What it is, how to use it, and how to work out odds for yourself.
Different online bookmakers provide different odds, in different formats. For example, Ladbrokes may provide better odds on the football then Coral, and Coral may provide better odds on Boxing than Ladbrokes. However, it’s the way the odds are formatted which people get confused with.
The different formats of odds include:
Fraction and decimal odds are the most popular format of odds used by the majority of online bookmakers. An example of a fraction odd is 2/1 – this means that for every £1 a customer bets, you will receive £2 if the bet is to win. Likewise, a 2/1 bet in decimal form is 3.00, also meaning that for every £1 bet, you will receive £2 if the bet is to win.
American odds are quite obviously used by American bookmakers and more often than not on American specific sports such as American football. American odds are in the hundreds and contain many more units than other traditional odds.
For example, taking our 2/1 fraction bet or 3.00 decimal bet example, in American odds this would be represented as 200.
Finally, the implied probability is simply how likely the bet is to happen. For example, a bet which is 1/1 would be 50%. Using our 2/1 example once more, this would be 33.3%.
An odds convertor is a simple an easy tool to use, however they are really effective. Simply enter the type of odds you have fractional, decimal, American, or probability from any bookmaker and this will calculate the odds in each other format. For example, if you were to enter 2/1 in the fraction column this would calculate every other format for you to see.
If the odds convertor calculator isn’t your cup of tea then there is also an odds convertor table available. Much like the calculator, this simply displays a list of popular odds offered with each and every other format aligned. For example, looking for fraction odds of 8/1 will display the decimal, American, and probability odds too.
Often, online bookmakers display their odds in one format or the other. While these can be changed, they can be difficult to find while wasting valuable time – especially if you’re betting in real time. Therefore, using an online odds convertor calculator or table allows you to simply enter the type of odds provided by a specific bookmaker, providing all alternative odds formats for you to see.
This is useful as it can be difficult to understand different types of odds if you’re used to one or the other. Let’s say your American and are used to American odds. If visiting the UK, or betting on an UK online betting site, the odds will be displayed in fraction, decimal, or probability. Using an odds convertor will allow you to also display American odds – allowing you to understand the bet much more.
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