Decimal and Fraction Odds Differences
In the world of online sports betting, the first step in placing a successful wager is understanding how the odds work. For anyone just starting out, they may appear as a confusing set of numbers tied to a specific market. Knowing how they work and being able to identify whether they are fractional or decimal is key to enjoying a profitable gambling experience. To give you a helping hand we’ve taken a look at the role they play, at decimal and fraction odds in sports betting, how to calculate your winnings and how to calculate implied probability.
Odds refer to the likelihood of an event occurring. With online sports betting, they refer to the likelihood of a team or individual winning the match/game or event. For example, they will give you an indication of the likelihood of Colombia winning the 2018 World Cup. They also tell you how much you can win and how much you will get paid out from the amount you stake.
They are mainly expressed in 2 ways. Decimal odds in sports betting can be expressed as a number with a point, such as 5.20, or in fractional format such as 5/1 (five to one).
Let’s start off by looking at fraction odds in sports betting. These are usually found on sites that offer a lot of American or Canadian sports such as Baseball, American Football, and Basketball. Some sites have a handy switcher, which instantly displays them in whatever unit you are comfortable with. However, it is always good to know them all just in case.
With the fractional format, you can calculate your chances of winning by adding the 2 numbers together and dividing the right-hand number by the total.
For example, with 5/1 (five to one) we add the 5+1 to get 6, then divide the 1 by 6 to get 0.16 or 16%. So, a team or individual with 5/1 theoretically has a 16% chance of winning.
If we want to calculate our winnings, we add the 2 numbers together again, and this time divide the total by the right-hand number. This number is then multiplied by your total stake. If we take the above example of 5/1 and we place a $10 wager, then we can calculate our payout as such: First, we add the 5+1 to get 6 and divide by 1 to get 6. Then we multiply by our stake of $10 to get a total payout of $60.
Decoding the Decimal
Decimal odds in sports betting are slightly easier to understand, as you don’t need to do any equations to see exactly how much you can win. The good news is the most New Zealand-based bookmakers use this format.
It is easy to identify decimal odds in sports betting as they contain a number with a point such as 3.40 or 1.20. The lower the number, the lower the theoretical percentage of winning. To calculate how much you are going to get paid out, simply give the number a monetary value.
For example, 2.50 can be converted to $2.50. This means that for every $1 bet, you will be paid out a total of $2.50, including your initial stake.
To get your final payout, simply multiply your total stake by the odds.
For example, if you wanted to place a $10 bet on a horse at 4.20, then we simply multiply 10 x 4.20 to get a total payout of $42. The actual profit is $42 minus your $10 stake, which comes out at $32.
Now you know a bit more about decimal and fraction odds in sports betting you’ll find it that much easier to place solid wagers.