Do you want to understand how each of the different sports betting odds formats work?
In this article I provide the formulas to calculate the potential winnings using any format of your choice. I also explain how to convert any format to/from the, preferable, Decimal odds format.
Article Contents
1. Decimal Odds
Decimal odds are the default format across Europe — hence the name “European Decimal Odds”. They’re the easiest and most transparent odds to use, and the go-to format for most professional bettors and traders.
Note that profit calculations using decimals odds show the potential return of a bet, with the stake included.
Profit Calculation
Formula: Stake x (Decimal -1)
Examples
- 2.0 = £100 profit on a £100 stake.
- 5.0 = £400 profit on a £100 stake.
- 10.0 = £900 profit on a £100 stake.
Learn more about the decimal odds format.
2. Fractional Odds
In the UK and Ireland bookmakers have always used fractional odds as the default (e.g. 6/4, 1/3, 2/1). They’re simple to use — but do not always make it easy to quantify/compare the value of the prices on offer.
Importantly, unlike decimals odds, calculations made on Fractional odds give the potential profit, without the stake included.
Profit Calculation
Formula: Stake x Fraction
Examples
- 2/1 = £200 profit on a £100 stake.
- 1/2 = £50 profit on a £100 stake.
- 1/1 = £100 profit on a £100 stake (“evens” or “even money”).
Convert to Decimal Odds
Formula: Fraction + 1
Examples
- 3/1 = 3.0 + 1 = 4.0 decimal odds.
- 1/2 = 0.5 + 1 = 1.5 decimal odds.
- 1/1 = 1 + 1 = 2.0 decimal odds.
To convert Decimal odds to fractions: Decimal Odds – 1.0, and then find the nearest whole integers (e.g. 3.75 – 1 = 2.75/1, or 11/4).
Learn more about the fractional odds format.
3. American Odds
American odds are of course very popular at US sportsbooks. They’re often referred to as “Moneyline” odds or “lines”. Importantly, the odds are different for underdogs and favourites — but are both represented in units of $100. Favourites are represented by negative (-) odds, and underdogs by positive (+) odds.
- If the odds are lower than evens (2.0 decimal), then American odds are negative. This shows how much money must be wagered to win $100.
- If the odds are higher than evens (2.0 decimal), then American odds are positive. This shows how much money will be won on a wager of $100.
American odds are barely recognised in the UK and across Europe because the format is not widely available at local sportsbooks. In my opinion, American odds are a lot more difficult to grasp than the Fractional or Decimal formats.
Profit Calculation (Favourites)
Formula: (-100 / Odds) x Stake
Examples
- -200 = (-100/-200) = 1/2. Therefore, $50 profit on $100 staked.
- -400 = (-100/-400) = 1/4. Therefore, $25 profit on $100 staked.
- -500 = (-100/-500) = 1/5. Therefore, $10 profit on $50 staked.
Profit Calculation (Underdogs)
Formula: (Odds / 100) x Stake
Examples
- 200 = (200/100) = 2/1. Therefore $200 profit on $100 staked.
- 300 = (300/100) = 3/1. Therefore $300 profit on $100 staked.
- 500 = (500/100) = 5/1. Therefore $250 profit on $50 staked.
Convert to Decimal Odds (Favourites)
Formula: (-100 / Odds) + 1
Examples
- -500 = (-100/-500) +1 = 1/5 + 1 = 1.2 decimal odds.
- -400 = (-100/-400) + 1 = 1/4 + 1 = 1.25 decimal odds.
- -100 = (-100/-100) + 1 = 1 + 1 = 2.0 decimal odds.
Convert to Decimal Odds (Underdogs)
Formula: (Odds / 100) + 1
Examples
- 500 = (500/100) +1 = 5 + 1 = 6.0 decimal odds.
- 400 = (400/100) + 1 = 4 + 1 = 5.0 decimal odds.
- 200 = (200/100) + 1 = 3.0 decimal odds.
To convert Decimal odds of 2.00 or greater to American odds: (Decimal Odds – 1) x 100
To convert Decimal odds of less than 2.00 to American odds: (-100) / (Decimal Odds -1)
Learn more about the American odds format.
4. Hong Kong Odds
Hong Kong odds are adopted by many Asian bookmakers. The odds are simple to work out, and are a cross between decimal and fractional odds. Essentially the profit calculation works just the same as fractional odds — except they’re presented in a decimal format.
Profit Calculation
Formula: Stake x Odds
Examples
- 2.0 = £200 profit on a £100 stake.
- 0.5 = £50 profit on a £100 stake.
- 3.0 = £150 profit on a £50 stake.
Convert to Decimal Odds
Formula: Odds + 1
Examples
- 0.4 = 0.4 + 1 = 1.4 decimal odds.
- 5.0 = 5.0 + 1 = 6.0 decimal odds.
- 1.5 = 1.5 + 1 = 6.5 decimal odds.
To convert Decimal odds to Hong Kong odds: Decimal Odds -1
Learn more about the Hong Kong odds format.
5. Indonesian Odds
Indonesian odds are like US odds — except instead of being expressed in terms of $100, it’s in terms of $1. So whenever you see a negative value, it shows how big the wager is needed for a profit of $1. And whenever you see a positive value, it shows the profit from a wager of $1.
Personally I prefer this format to US odds, as it’s more useful to calculate profit in terms of $1 units rather than $100.
Profit Calculation (Favourites)
Formula: Stake x (-1 / Odds)
Examples
- -2.0 = (-1/-2) = 0.5. Therefore, $0.5 profit on $1 staked.
- -1.25 = (-1/-1.25) = 0.8. Therefore, $80 profit on $100 staked.
- -1.5 = (-1/-1.5) = 2/3. Therefore, $40 profit on $60 staked.
Profit Calculation (Underdogs)
Formula: Stake x Odds
Examples
- 4.0 = $400 profit on $100 staked.
- 3.0 = $300 profit on $100 staked.
- 5.0 = $250 profit on $50 staked.
Convert to Decimal Odds (Favourites)
Formula: -1 / (Odds + 1)
Examples
- -5.0 = (-1/-5) +1 = 1/5 + 1 = 1.2 decimal odds.
- -4.0 = (-1/-4) + 1 = 1/4 + 1 = 1.25 decimal odds.
- -1 = (-1/-1) + 1 = 1 + 1 = 2.0 decimal odds.
Convert to Decimal Odds (Underdogs)
Formula: Odds + 1
Examples
- 5.0 = 5 +1 = 6.0 decimal odds.
- 4.0 = 4 + 1 = 5.0 decimal odds.
- 2.0 = 2 + 1 = 3.0 decimal odds.
To convert Decimal odds of 2.00 or greater to Indonesian odds: (Decimal Odds – 1)
To convert Decimal odds of less than 2.00 to Indonesian odds: (-1)/(Decimal Odds -1)
Learn more about the Indonesian odds format.
6. Malaysian Odds
Malaysian odds are the opposite of the US and Indonesian formats. This time the negative (-) and positive (+) odds are switched over. Negative odds represent the underdog, while Positive odds represent the favourite. All other calculations remain the same.
Profit Calculation (Favourites)
Formula: Stake x (-1 / Odds)
Examples
- -2.0 = (-1/-2) = 0.5. Therefore, $0.5 profit on $1 staked.
- -1.25 = (-1/-1.25) = 0.8. Therefore, $80 profit on $100 staked.
- -1.5 = (-1/-1.5) = 2/3. Therefore, $40 profit on $60 staked.
Profit Calculation (Underdogs)
Formula: Stake x Odds
Examples
- 5.0 = $500 from on $100 staked.
- 4.0 = $400 profit on $100 staked.
- 1.0 = $50 profit on $50 staked.
Convert to Decimal Odds (Positive)
Formula: Odds + 1
Examples
- 5.0 = 6.0 decimal odds.
- 4.0 = 5.0 decimal odds.
- 1.0 = 2.0 decimal odds.
Convert to Decimal Odds (Negative)
Formula: -1 / (Odds +1)
Examples
- -5.0 = -1/-5 + 1 = 1.2 decimal odds.
- -4.0 = -1/-4 + 1 = 1.25 decimal odds.
- -0.6 = -1/-0.6 + 1 = 2.67 decimal odds.
To convert Decimal odds of 2.00 or less to Malay odds: (Decimal Odds – 1)
To convert Decimal odds of greater than 2.00 to Malay odds: -1 / (Decimal Odds -1)
Learn more about the Malaysian odds format.
7. The Probability (Implied Odds)
Probabilities aren’t used by Bookmakers or the betting exchanges — but if you want to earn from sports betting it’s vital to know how to translate odds into the implied chance (%). The implied chance tells us the % chance, according the odds on offer, of an event happening.
Once you convert your odds, from whatever format you use, into decimal odds then you can very quickly convert them into a implied % value.
Convert From Decimal Odds
Formula: 1 / Decimal Odds
Examples
- 5.0 = (1/5) = 0.2 = 20% chance
- 2.0 = (1/2) = 0.5 = 50 % chance
- 1.5 = (1/1.5) = 2/3 = 66.67% chance
Convert To Decimal Odds
Formula: 100 / Chance %
Examples
- 40% chance = 100/40 = 2.5 decimal odds
- 90% chance = 100/90 = 1.11 decimal odds
- 25% chance = 100/25 = 4.0 decimal odds
Learn more about the Implied Probability.
Final Words of Advice
While using an online odds conversion calculator is the easiest way to find equivalent odds, understanding the formulas behind the conversions is essential if you want to build your own betting strategy using Excel or similar tools. Hopefully this article will assist you in doing that.
If you have a choice of any odds format, I recommend using decimal “European” odds due to their simplicity and intuitiveness. Unlike some other formats, decimal odds have no layers to decrypt. The higher the number, the less likely the event is to happen, and the bigger the potential payout will be.
There is one other odds format that you might wish to learn about: Spread Betting odds. The payouts work much differently to the fixed odds formats shown above, so I’ve published a separate article about it here: Spread Betting Odds Explained.
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