However, if you are simply looking to work out how much you could win from a bet then you may not want to convert decimal odds as they are the simplest to work out how much you could win. You can use an online odds calculator to convert fractional odds to decimals, decimal and fractional odds to American odds and vice versa. As the name suggests, American odds are used widely across North America for sports betting. However, there is an equivalence between each format which means that whatever format is used to state the odds, it means the same in terms of how much you will get back for your betting stake. You can also convert odds back to the implied probability of an event, for example odds of even money mean that according to the bookmaker there is around a 50% chance of that outcome being the winner.
Likelihood Ratios
One example is the Blackjack Strategy calculator, which odds converter gives you insight into what your next move should be depending on the visible cards on the table. Thanks to the code used to create the calculator, all of the maths is done for you as soon as you enter your values and press ‘Calculate’. For a bookmaker to make money, they have to slightly overprice one side of a bet and slightly underprice the other side.
- American odds are slightly different because there are two types of odds, positive numbers and negative numbers and how you work out the potential returns for your bet is different for each.
- Read on to learn more about each odds format and the benefits of using this odds calculator.Check out all of our best sportsbooks and sportsbooks rating guide and register today.
- They are all telling you that this is a bet with a potential profit of £2.10 for every £1 staked, so just slightly higher than a 2/1 bet.
- You can simply multiply the amount you would like to wager by that figure to calculate your potential return if the bet pays off.A $20 wager on the reds at 2.40 would result in a return of $48, which includes your $28 profit and the return of your $20 risk amount.
Using odds to improve your betting
If the odds are negative, divide 100 by the number, ignore the minus sign, and add 1. So, +150 in decimal form is 2.50. If the odds are positive, divide the number by 100 and then add 1. American odds can appear as positive or negative numbers.
As a result, No Vig calculations might not fully correct for this bias, especially in markets with extreme odds discrepancies. So, the No Vig odds for Selection 1 and Selection 2 are 1.67 and 2.50, respectively, which represent the fair market odds. The term „No Vig” refers to the calculation of „fair” odds by removing the bookmaker’s margin, also known as the vig or overround. This allows you to compare the bookmaker’s odds with the fair market odds. In racing, an odds-on selection’s odds are often stated as “6 to 4 on” for odds of 4/6. Some even have other options such as American odds and Hong Kong odds to select from too.
Logits and ORs contain the same information, but this difference in mathematical properties makes logits better building blocks for logistic regression. ‘Log’ doesn’t refer to some sort of statistical deforestation… rather a mathematical transformation of the odds which will help in creating a regression model. However odds become really useful when we are interested in how some other variable might affect our outcome.
The AceOdds bet calculator is fully customisable and comprehensive in the options it offers. Explore the comprehensive features of our fast and reliable bet calculator. Use the AceOdds Bet Calculator to work out returns for Accumulators, Lucky 15’s, Doubles, Trebles, football, horse racing bets and more. With an accurate and up to date record of the odds you have taken on each bet, you can check your value-finding skill.
These odds are displayed as 1/2, 1/1 (evens), 2/1, 100/1 and so on. The table below gives you some common prices in the three formats. Having an understanding of how to convert between the two primary UK methods can be useful for ensuring you full understand the potential return from a bet.
The daunting numbers can be broken down easily when you understand what information you are being given in each format. All you need to know about how to read the odds. Use this calculator to work out the payout when you have only a single selection. Single Bet Calculator – In Canada and America, the most popular bet types are singles and parlays. Accumulator Calculator – In the UK, the parlay bet is known as an accumulator. The odds for that leg will be calculated as 1.0 when working out your returns.
Don’t just bet at 21/10 because it sounds attractive. So, while the maths gives you a baseline, your own analysis is key to improving your win rate. If the answer is yes to all of the above, then you’ve probably found a smart bet worth making. Betting early before the market adjusts can be a long-term edge—just be cautious if late news or changes could affect the outcome. If a bet opens at 5/2 and drops to 21/10, it might still hold value—but it also tells you that others are eyeing the same opportunity.