Here are some examples of how to read decimal betting odds. Decimal odds are often used on betting exchanges, such as Betfair, as the user is in control of the odds rather than the bookmaker. When converted into decimals, the potential winnings include the stake, so you just multiply the stake by the odds. Odds-on events are considered more likely to happen than not by bookmakers, and vice versa for events that odds against. Here are some examples of betting odds converted into percentages to find out the probability.Īny odds in which the first number is bigger than the second are odds against, while any odds in which the first number is smaller than the second are odds on. The calculation is: Probability (%) = B/(A+B). The method for calculating probability (in percentage terms) from odds is most easily explained by taking the two numbers that appear in the odds and replacing them with letters. Now you know odds are set out with two numbers separated by a forward slash, you can use them to work out the probability of an event happening. How to calculate probability from betting odds This is how punters can use the betting odds to work out how likely bookmakers believe an outcome is to happen. The probability of getting heads is a one in two chance, which can be represented as odds of 1/1, which would mean the outcome has a 50% chance of winning. 1/2).Ī very simple explanation of probability would be a coin toss, in which the two possible outcomes are heads or tails. Probability is most commonly shown as a fraction by UK bookmakers, and would be two numbers separated by a forward slash (e.g.

If the event is deemed to have a low probability, then it’s less likely to happen than not. If the bookmaker has an outcome to an event with a high probability, then it’s more likely to happen than not.

Probability is simply how likely something is to happen. Already used the bet365 bonus code? Check out all the latest bookmaker offers and the best betting sites.

What do gambling odds mean