can afford. For gambling addiction help and support, please contact the National Gambling Helpline on or via the NetLine.
We urge you to turn off your ad blocker for The Telegraph website so that you can continue to access our quality content in the future. Visit our adblocking instructions page. For example, "odds of a weekend are 2 to 5", while "chances of a weekend are 2 in 7".
In casual use, the words odds and chances or chance are often used interchangeably to vaguely indicate some measure of odds or probability, though the intended meaning can be deduced by noting whether the preposition between the two numbers is to or in.
Odds can be expressed as a ratio of two numbers, in which case it is not unique — scaling both terms by the same factor does not change the proportions: odds and odds are the same even odds. Odds can also be expressed as a number, by dividing the terms in the ratio — in this case it is unique different fractions can represent the same rational number.
Odds as a ratio, odds as a number, and probability also a number are related by simple formulas, and similarly odds in favor and odds against, and probability of success and probability of failure have simple relations. Analogously, given odds as a ratio, the probability of success or failure can be computed by dividing, and the probability of success and probability of failure sum to unity one , as they are the only possible outcomes. In case of a finite number of equally likely outcomes, this can be interpreted as the number of outcomes where the event occurs divided by the total number of events:.
This is a minor difference if the probability is small close to zero, or "long odds" , but is a major difference if the probability is large close to one. These transforms have certain special geometric properties: the conversions between odds for and odds against resp. They are thus specified by three points sharply 3-transitive. Swapping odds for and odds against swaps 0 and infinity, fixing 1, while swapping probability of success with probability of failure swaps 0 and 1, fixing.
Converting odds to probability fixes 0, sends infinity to 1, and sends 1 to. In probability theory and statistics, odds and similar ratios may be more natural or more convenient than probabilities. In some cases the log-odds are used, which is the logit of the probability. Most simply, odds are frequently multiplied or divided, and log converts multiplication to addition and division to subtractions. This is particularly important in the logistic model , in which the log-odds of the target variable are a linear combination of the observed variables.
Similar ratios are used elsewhere in statistics; of central importance is the likelihood ratio in likelihoodist statistics , which is used in Bayesian statistics as the Bayes factor. Odds are particularly useful in problems of sequential decision making, as for instance in problems of how to stop online on a last specific event which is solved by the odds algorithm.
The odds are a ratio of probabilities; an odds ratio is a ratio of odds, that is, a ratio of ratios of probabilities. Odds-ratios are often used in analysis of clinical trials. Answer: The odds in favour of a blue marble are One can equivalently say, that the odds are against. There are 2 out of 15 chances in favour of blue, 13 out of 15 against blue. That value may be regarded as the relative probability the event will happen, expressed as a fraction if it is less than 1 , or a multiple if it is equal to or greater than one of the likelihood that the event will not happen.
In the first example at top, saying the odds of a Sunday are "one to six" or, less commonly, "one-sixth" means the probability of picking a Sunday randomly is one-sixth the probability of not picking a Sunday. While the mathematical probability of an event has a value in the range from zero to one, "the odds" in favor of that same event lie between zero and infinity. It is 6 times as likely that a random day is not a Sunday. The use of odds in gambling facilitates betting on events where the relative probabilities of outcomes varied.
For example, on a coin toss or a match race between two evenly matched horses, it is reasonable for two people to wager level stakes. However, in more variable situations, such as a multi-runner horse race or a football match between two unequally matched sides, betting "at odds" provides a perspective on the relative likelihoods of the possible outcomes.
In the modern era, most fixed odds betting takes place between a betting organisation, such as a bookmaker , and an individual, rather than between individuals. Different traditions have grown up in how to express odds to customers, older eras came with betting odds between people, today which is illegal in most countries, it was referred as "odding", an underground slang word with origins based in the Bronx. Favoured by bookmakers in the United Kingdom and Ireland , and also common in horse racing , fractional odds quote the net total that will be paid out to the bettor, should he or she win, relative to the stake.
However, not all fractional odds are traditionally read using the lowest common denominator. Fractional odds are also known as British odds, UK odds,  or, in that country, traditional odds. Odds with a denominator of 1 are often presented in listings as the numerator only.
A variation of fractional odds is known as Hong Kong odds. Fractional and Hong Kong odds are actually exchangeable. The only difference is that the UK odds are presented as a fractional notation e. Both exhibit the net return. The European odds also represent the potential winnings net returns , but in addition they factor in the stake e.
Favoured in continental Europe , Australia , New Zealand , Canada , and Singapore , decimal odds quote the ratio of the payout amount, including the original stake, to the stake itself. Therefore, the decimal odds of an outcome are equivalent to the decimal value of the fractional odds plus one. This is considered to be ideal for parlay betting, because the odds to be paid out are simply the product of the odds for each outcome wagered on.
When looking at decimal odds in betting terms, the underdog has the higher of the two decimals, while the favorite has the lower of the two. Decimal odds are favoured by betting exchanges because they are the easiest to work with for trading, as they reflect the inverse of the probability of an outcome.
Decimal odds are also known as European odds , digital odds or continental odds. Moneyline odds are favoured by American bookmakers. The figure quoted is either positive or negative. Moneyline odds are often referred to as American odds. A "moneyline" wager refers to odds on the straight-up outcome of a game with no consideration to a point spread.
In most cases, the favorite will have negative moneyline odds less payoff for a safer bet and the underdog will have positive moneyline odds more payoff for a risky bet. However, if the teams are evenly matched, both teams can have a negative line at the same time e. In gambling, the odds on display do not represent the true chances as imagined by the bookmaker that the event will or will not occur, but are the amount that the bookmaker will pay out on a winning bet, together with the required stake.
In formulating the odds to display the bookmaker will have included a profit margin which effectively means that the payout to a successful bettor is less than that represented by the true chance of the event occurring. This profit is known as the 'over-round' on the 'book' the 'book' refers to the old-fashioned ledger in which wagers were recorded, and is the derivation of the term 'bookmaker' and relates to the sum of the 'odds' in the following way:.
The true odds against winning for each of the three horses are , and respectively. This represents the odds against each, which are , and , in order. This value of 30 represents the amount of profit for the bookmaker if he gets bets in good proportions on each of the horses. And the expected value of his profit is positive even if everybody bets on the same horse. The art of bookmaking is in setting the odds low enough so as to have a positive expected value of profit while keeping the odds high enough to attract customers, and at the same time attracting enough bets for each outcome to reduce his risk exposure.
Fractional odds are the original odds format and remain popular with most UK bookmakers and almost all punters in the UK, apart from perhaps the youngest generation of bettors. The number on the right indicates the amount you bet, with the number on the left indicating the potential profit, and of course in each such bet your stake is also returned.
Your original stake is then added to the profit to give you the total return handed to you by the bookie. Decimal odds are popular in Europe, Australia and, partly due to the growth of betting exchanges, they are becoming increasingly common in the UK, especially with younger gamblers. Decimal odds describe what your total return from a bet of one unit would be and whilst fractional odds only include the profit, decimal odds include the return of both profit and your original stake.
Because decimal odds also include your original stake, you will never see odds lower than 1. No prizes for guessing where American odds are used. These are not something many punters will see, use, or need, unless they are from North America. Odds-on simply refers to odds that are shorter that is to say, lower than evens, with odds against referring to wagers placed at odds higher than evens.
At first, it may appear confusing. But read this betting odds explained guide to help to understand. In betting, odds represent the ratio between the amounts staked by parties to a wager or bet. Thus, odds of 3 to 1 mean the first party the bookmaker stakes three times the amount staked by the second party the bettor.
At the most basic level, betting provides you with the ability to predict the outcome of a certain event. If your prediction is correct, you will win money. For any given event, there are a certain number of outcomes. Take rolling a dice for instance. If someone rolls a dice, there are six possible outcomes. Whenever you see two numbers separated by a trailing slash, i.
From this, you can calculate how likely a given event is to happen with a calculation. Betting odds allow you to calculate how much money you will win if you make a bet. Quite simply, for every value of B that you bet, you will win A, plus the return of your stake. They are an alternative to seeing betting odds in the fraction format, and in our opinion, are easier to work out.
Traditionally, fractional odds have been used in the UK, especially at racecourses and on the high street. There are two key differences. Generally, decimal odds are easier to understand. Based on this, there has a movement to attract more people to horse racing by making it more accessible to the average punter. Ten years ago, if you were going to Cheltenham, all the odds would be displayed as fractional odds. The second difference between the formats is that fractional odds only represent winnings, and do not include the returned stake compared to decimals which do include the stake.
The transition from fractional odds to decimals largely kicked off with the growing popularity of the betting exchanges such Betfair. These are hard to compute for the punter and are not a great way of showing betting odds explained. You may find that your favourite online betting site presents the odds exactly how you likely them to be. But sometimes you might need to convert them to understand.
In fractional odds, the numerator first number refers to the amount you will win if you were to wager the denominator second number. In addition to your winnings, the betting site will also return your original wager. From this, we can see that Man City are the bookies favorite to lift the trophy at the end of the season. They are also increasingly popular with younger users in the UK. The growing popularity of decimal odds is likely to the ease of reading.
To know how much you are going to receive if you win your bet you simply have to multiply your stake by the stated odds. Here even at a glance, you can see that Man City are a heavy favorite followed by Liverpool and trailed by Chelsea.
It is still useful to understand how they work, especially if you like to bet on American sports or follow any American media. In both cases, you also receive your initial wager if you win. I know it sounds more complicated than fractional or decimal odds and to be honest they are. In our Premier League example, Man City are still the favorites to lift the trophy so we would expect there to be a negative modifier and that is exactly what we see.
Liverpool have been given a positive money line, as they are not the favorites. Fractional odds tell you the potential winnings in relation to the stake you place on the bet. See below for more examples of how to read betting odds. Any odds in which the first number is bigger than the second are odds against, while any odds in which the first number is smaller than the second are odds on.
Odds-on events are considered more likely to happen than not by bookmakers, and vice versa for events that odds against. When converted into decimals, the potential winnings include the stake, so you just multiply the stake by the odds. Decimal odds are often used on betting exchanges , such as Betfair , as the user is in control of the odds rather than the bookmaker.
Here are some examples of how to read decimal betting odds. And is the key number, which we will illustrate with another example. The minus in front of the New England Patriots odds means they are favourites and the calculation is different. Underage gambling is an offence. Please gamble responsibly and only bet what you can afford. For gambling addiction help and support, please contact the National Gambling Helpline on or via the NetLine.
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