Odds Converter

Betting odds and chance

To first understand what betting odds are, we have to first understand the concept of chance. Chance is the likelihood of an event happening. It is often expressed in percentages, also referred to as the probability. Let's roll a dice. Rolling a dice yields a probability of 1 out of 6 for each outcome. The chance of the dice landing on any of the 6 numbers is equal. In percentages this means a 16.66% chance (or probability) of any of the six numbers to coming up. How is this calculated? Simply by dividing 100% by the 6 possible outcomes.

 

Odds Converter utility

Having a basic understanding on how to convert betting odds can be very helpful. In fact, if you don't know how to convert betting odds into their respective implied probabilities, you're not helping your chances of success in the long term in the competitive world of sports betting. Understanding the implied probability behind the odds shown to you is key to assessing the potential value in a particular betting market.

And it is just as important when assessing the value that exists with regards to specific odds on a particular outcome. If the implied probability is less than your own assessed probability of a particular outcome occurring, that outcome represents a value betting opportunity.

If, however, you want to learn how to convert odds to implied probability and how to covert implied probability to various odds formats, please read on. This article explains in detail how to convert the three most popular odds formats in the world - decimal, fractional and American - into their implied probabilities and how to convert an implied probability into either of these odds formats.

 

What is implied probability?

Implied probability is the probability of the outcome if you assume the odds are correctly priced. For example, with a fraction odd of 5/2, one can assume that the probability of that outcome is 28.57%. It's up to you to decide if the bookie's assigned probability is good or bad for you to bet. If you believe for example that the outcome has a probability of 50% and you find an odd of 5/2, you would get a great deal!

 

 

Frequently asked questions about how to convert odds

How do i convert fractional to decimal?

Just add 1 to the result of the divided fraction.

Example: 1/2 in fractional: 1/2=0.50 then plus one: 1.50

How do i convert decimal to fractional?

First subtract 1 from the odd, then convert to a fraction with the odd as numerator and 1 as denominator. Then reduce this fraction to the simplest from.

For example, to convert 1.50 into fractional: 1.50-1= 0.50. 0.50/1 is the result but is not pretty and bookies reduce it to the simplest form as integer/integer, in this case: 1/2

How do i convert moneyline to decimal?

Americans use the positive and negative odds system

If it's positive just add 1 to (odd divided by 100)

Example: 250 = 1+(250/100)=3.50

If it's negative subtract (100/odd) to from 1

Example: -250 = 1-(100/-250)=1.40

How do i convert moneyline to fractional?

If it's positive just divide by 100 and reduce to the simplest form

Example: 250 = 250/100 = 5/2

If it's negative it's -100 / american odd

Example: -250 = -100/ -250 = 2/5

How do i convert odds to probability?

Considering a decimal odd, divide 1 by the odd, multiplied by 100.

Example: 2.50 = 1/2.5*100 = 40%

How do i convert probability to odds?

To convert from probability to decimal odds: 1/(probability/100)

Example: 40% probability = 1/(40/100) = 2.50

How to get the best odds

Before placing a bet you should always compare odds. A pro knows that when you place a bet you must have an advantage.

Betting on the "feeling" is the strategy used by most amateurs and that's the reason why they keep loosing money.

If i flipped a coin and gave $1 for a heads and you would give me $2 for a tails, would you consider it a good deal? Ofcourse not! That's why having the best odd available is a key principle for making money with sports bets.

ALWAYS use a tool like OddsPortal to find the best odds before placing a bet!

 

Odds converter errors

Keep in mind that when rounding values on odds converter you might see some discrepancies.

For example, when you use an odds converter to convert decimal 1.33 you get 1/3 fractional and -300 american but if you convert 1/3 to american you might see -303.03.

While this conversion to -303.03 is actually correct, some bookies tend to refer to -300 when meaning the fractional 1/3 because it's easier for the punter to remember, while others stick to the -303 version.

Please refer to the example formulas we provide in the FAQ for more information.

While we do our best effort to provide accurate information, it's your responsibility to verify the odds on what you are betting. We decline any responsibility for any losses you might incur, as a result of the service we provide.

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