The odds of an event are the likelihood or probability of that event occurring.

Odds are at the centre of all betting, whether sporting or otherwise, so before placing a bet on anything, you should understand odds and how they work.

As the betting markets mature, you will find some selections drifting in price and some odds shortening on the outcome of the event.

Our betting odds guide will give you an understanding of betting odds, so you can work out how likely you are to win and what you will win if the result goes your way.

Find out more today about betting odds:

Contents

1 What Are Betting Odds?
2 Odds Conversion Table
3 What is Probability?
4 What Are Fractional Odds?
- 4.1 Fractional Odds Examples
5 What Are Decimal Odds?
- 5.1 Decimal Odds Examples
6 Decimal Odds vs Fractional Odds – Key Facts
7 Summary of Betting Odds Overview
8 Odds Used in the Betting Market

What Are Betting Odds?

Betting odds represent the likelihood of an event occurring.

Bookmakers set odds on a wide variety of events, including football, tennis, horse racing, rugby, politics, X Factor results, and more.

It is considered that:

The shorter the odds, the more likely the outcome (however, the punter will win less)
The longer the odds, the more unlikely that outcome is considered (but the punter will win more).

In the UK, betting odds are typically displayed in a fractional format, for example, 3-1 (or three-to-one chance). This means the likelihood of that outcome is 1 in 3.

As well as the likelihood or probability of an event occurring, these gambling odds represent the ratio between your stake wagered vs the betting returns that the online bookmaker or betting shop will pay for the event to happen. In the example of 3-1, you will receive 3 times your money back.

When trying to figure out what you have won from a racing bet you should use our free and easy betting calculator, it works out exactly what you can expect back – quickly and easily.

Odds Conversion Table

Here is the conversion table for sports betting odds.

Fraction Odds	Decimal Odds	American	Probability
1/5	1.2	-500	83.30%
2/9	1.22	-450	81.80%
1/4	1.25	-400	80%
2/7	1.29	-350	77.80%
3/10	1.3	-333.3	76.90%
1/3	1.33	-300	75%
4/11	1.36	-275	73.30%
2/5	1.4	-250	71.40%
4/9	1.44	-225	69.20%
1/2	1.5	-200	66.70%
1/2	1.5	-200	66.70%
8/15	1.53	-187.5	65.20%
4/7	1.57	-175	63.60%
8/13	1.62	-162.5	61.90%
4/6	1.67	-150	60%
8/11	1.73	-137.5	57.90%
4/5	1.8	-125	55.60%
5/6	1.83	-120	54.50%
10/11	1.91	-110	52.40%
1/1	2	100	50%
21/20	2.05	105	48.80%
11/10	2.1	110	47.60%
23/20	2.15	115	46.50%
6/5	2.2	120	45.50%
5/4	2.25	125	44.40%
11/8	2.38	137.5	42.10%
7/5	2.4	140	41.70%
6/4	2.5	150	40%
8/5	2.6	160	38.50%
13/8	2.62	162.5	38.10%
7/4	2.75	175	36.40%
9/5	2.8	180	35.70%
15/8	2.88	187.5	34.80%
2/1	3	200	33.30%
11/5	3.2	220	31.20%
9/4	3.25	225	30.80%
12/5	3.4	240	29.40%
5/2	3.5	250	28.60%
13/5	3.6	260	27.80%
11/4	3.75	275	26.70%
3/1	4	300	25%
16/5	4.2	320	23.80%
10/3	4.33	333.3	23.10%
7/2	4.5	350	22.20%
4/1	5	400	20%
9/2	5.5	450	18.20%
5/1	6	500	16.70%
11/2	6.5	550	15.40%
6/1	7	600	14.30%
13/2	7.5	650	13.30%
7/1	8	700	12.50%
15/2	8.5	750	11.80%
8/1	9	800	11.10%
9/1	10	900	10%
10/1	11	1000	9.10%
11/1	12	1100	8.30%
12/1	13	1200	7.70%
13/1	14	1300	7.10%
14/1	15	1400	6.70%
15/1	16	1500	6.20%
16/1	17	1600	5.90%
18/1	19	1800	5.30%
20/1	21	2000	4.80%
25/1	26	2500	3.80%
33/1	34	3300	2.90%
50/1	51	5000	2%
66/1	67	6600	1.50%
100/1	101	10000	1%
1000/1	1001	100000	0.10%

Check out our dedicated page for converting fractional odds to decimal odds.

What is Probability?

Probability refers to the likelihood of something happening; it then dictates the odds associated with it.

If a bookmaker believes the outcome of an event has a high probability of happening, meaning that it is more likely to occur than not, odds will be shorter, so a punter can bet less money.

If the event is deemed to have a low probability, then it’s less likely to occur than not; odds will be higher.

A straightforward example of probability in action is tossing a coin, which has two outcomes (heads or tails). You have the same statistical chance of getting either; the chance of getting either is 1 out of 2. This is represented as a 50% chance, and in odds is 1/1 (evens) – as you have an even chance of getting either.

What Are Fractional Odds?

Fractional odds are the oldest form of odds for horse racing, and they are still the preferred format used in the UK in shops and on UK racecourses.

Fractional odds are simple to calculate because they are given in fraction form. The denominator (or 2nd number) to the right is the amount bet, and the numerator, or 1st number (on the left), is the amount that your bet will return.

Fractional Odds Examples

Here are some fractional odds examples showing what you would win:

7/1 for every £1 you bet, you will win £7
5/2 for every £2 you bet, you will win £5
11/4 for every £4 you bet, you will win £11
1/1 for every £250 you bet, you will win £250

What Are Decimal Odds?

Decimal odds (they are sometimes known as European odds or American odds) are popular because of their simplicity.

This odds type is shown as two figures separated by a full stop—for example, 1.2°, 1.70, 2.30, or 6.4. Decimal odds are arguably easy to calculate, as you multiply your stake by the relevant odds.

Decimal Odds Examples

Here are some decimal odds examples showing what you would win:

4.5 can be calculated as (4.5 * £100 stake) – £100 stake = £350 winnings
1.3 can be calculated as (1.3 * £500 stake) – £500 stake = £150 winnings
9.2 can be calculated as (9.2 * £10 stake) – £10 stake = £82 winnings
2.5 can be calculated as (2.5 * £200 stake) – £200 stake = £300 winnings

Decimal Odds vs Fractional Odds – Key Facts

Here are some facts to consider when choosing your odds format for betting:

Fractional odds are the ratio of the profit won to the stake wagered
Decimal odds represent the amount you win for every £1 wagered on your betting slip
The fractional odds only represent winnings and do not include your returned stake
The decimal odds do include the stake within the odds stated
UK racecourses and Irish Racecourses generally show prices in fractional odds, where decimal odds are known to be more American and European
With the growth of Betfair exchange in the UK, many punters have become familiar with the decimal odds platform.

Summary of Betting Odds Overview

The choice between decimal odds and fractional odds ultimately comes down to personal preference. All the best horse racing betting sites and best betting app options allow you to choose which you would prefer to show when making your betting selections.

As betting odds represent the probability of an event occurring, it is up to the punter to try to find value for money by determining if they agree with the odds being offered by a bookmaker and if these odds represent a good betting option.

If you are looking to place a bet, firstly, always remember to bet responsibly, but do check out our recommended bookies below:

Some of the above bookies offer free bets and great sign-up perks, as well as betting on horses, Premier League betting and other sports betting options.

For more information on betting markets, check out the following articles: