The betting odds are very vital for the new players to learn as these allow them to understand how likely an event is to occur, and how likely your chance of winning is.
The probability of the occurrence of the event can be converted and presented in the forms of these betting odds. The three odds almost present the same thing with very little difference.
Calculation Method of Various Betting Odds
Calculation Of Fractional Odds
- These odds are written with a slash or hyphen in between the numbers like 7/1 and are read as seven-to-one.
- If the player stakes a total of $10 at the odds of 7/1, then he will receive a total of $70 stake added with $10 profit, which means a total of $80.
- In this odd, the total return can be calculated as: [Stake × Numerator/Denominator] + Stake. Here, the numerator/denominator is the fractional odds.
- Let, 5/1 can be calculated as 1/(5+1)= 0.16, which means that there is a 16% chance of winning.
Calculation of Decimal Odds
- These odds represent the total amount the player wins for every $1 that is wagered and the number instead of showing the profits reflects the total payout. The amount of stake is already added to the decimal which makes it easy to calculate.
- The winning can be calculated as – (Odds × Stake )- Stake
- Let, 4.0 can also be calculated as (4.0 × £10) – £10 = £30.
Calculation Of Money Line Odds
- In this odd, the favorites are represented with a minus sign (-)in front of the number, which indicates the amount of money needed to stake to win an amount of $100.
- The odds for the less competitive ones are presented with a plus symbol(+) which indicates the total amount of money won for the staked amount of $100. However, in both cases, the players win back the total wager amount placed by the players.
Calculation of Converting Betting Odds:
Converting odds to the implied probabilities is an integral part of its calculation.
- From Fractional Odds to Decimal Odds:
Step 1: Divide the fraction
Step 2: Add 1 to the result.
- From Fractional to Moneyline Odds:
Step 1 Divide the fraction
Step 2 If the answer is >= 1, then proceed with 100× Answer.
Step 3: If the answer is <= 1, then proceed with -100× Answer.
- From Decimal To Fractional:
Step 1: Deduct
Step 2: Convert to a fraction.
- From Decimal To Money Line:
Step 1: If the decimal odd is greater than 2, then 100× (Decimal odd – 1)
Step 2: If the decimal odd is smaller than 2, then -100/(Decimal Odd – 1 )
- From Moneyline to Decimal Odd:
Step 1: If the Money line is greater than 0, then (Moneyline Odd/100)+1
Step 2: If the Money line is lesser than 0, then (-100/Money line odd)+1
- From Money line to Fractional Odds:
Step 1: If Moneyline odd is greater than 0, then, Moneyline Odd/100
Step 2: If money line odd is less than 0, then, -100/ Moneyline odd