odds conversion calculator and table<\/a> and more, including our picks for the best bookmakers out there for odds, so you can have all the tools you need to make the most out of betting odds in our exclusive betting odds explained guide.<\/p>\n\nThe Importance of Having Betting Odds Explained When Choosing a Bookmaker<\/h2>\n \n\n
\n Here at The Punters Page, we\u2019re all about helping you get the best betting experience possible. There\u2019s a lot of different facets to this, from tactical advice to a look at the best promotions, That said, there is nothing we provide which is more important than our guidance on which betting sites are right for you.<\/p>\n\n
\n Getting the right operator is like ensuring you are standing on a solid foundation upon which everything else can be built. And if the betting site is the foundation, then quality odds may very well be the concrete, as there is nothing \u2013 perhaps beyond security \u2013 more important to their quality as offering decent odds.<\/p>\n\n
How This Odds Understanding Relates to Strategy<\/h2>\n \n\n
\n Following on from our previous point on betting odds explained, always remember that how much money you can potentially win only matters in relation to the stake. For instance, two sets of odds could both at a certain point win \u00a31000, but one may see you need to bet \u00a35 for that potential return, another \u00a3500. This is an extreme example, of course, but the important point is that the quality of the end result is all relative to how much you need to put down to see that return.<\/p>\n\n
\n This is where our two basic betting odds explained points about what betting odds are and how betting odds work converge, so let\u2019s return to them for a moment for some strategic advice. The odds are a reflection of how likely an event is to happen. They are also a way of understanding your potential return. Finding a good market, a smart market to bet on, is about finding one where you think the operator is wrong on both accounts.<\/p>\n\n
\n For instance, let\u2019s say a bookmaker thinks a team has roughly a 20% chance of winning, but you think they have a much better chance of winning. Say you think that the odds are actually closer to evens. This would be a good market to bet on, because this difference of opinion means that the potential return, which these odds also represent, is very generous should your opinion be proven correct.<\/p>\n\n
\n That\u2019s why being able to understand how do odds work and how odds translate is vital from a strategic betting odds explained perspective, because recognising where you think the bookmakers have made a mistake in their predictions is so important to smart betting. Without those fundamentals, you\u2019re essentially left guessing what the quality markets are because you don\u2019t accurately know what likelihood the odds represent.<\/p>\n\n
\n In order to help you with understanding betting points, we have broken down the three common types of odds format, with examples and explanations of how each of translates to both an implied probability, and cash return. This is the crux of explaining betting odds.<\/p>\n\n
Fractional Odds into Implied Probability: Betting Odds Explained<\/h2>\n \n\n
\n Do note that for fractional odds into implied probability, as well as into cash and into decimal and American odds, we will be using the same example for the sake of simplicity in helping you understand the core concepts like how do odds work together. Rest assured these formulas are just as useful with any other example.<\/p>\n\n
\n Here are three really simple examples of how fractional odds can be converted into implied probability:<\/p>\n\n
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1\/1 odds <\/span>represent a <\/span>50%<\/span> implied probability. <\/span><\/p>\n <\/div>\n <\/div>\n <\/li>\n - \n
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3\/1 odds <\/span>represent a <\/span>25%<\/span> implied probability. <\/span><\/p>\n <\/div>\n <\/div>\n <\/li>\n - \n
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9\/1 odds <\/span>represent a <\/span>10%<\/span> implied probability. <\/span><\/p>\n <\/div>\n <\/div>\n <\/li>\n <\/ul>\n <\/div>\n<\/div>\n\n\n In order to calculate fractional odds, we will utilise the last example. Let\u2019s say the first half \u2013 9, in this instance \u2013 is represented by X. The second half \u2013 1 in this instance \u2013 is represented by Y. The formula for implied probability is Y\/(X+Y), or 1\/(9+1). Or 1 divided by 10. This comes out as 10. Or, 10% implied probability.<\/p>\n\n
Fractional Odds into Cash Betting Odds Explained<\/h2>\n \n\n
\n Now we know how fractional odds converts into implied probability, let\u2019s see how it turns into cash. We\u2019ll use the same examples for the sake of simplicity.<\/p>\n\n
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1\/1 odds <\/span>would mean that for every <\/span>\u00a310 <\/span>you bet, you would win <\/span>\u00a310<\/span>. <\/span><\/p>\n <\/div>\n <\/div>\n <\/li>\n - \n
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3\/1 odds <\/span>would mean that for every <\/span>\u00a310 <\/span>you bet, you would win <\/span>\u00a330<\/span>. <\/span><\/p>\n <\/div>\n <\/div>\n <\/li>\n - \n
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9\/1 odds <\/span>would mean that for every <\/span>\u00a310 <\/span>you bet, you would win <\/span>\u00a390. <\/span><\/p>\n <\/div>\n <\/div>\n <\/li>\n <\/ul>\n <\/div>\n<\/div>\n\n\n This is an even simpler formula. Let\u2019s once again use 9\/1, and say that 9 is represented by X, and that 1 is represented by Y. All you do is say you win X for every Y that you bet. In other words, a \u00a310 bet here would get you \u00a390.<\/p>\n\n
\n It really is as simple as that. This allows you to both understand what the fractional odds represent both in terms of how likely an event is to happen according to the bookmaker, and how much you would win should this wager be successful.<\/p>\n\n
\n As an example, you could, using this information, see that a horse you are backing is given a 10% chance of winning. If you think they have a much better chance that than that, then that would be a smart market to back because you are looking to get 9x your return. That is one basic calculation for smarter betting.<\/p>\n\n
Decimal Odds into Implied Probability Betting Odds Explained<\/h2>\n \n\n
\n Here we are going to do the exact same thing but this time with decimal odds, so you are prepared no matter what odds are thrown at you.<\/p>\n\n
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2.0 odds <\/span>represent a <\/span>50%<\/span> probability. <\/span><\/p>\n <\/div>\n <\/div>\n <\/li>\n - \n
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4.0 odds <\/span>represent a <\/span>25%<\/span> probability. <\/span><\/p>\n <\/div>\n <\/div>\n <\/li>\n - \n
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