Fractional odds are some of the most simple to understand, as they present your potential winnings as a fraction of the money you stake: while the denominator represents the amount bet, the numerator is the amount your stake will yield in a winning bet. For example, odds of 1/1 mean you’d get a return of $20 for a winning $10 bet. Wagering requirements: all sportsbook 3x at min. Odds of 1.40 (2/5), casino 35x. Unless forfeited the racing bonus must be wagered before using the casino bonus. Bonus expires 7 days after opt-in. Full T&C’s Apply. Visit Unibet.co.uk for full T&C's. Further terms and conditions may apply.

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If you’re going to bet on sports, you need to understand the odds before you put any cash down. There’s no way for you to know the risk involved in your particular wager or the potential payoff unless you know how betting odds work. If you’re looking for the best odds at an online sportsbook, be sure you check out Bovada.

It’s essential to understand that odds are a determination of how a specific event may play out. They are not saying that the event will end in the manner predicted. They predict the likelihood of an outcome.

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Those wagering on the favored team usually do so at a disadvantage, while those wagering on the underdog are given an edge. Sportsbooks do this in an attempt to even out the bets so that there’s an equal amount of cash placed on each team.

When wagering, you’ll find that there are three basic ways that odds are listed:

Enter the odds in any format and click Convert

Odds Conversion Guide

To convert decimal odds to fractional, subtract 1.00 and then find the nearest whole integers (so 3.75 - 1.00 becomes 2.75/1, or 11/4).

To convert moneyline odds to decimal, if the moneyline is positive, divide by 100 and add 1. If it is negative, divide 100 by the moneyline amount (without the minus sign) and add 1.

To convert fractional odds to decimal, divide the first figure by the second figure add 1.00 (so 11/4 = 2.75, then add 1.00 = 3.75).

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Fractional Odds

• Used mainly in the UK and in international horse racing. Becoming less popular online.
• Tell you the amount of profit relative to your stake if you win your bets.
• For example, if you bet £10 at odds of 3/1, you receive £30 profit if you win.

Decimal Odds

• Common around the world but especially in Europe. Standard on betting exchanges such as Betfair.
• Convey the total amount you will receive if you win, including the return of your stake.
• For example, if you bet £10 at odds of 3.75, you will receive £37.50 in total if you win.

Moneyline Odds

• Used by most US bookmakers.
• Based on a straight single bet (on a single outcome, without a points spread)
• If the moneyline is positive, the amount quoted is the amount you would win on a $100 bet.
• If it is negative, the amount quoted is what you would need to bet to win $100.

American

U.S. odds are reflected in the moneyline or line. They’re expressed in whole numbers with the number for the favored team showing a minus and the number for the team that is not favored having a plus in front of it.

Here is a moneyline for football:

This betting line favors the Colts. Indy is listed at 2:1. That means for every $2.00 bet the payout would be $3.00. That includes the $2.00 you wagered plus a profit of $1.00. If you take the Bears, the odds would be 1:4. On a $1.00 bet Chicago, which is the underdog, would pay a total of $5.00. That includes the $1.00 bet and the $4.00 payout.

The bettor always gets a bigger payout when they assume a greater risk. The more the risk, which would reflect the unlikely chance of something happening, the more you profit if the bet is won. Consider that a team that’s listed at -200 has a 66.66% chance of winning, while a team at +400 has a 20% chance of victory.

Fractional

Fractional odds, which are also known as English odds, are a bit easier to understand. If the same NFL game were listed using the fractional system it would look like this:

With this type of listing, the first number in the fraction, the numerator, is the amount you would wager and the second number, the denominator, is the payout amount. The payouts and risk in this example are exactly the same as that in the American example, with the Colts paying a $1.00 profit for every $2.00 bet and the Bears offering a $4.00 profit for every $1.00 wagered.

Decimal

You’ll find decimal odds used most often in Europe and for this reason they are known as European odds. These may be the most confusing to American bettors because the math is hidden.

Once again using the same example from the NFL, the decimal odds would be displayed in this manner:

In this system, the smaller the number the less risk involved and the better the chances are that a team will be victorious. To understand how much you will win, you would multiply the amount wagered by the betting line.

In this example, on a $1.00 bet on Chicago you would get back a total of $5.00 and on a $2.00 bet on the colts, you’d realize $3.00. As you can see, regardless of the format of the betting lines, the payout is the same.

Odds are Skewed

Betting odds can be given in various ways. The important thing to understand is they’re not “real.” They are skewed to ensure that the sportsbooks make a profit.

Built into the odds is the sportsbook’s commission, which is silently collected on every bet. In real life, the Colts probably have less of a chance of winning and should pay more while the Bears are even more likely to lose than the odds reflect and should also pay more.

Those are the basics to understanding odds. If you’re an American bettor, then chances are you’ll be using the U.S. version. Europe or other parts of the world, you’re going to encounter the two other types of listings.

Understanding Payouts

There are a few important aspects of sports betting payouts that you must understand in order to ensure that you’re able to take full advantage of wagering opportunities and to successfully manage your bankroll.

First we’ll take a look at some basic odds and related payouts and then we’ll consider some of the finer aspects of the payout.

You must be able to read the odds listed in order to understand how much you will make on a bet. The amount of cash that you make, your profit, is your payout. Some sports bets, such as those involving a point spread, usually pay approximate odds of 1:1. That means for every dollar wagered, you’re going to get that dollar plus another buck if you win your wager.

Here’s a look at the three ways of expressing odds that you’ll usually find listed for a favorite.

Each of these expressions of odds represents the same wager and payout. For every $2.00 bet, you win a dollar, making the total amount of cash you get back $3.00 ($2.00 bet + $1.00 payout = $3.00 return).

These are an example of the type of odds given for a team that’s not favored.

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These odds tell you that for every $1.00 you bet, you’re going to get $2.00 back. The payout on this sports bet is $2.00 ($1.00 bet + $2.00 payout = $3.00 return)

Notice that you get the same amount of cash back on both bets but that you actually make double on the second wager. Never confuse “return,” which is the total amount of cash you get back when you win, with “payout,” which is actually how much you make. When it comes to sports betting you’re biggest concern is how big the payout is in relationship to how much you wagered.

The Commission

One element that many new bettors are not aware of is the commission that is paid by gamblers to bookies or sportsbooks. The commission is often referred to as vig, vigorish or juice.

This part of sports betting is important because it alters your payout, lessening it. Here’s the way it works. Vig can be readily seen in point spread betting and when you bet on the favorite using the moneyline.

Although the spread odds expressed in sports betting are 1/1, they are really approximately 1/1.10.

Here’s why:

When you place a $1.00 point spread wager, you place the dollar bet plus 10%. Thus, you would place $1.10 on a team to win $1.00. You get back your original bet, $1.10, and the one-dollar payout. But if this were a true 1/1 wager, your payout would be $1.10. What happens to the 10 cents? That’s the sportsbook’s commission.

The same can be seen with the -110 moneyline. In order to win $100 on that moneyline, you must put up $110. The way bookies make their commission on the moneyline is they charge more than they should to bet on the favorite and undercut the payout on the underdog. Thus, the vig is often hidden, but it is there.

Managing Your Bankroll

It’s important that you learn how to manage your sports betting bankroll and that means keeping track of all wagers, loses and payout. When looking at a potential payout always consider the risk involved in the bet and what percentage of your bankroll you’re willing to commit to that bet. Never risk more than 5% of your bankroll on a bet.

Understanding the payout in relationship to the amount of money risked and the total return is important to be able to manage your bankroll and sports betting business.

When Is It Too Late to Make a Bet?

When is it too late to make a bet? When the game is over. But the more complex answer has to do with how much you have to wager, what your objective is and how much you’ve lost or won.

Here are some guidelines that will help you decide when you should wager on props when the odds are becoming more favorable, diminishing odds, and when you should bet on propositions whose odds are going up or expanding:

Diminishing

There are various times when you should play props whose odds are going from being long shots to sure shots. With a diminishing odds bet, the chance of the prop being a winner is becoming more certain. Bets in this category range from 2-1 to 1-4.

Play these in the following situations:

• You’re way ahead and wagering numerous units.
• You’re behind and wagering one unit at a time.
• The game is near the end and you’re ahead. Bet one to three units.
• You’re ahead and want to preserve winnings. Bet one unit.

The above situations are all designed to make sure that you limit your loses. Along with wagering on bets that offer you low odds, make sure you bet on props about which you feel confident. The point is to give yourself the best chance of winning.

Expanding

As odds expand and go higher so do the payouts. Although commonsense tells you that these wagers are getting progressively more difficult to win, there are times that you should utilize them.

• You are way ahead and want to try to make a big score. Use only one or two units.
• It’s near the end of the game and you’re even. Go for a big play, big payout bet using one unit to try to put yourself over the top.
• The team with expanding odds is actually on a role. (It can happen).
• Bet on the defense if there are expanding odds on its side and it needs to make a big play. Use one unit.

Betting on these scenarios isn’t as foolhardy as you might think since you are limiting how much you’re going to wager, lessening your loses. Stay away from tossing a lot of cash on a bet that has expanding betting lines. If you don’t, you may see your cash diminish quickly.

The thing to remember about live sports betting is that as the game goes on and things change, the odds will also change. As they do, you can take advantage of them in various ways. Also, be careful not to bet too much.

Learn More About Strategy

If you want to come out on top against the bookies it is vital that you understand the fundamentals. When it comes to sports betting there is nothing quite as fundamental as the odds that the bookies offer. Unfortunately, betting odds can prove very confusing. That’s especially true for people who are new to betting.

That’s where this article comes in. We’re going to explain exactly how betting odds work, how they are set and the differences in the ways they are displayed. After taking in all the information below, you will be much better equipped to set about making some profit.

What Do Betting Odds Represent?

At their most basic, betting odds tell you two things:

1. How much you stand to make should the selection win
2. The probability of the selection winning

Take this example. If you were looking through the weekend Premier League fixtures and saw a team had fractional odds of 2/1 (that’s decimal odds of 3.0) you would know that you stand to win £2 in profit from every £1 that you stake should the team win. You’d also know that the bookmaker who set the odds ranks the team’s chances of winning as one in every three times the game is played.

If you saw a team had fractional odds of 8/13, you’d know that for every £13 you stake, you will win £8 or profit and that if the game was played 21 times in total, the bookies think the team would win 13 times and fail to win eight times (what is known as the implied probability).

Working out an implied probability percentage from fractional odds is simple. You just divide the stake by the combined sum of the two numbers which make up the fractional odds. In the case of 2/1 the equation looks like this:

1 / (2+1) = 0.33 or 33%

For odds of 8/13 this is the equation:

13 / (8+13) = 0.62 or 62%

That’s how the maths works but when it comes to the actual odds that bookmakers set, it’s a little more complicated.

How Do Bookmakers Set Their Odds?

The basic business model of a sportsbook is fairly uncomplicated. Bookmakers set the odds and take bets on an event. When that event ends they pay out everyone who backed the winner and then keep the rest for themselves.

But, consider the following horse race.

As you can see, the combined implied probability of the selections above is 100%. From a bookmaker’s perspective that is a big problem. That’s because, presuming they’ve got the same amount of liability on each selection, they’d never make any money as they’d have to collect and payout the same amount.

So, the bookmakers will build something called an overround into their odds. Here’s a real example of a match odds market from a football match:

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With an total implied probability of 101.7%, the bookmaker who set those odds is guaranteed to make a profit of 1.7% assuming that they have the same amount of liability on all three selections. Of course, it rarely works out that the bookies manage to spread their liability evenly but you need to know that when you look at a betting market you’re not simply looking at a reflection of how the bookies think the event will pan out. There’s much more going on behind the scenes.

Armed with this knowledge of how the bookmakers set their odds, you can concentrate on finding value. That is, finding a bet where you believe the odds (and therefore the implied probability) is too big. If the bookies think that a side has a 50% chance of winning but you think they’ve got a better chance than that, that’s value.

The Difference Between Decimal and Fractional Odds

You will have seen above that we’ve spoken about both fractional and decimal odds. They are just different ways of conveying the same information but they do add another layer of complexity.

All the major online bookmakers will shows their odds as both fractions and decimals so it’s important that you understand just what they are showing and how to switch between the two. Thankfully, it only requires simple maths.

To go from a fraction to a decimal is as easy as dividing out the fraction and adding one. Here’s how that looks for odds of 2/1:

(2/1) + 1 = 3.o

And using our second example from above, 8/13, it looks like this:

(8/13) + 1 = 1.62

What Is 40/1 Odds

If you want to go from decimal odds to fractional odds is similarly simple. You just minus one from the decimal odds, turn that number into a fraction and reduce it down to it’s simplest form.

Let’s take decimal odds of 4.5, this is the equation:

4.5 – 1 = 3.5
35/10 -> 7/2

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If the decimal price is 1.25, you convert it into fractional odds like this:

1.25 – 1 = 0.25
25/100 -> 1/4

Here’s a list of some of the most common fractional odds and their decimal equivalents (for a more in-depth list click here).

Key Terminology

When reading betting advice or searching for a value bet on the bookies’ websites you’ll come across some key terms relating to betting odds. To round up our article on betting odds, we’ve covered the most widely used terms to ensure you don’t get confused in your search for winners.

Stake – The amount of money that you place (or wager) on a specific bet.

Price – The price of a bet is simply another way of referring to the odds. You can either say that a football team can be backed at odds of 2/1or that their price is 2/1.

Odds On & Odds Against – Two of the key terms that you’ll hear when it comes to betting odds are ‘odds on’ and ‘odds against’. These terms refer to whether a price is greater or lower than evens. Any price above evens is known as odds against, while anything below evens is odds on.

Short and Long Odds – If something is described as being short odds it means the price is low. A long odds shot will provide you with a bigger win but is much less likely to win.