An Odds Converter is a tool designed to convert betting odds into various formats. It is an efficient platform that allows bettors to understand the probability of an event happening along with a clear indication of potential winnings based on their wager.
What is the role of the odds converter?
The main role of this tool is to interpret the implied probability of an event happening. In addition, it calculates potential earnings based on your stake, combining mathematical accuracy with betting skills.
Odds Converter
Enter Your Odds (Converts Automatically)
| Fraction | Decimal | American | Implied Probability (%) |
|---|---|---|---|
| / |
Try our free betting odds converter that will allow you to transfer odds you are seeing in one market, to another.
Understanding Odds: An Overview
Odds represent the likelihood of an event happening and are fundamental to betting. They not only indicate the probability but also the potential payout you can expect if your bet is successful.
Types of Odds
There are three main types of odds used globally: decimal, fractional, and American. Each format presents the same information differently, so it’s essential to understand how they work.
Decimal Odds
Popular in Europe, Canada, and Australia decimal odds are straightforward to understand. The decimal number represents the amount you win for every dollar wagered, including your initial stake.
For example, if the odds are 4.75, a $100 bet would return $475 ($100 * 4.75).
Fractional Odds
Fractional odds are most commonly used in the UK and Ireland. They are written as fractions, such as 5/1 or 7/2, and show how much profit you will make on your stake. The numerator (first number) represents the profit, while the denominator (second number) indicates the stake.
For example, odds of 1/7 mean you win $1 for every $7 you bet. A $100 bet at 1/7 odds would give you a total return of $114.29 ($14.29 profit + $100 stake).
American Odds
Also known as moneyline odds, the American odds are primarily used in the United States. They can be either positive or negative. Positive odds show how much profit you’d make on a $100 bet, while negative odds indicate how much you need to bet to win $100.
For example, +210 odds mean a $100 bet wins you $210, while -258 odds mean you need to bet $100 to win $38.76. If you need football odds explained, you may check our detailed guide.
Understanding Implied Probability
‘Implied Probability’ is the conversion of betting odds into a likelihood percentage for a bet to win. It also includes the bookmaker’s margin.
For instance, for fractional odds of 4/1, the implied probability would be 1 / (4+1) = 0.20 or 20%. Remember this percentage includes the bookmaker’s margin. Using implied probability can assist in making informed betting decisions.
Benefits of Using an Odds Converter
Using an odds converter offers several advantages, especially for those who bet across different platforms or in different regions:
Accuracy
Ensures you’re comparing odds correctly across different formats.
Efficiency
Saves time by automating the conversion process.
Informed Decisions
Helps you make better betting decisions by understanding the true value of your odds.
Common Mistakes to Avoid When Converting Odds
While using an odds converter is straightforward, there are some common pitfalls you should be aware of:
- Incorrect Input: Make sure you’re entering the correct odds format. For example, entering American odds in the fractional field will lead to incorrect conversions.
- Misunderstanding the Formula: Always double-check the conversion formulas, especially when doing manual calculations.
- Ignoring the Stake: Remember that fractional odds represent profit only, while decimal odds include the stake.
Conclusion
Understanding and converting odds is a fundamental skill for any bettor. Whether you’re dealing with decimal, fractional, or American odds, knowing how to convert between these formats ensures that you’re making the best possible betting decisions. Odds converters are invaluable tools in this regard, helping you quickly switch between different formats and gain a clearer understanding of potential outcomes. By mastering the art of odds conversion, you’ll be better equipped to navigate the world of sports betting with confidence.
FAQ
To convert fractional odds to decimal odds, you can use the following formula:
Decimal Odds = (Numerator/Denominator) + 1
For example, to convert 5/1 to decimal odds: Decimal Odds = (5/1) + 1 = 5 + 1 = 6.00
It can be done using the formula:
Fractional Odds = (Decimal Odds – 1) in fractional form
For example, to convert 6.00 decimal odds to fractional: Fractional Odds = 6.00 – 1 = 5/1
- Positive American odds to decimal odds:
Decimal Odds = (American Odds / 100) + 1
For example, to convert +200 American odds to decimal: Decimal Odds = (200/100) + 1 = 2 + 1 = 3.00
- Negative American odds to decimal odds:
Decimal Odds = (100 / -American Odds) + 1
For example, to convert -150 American odds to decimal: Decimal Odds = (100 / 150) + 1 = 0.67 + 1 = 1.67
To convert decimal odds to American odds, use the following rules:
- For decimal odds greater than 2.00, use the formula:
American Odds = (Decimal Odds – 1) * 100
For example, to convert 3.00 decimal odds to American: American Odds = (3.00 – 1) * 100 = 200 - For decimal odds less than 2.00, use the formula:
American Odds = -100 / (Decimal Odds – 1)
For example, to convert 1.67 decimal odds to American: American Odds = -100 / (1.67 – 1) = -150
To convert fractional odds to American, use the following formula:
- If the numerator is greater than the denominator:
American Odds = (Numerator / Denominator) * 100
For example, to convert 5/1 to American: American Odds = (5 / 1) * 100 = 500 - If the denominator is greater than the numerator:
American Odds = -100 / (Numerator / Denominator)
For example, to convert 1/2 to American: American Odds = -100 / (1/2) = -200
- Positive American odds:
Divide the odds by 100 to get the fractional odds. If the American odds are negative, divide 100 by the absolute odds to get the fractional value. Use this formula: Fractional Odds = American Odds / 100 For example, +300 American odds convert to 3/1 fractional odds. - Negative American odds:
First, remove the negative sign and perform the division: 100/200. The result is fractional odds of 1/2. The formula is Fractional Odds = 100 / Absolute value of American Odds
To calculate implied probability:
- With Decimal odds: Implied Probability = 1/Decimal Odds
- With Fractional odds: Implied Probability = Denominator / (Denominator + Numerator)
- For American odds:
For favorites (negative odds): Implied Probability = |American Odds| / (|American Odds| + 100)
For underdogs (positive odds): Implied Probability = 100 / (American Odds + 100)
Neither is inherently better; it depends on your preference and familiarity. Fractional odds are popular in the UK, while decimal odds are more common in Europe and Australia.
