Odds Converter – Instantly Convert Betting Odds & Formats
Betting odds are used to calculate the probability of an event or outcome occurring. In gambling or sports betting, every game or team is assigned predetermined betting odds that show their chances of winning. Different odds formats are used around the world but the three main odds types that most punters are likely to come across are decimal odds, fractional odds, and American odds.
To understand the difference between these three methods that sportsbooks use to calculate betting odds, punters can use an odds conversion calculator to make sure the prices are clear in their heads before placing bets. This is when an odds converter comes in handy for anybody involved in betting, including bettors, traders, and sports analysts.
This article will focus on how you can use the odds converter, understand different odds formats, and why converting betting odds is important.
How to Use the Odds Converter
Betting odds may not be presented in the format that you are familiar with, especially if you are using an international sportsbook. With an odds converter, punters can quickly convert their betting odds in any format and view the implied probability and potential profit or payout, depending on their betting stake amount. Additionally, using a bonus wager calculator can help determine the wagering requirements needed before accessing winnings.
Here is how you can use the odds converter to change the format –
Step 1: Enter the odds you want to convert into the given field
Step 2: Choose the desired output format
- Step 3: View the converted odds instantly as they are displayed in the given format
An example of the different odds format is +200 (American) = 3.00 (Decimal) = 2/1 (Fractional).
Understanding Different Odds Formats
To get a better understanding of the different odds formats, let us dive into the different formats that pandas commonly find in sportsbooks around the world. Note that the formats only provide different visual representations of the same, actual odds and payouts.
Write 1-2 lines about different odds
Decimal Odds
Decimal odds are commonly used in Europe, Canada, and Australia and have become popular since people started wagering digitally over the last two decades or so. They are easy to understand since punters can tell which player or team is a favorite or underdog at just a quick glance.
Decimal odds follow the simple formula – Stake × Decimal Odds = Total Payout.
For instance, at 2.00 odds, if a punter has placed a bet worth $100, the total payout comes to $200 if the bet wins. Note that in decimal odds, the original wager is included in the payout. In our example, the $200 payout consists of the initial stake of $100 along with the net profit of $100.
Fractional Odds
Fractional odds are the most traditional and common formats used in the UK and Ireland and hence, is also known as the British odds. Horse racing punters prefer odds in fractional format, represented as a fraction (5/2, 3/1, 4/1).
In the fraction, the denominator or the second number denotes the amount that punters would have to stake to win the numerator or the first amount.
For instance, if Manchester United is a favorite at 1/2, it means punters will need to bet $2 to earn a profit of $1.
Fractional Odds
American odds, also known as money lines, are the most popular format in the US, and they are represented with a plus (+) or a minus (-) sign before the odds number. Based on the sign, payouts are decided.
Positive odds such as +200 show the amount of profit a player makes when he bets $100. For instance, a $100 bet at +200 will earn punters a profit of $300 total.
Similarly, odds with a minus sign show the amount of money punters need to bet in order to make a profit of $100. For instance, punters need to take $200 at -200 odds to make a profit of $100.
American odds are by far the easiest representation for comparing favorites vs underdogs for any sporting event.
Odds Conversion Table
A handy reference chart for quick conversions:
| Decimal | Fractional | American | Implied Probability |
|---|---|---|---|
| 1.50 | 1/2 | -200 | 66.67% |
| 2.00 | 1/1 (Evens) | +100 | 50.00% |
| 3.00 | 2/1 | +200 | 33.33% |
Why Converting Odds is Important
Betting odds are important, whether you choose fractional, decimal, or American, as it gives you an edge while evaluating your wagers. They are important for comparing odds across sportsbooks and getting the best value for your bets. Players often compare these odds across bookies in order to increase their chances of finding value bets and grow their bankroll.
By analyzing odds from different bookmakers, punters can also identify situations where the combined betting odds of possible outcomes are less than 100%. Through arbitrage betting, therefore, players can enjoy guaranteed profit opportunities. With the help of odds conversions and a parlay calculator, punters can calculate their expected winnings accurately
Implied Probability Explained
Implied probability tells us the overall likelihood of betting outcomes based on the listed betting odds. Punters can calculate the implied probability from the odds provided, and it can serve as a valuable addition to understanding what exactly the odds indicate. Implied probability is essentially calculated by converting odds into a percentage format. The formula for implied probability is –
Implied Probability (%) = (1 / Decimal Odds) × 100.
For example, betting odds of 2.00 means there is a 50% probability of winning. While this is true for a decimal format, for a moneyline favorite with odds of -400, the implied probability will be 80% to win the bet. Therefore, implied probability helps determine whether a bet has a positive expected value (EV).
Conclusion
Converting betting odds in our heads may not always be fun. Luckily, we have odd converters that perform all the maths for punters in seconds. Simply by typing the betting odds and choosing the desired format, punters can make instant conversions and make well-educated bets. Note that it is important to look for the best value odds from trusted and licensed sports books to enjoy smart betting and responsible betting.