Odds are multipliers that express the probability of a particular outcome in sports. To turn the odds into a probability in percent, you should divide a hundred by decimal odds. So, if a bookmaker gives 1.75 odds, the probability of such outcome will be 100/1.75 = 57 percent. Sometimes, a change in odds is instigated by external factors, independent on the probability of the outcome. Such an external factor could be a market overload, when a lot of players bet on the particular outcome. The odds usually are of three types: decimal, fractional and American.
Decimal odds are popular in Russia and CIS countries.
Decimal odds multiplied by the amount of bet, let you know the amount of future payout (the profit plus the bet). For example, if a bet is £100 with 1.91 odds, we would get £191, where £91 is net profit and £100 is the amount of bet.
Fractional odds are popular in the UK and other European countries.
Fractional odds are the ratio of net profit (numerator) to the amount that needs to be placed to obtain such a profit (the denominator). For example, 5/3 odds mean that to get 5 pounds net profit, a punter should place 3 pounds.
To convert fractional odds to decimal, it is necessary to divide the numerator by the denominator and add 1 (one). For our example: 5/3 + 1 = 1.66 + 1 = 2.66. Another example: 40/1 + 1 = 40 + 1 = 41.0 (for 40/1 odds).
American odds usually have two types, positive and negative (e.g., +120 and -140)
Positive American odds mean the sum of the net profit a player gets when betting £100. For example, the +120 odds mean that for every £100 there is a £120 net profit.
Negative American odds mean the amount a player needs to bet to win £100. For example, the -140 odds mean that for every £140 there is £100 net profit.
To transfer positive American odds into decimal odds you will need to divide them by 100 and add one. For our example: 120/100 + 1 = 1.20 + 1 = 2.20.
To transfer negative American odds into decimal odds you will need to leave out the minus sign, add a hundred to the odds and divide it by the odds. For our example: (140 + 100) / 140 = 240/140 = 1.71.
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