If you are new to sports betting, you may not fully understand just how betting odds work. You may not have a preference for betting odds either. Anyone that makes a regular profit on sports betting will tell you that having a preferred odds format is the way to go.
Let's explore how to read betting odds of this type and more.
What are Fractional Odds?
Fractional odds are one of the two most popular ways to express the probability of an event's outcome in the UK and Europe. Fractional betting odds are displayed with a numerator over a denominator (2/1).
You don't have to be a math wizard to understand how fraction odds work.
So, how do fractional odds work? Let's explore this question deeper to give you more betting knowledge. Remember, knowledge is power, and power is profits.
How do you read Fractional odds?
Fractionals are the traditional way bookmakers display prices. Today, there are different ways in which bookmakers display their prices.
For many people, fractional betting odds are the simplest way to understand how much money they will win based on their stake.
The fractional odds of a sporting event display your potential winnings based on the amount you stake on the bet. Let us look at an example to explain this further.
The top number, the numerator, is the amount you will win based on the bottom number, the denominator. The bottom number is the amount of money you must stake to win the top number.
Fractional betting odds do not include the amount you bet. A winning bet will have the stake returned along with the profits by the bookmaker.
When you calculate your profit before wagering, always remember to add your original stake to the amount.
How Do you Convert Fractional Betting Odds into Potential Winnings?
It is simple to convert fractional betting odds into winnings. If you wager on Manchester United to defeat Manchester City at odds of 5/1, you are set to make £5 for every £1 you wager, if the bet is successful.
Therefore, by multiplying the number on the left by the number on the right, we can get the potential winnings.
For example, you wager on Manchester United to win at odds of 5/1. Instead of wagering £1, you stake £10. A winning bet would return £60 (£50 profit plus £10 stake).
Converting fractional betting odds into potential winnings can be more difficult based on the odds.
Do Fractional Betting Odds Calculate Probability?
You can calculate probability of an outcome by using fractional betting odds. Let us take the Chelsea versus Crystal Palace example. Chelsea are at odds of 8/11 to win at full-time.
If you divide 8 by 11 (8/11), you will get the probability of the outcome occurring. The probability of Chelsea winning is 73%.
How Betting Odds Work
Odds are simply your betting selection’s chance of winning a sporting event in the opinion of a bookmaker.
The odds also reflect the amount of money you will win if your bet is successful. Odds may differ depending on the sportsbooks.
What's the Difference Between Fractional Betting Odds and Decimal Odds?
Fractional betting odds are displayed as a fraction with the amount you will win on top and the amount you must stake at the bottom for those profits.
For example, odds of 2/1 mean you will win £2 on a £1 wager if the bet is successful.
Decimal odds, on the other hand, show the amount of money you would win for every £1 wagered. For example, decimal odds look like 3.00.
These odds mean that a £1 stake would result in a £2 profit for a successful bet. Unlike fractionals, decimal odds include the returned stake.
Fractional Betting Odds or Decimal Betting Odds?
Fractional odds and decimal odds are popular in the UK and Europe. The use of these odds comes down to personal preference. Once you find an odds display that you are comfortable with, it is unlikely that you will change.
How Do You Convert Fractional Betting Odds into Decimal Odds?
Converting fraction odds to decimal odds is simple. Just divide the number on the left by the number on the right and add one. For example, if you have the odds of 2/1, just divide 2 by 1 and add 1.
(2/1) +1 = 3.00
What's The Difference Between Fractional and American Odds?
American odds are much different than fractionals. They are typically used by sports bettors in North America.
American odds are based on winning or wagering £100 on a bet. The odds are represented by a plus (+) or minus (-) sign. The plus and minus signs indicate which team is the favourite and the underdog.
What are Moneyline odds?
Moneyline odds are the same as American odds. The two terms are often used interchangeably by some punters and bookies.
How Do You Convert Fractionals into American Odds?
It is slightly more complicated to convert fractionals to American odds than fraction to decimal.
Fractions that are greater than 1 use the formula: (fractional value) x 100 = American odds.
Fractions that are less than 1 use the formula: -100 / (fractional value) = American odds.
What is the Difference Between Decimal odds and Implied probability?
Decimal odds express a simple value that can be multiplied by your bet amount to calculate the potential profit and overall return.
Implied probability explains what the bookmaker expects the outcome of an event to be. Implied probability is also known as implied odds.
For fractionals: denominator / (denominator + numerator) x 100 = implied probability
How Do You Convert Fractionals Into Implied Probability?
To convert fractional odds to implied probability, simple use the following formula:
denominator / (denominator + numerator) x 100 = implied probability
Which Countries Use Fractional Betting Odds?
Fractional odds are used around the world. However, they are most common in the UK and Europe. Sportsbooks around the UK display their odds using fractional numbers.
Why Do Some Countries Use Fractional Betting Odds?
Fractional odds are often considered the traditional way to display bookmaker odds. Decimals have become popular, but plenty of punters still use fractional odds because they started out using them.
Are Fractional Betting Odds UK Odds?
Fractional odds are also called UK odds. This is due to the odds format being commonly used in the UK. Ireland also uses this odds format and parts of mainland Europe.
Do Betting Sites Give you the Option to Use Fractionals?
Bettors have the option to change their odds display with online betting sites. Simply change the display to your preferred style before wagering.
Which Is the Best Odds Format?
There is no best or worst odds format. It is simply a matter of preference. UK bookmakers will provide you with the option to choose your preferred style. There are also websites available to alter the format.
Fractional Odds In Sports Betting
Fractional odds are regularly used in sports betting in the UK. All UK sports betting websites will display odds in fraction format.
Fractional Betting Odds in Horse Racing
Horse racing betting also displays its odds in the fraction format. You can find the best bet opportunities on horse racing around the UK and Ireland based on fractional odds.
Fractionals are a traditional format for displaying odds. They are often called UK odds. Fractional odds work by displaying the amount of money you will win based on the amount you must wager. The number on the left does not include the initial stake which will be paid back to you by the bookmaker.