1 2 Betting Odds
If you want to come out on top against the bookies it is vital that you understand the fundamentals. When it comes to sports betting there is nothing quite as fundamental as the odds that the bookies offer. Unfortunately, betting odds can prove very confusing. That’s especially true for people who are new to betting.
For example, the exact mathematical equivalent of decimal odds 30 is fractional odds 29/1. However 29/1 is not used in betting markets, instead 30/1 is used, so that is what appears in this converter. For an explanation of the odds types on this table see decimal, fractional and American odds. If $10 is bet at odds of 3/1, the potential profit is $30 ($10 x 3) and the total returned is $40 ($30 plus the $10 stake). Implied Probability. Odds correlate to probability. A 4/1 bet is expected to win one in every five attempts, therefore the probability is 20%. Odds Conversion Table. Fractional Decimal American Implied Probability; 1.
That’s where this article comes in. We’re going to explain exactly how betting odds work, how they are set and the differences in the ways they are displayed. After taking in all the information below, you will be much better equipped to set about making some profit.
What Do Betting Odds Represent?
At their most basic, betting odds tell you two things:
- How much you stand to make should the selection win
- The probability of the selection winning
Take this example. If you were looking through the weekend Premier League fixtures and saw a team had fractional odds of 2/1 (that’s decimal odds of 3.0) you would know that you stand to win £2 in profit from every £1 that you stake should the team win. You’d also know that the bookmaker who set the odds ranks the team’s chances of winning as one in every three times the game is played.
If you saw a team had fractional odds of 8/13, you’d know that for every £13 you stake, you will win £8 or profit and that if the game was played 21 times in total, the bookies think the team would win 13 times and fail to win eight times (what is known as the implied probability).
Working out an implied probability percentage from fractional odds is simple. You just divide the stake by the combined sum of the two numbers which make up the fractional odds. In the case of 2/1 the equation looks like this:
1 / (2+1) = 0.33 or 33%
Explain How Betting Odds Work
For odds of 8/13 this is the equation:
13 / (8+13) = 0.62 or 62%
That’s how the maths works but when it comes to the actual odds that bookmakers set, it’s a little more complicated.
How Do Bookmakers Set Their Odds?
The basic business model of a sportsbook is fairly uncomplicated. Bookmakers set the odds and take bets on an event. When that event ends they pay out everyone who backed the winner and then keep the rest for themselves.
But, consider the following horse race.
| Selection | Fractional Odds | Decimal Odds | Implied Probability | Profit From a £10 Bet |
|---|---|---|---|---|
| Horse 1 | Evens | 2.0 | 50% | £10 |
| Horse 2 | 3/1 | 4.0 | 25% | £30 |
| Horse 3 | 7/1 | 8.0 | 12.5% | £70 |
| Horse 4 | 7/1 | 8.0 | 12.5% | £70 |
As you can see, the combined implied probability of the selections above is 100%. From a bookmaker’s perspective that is a big problem. That’s because, presuming they’ve got the same amount of liability on each selection, they’d never make any money as they’d have to collect and payout the same amount.
So, the bookmakers will build something called an overround into their odds. Here’s a real example of a match odds market from a football match:
| Selection | Fractional Odds | Decimal Odds | Implied Probability | Profit From a £10 Bet |
|---|---|---|---|---|
| Man Utd | 1/2 | 1.5 | 66.7% | £5 |
| Draw | 18/5 | 4.6 | 21.7% | £36 |
| West Ham | 13/2 | 7.5 | 13.3% | £65 |
With an total implied probability of 101.7%, the bookmaker who set those odds is guaranteed to make a profit of 1.7% assuming that they have the same amount of liability on all three selections. Of course, it rarely works out that the bookies manage to spread their liability evenly but you need to know that when you look at a betting market you’re not simply looking at a reflection of how the bookies think the event will pan out. There’s much more going on behind the scenes.
Armed with this knowledge of how the bookmakers set their odds, you can concentrate on finding value. That is, finding a bet where you believe the odds (and therefore the implied probability) is too big. If the bookies think that a side has a 50% chance of winning but you think they’ve got a better chance than that, that’s value.
The Difference Between Decimal and Fractional Odds
You will have seen above that we’ve spoken about both fractional and decimal odds. They are just different ways of conveying the same information but they do add another layer of complexity.
All the major online bookmakers will shows their odds as both fractions and decimals so it’s important that you understand just what they are showing and how to switch between the two. Thankfully, it only requires simple maths.
To go from a fraction to a decimal is as easy as dividing out the fraction and adding one. Here’s how that looks for odds of 2/1:
(2/1) + 1 = 3.o
And using our second example from above, 8/13, it looks like this:
(8/13) + 1 = 1.62
If you want to go from decimal odds to fractional odds is similarly simple. You just minus one from the decimal odds, turn that number into a fraction and reduce it down to it’s simplest form.
Let’s take decimal odds of 4.5, this is the equation:
Betting Odds Georgia Senate
4.5 – 1 = 3.5
35/10 -> 7/2
If the decimal price is 1.25, you convert it into fractional odds like this:
1.25 – 1 = 0.25
25/100 -> 1/4
Here’s a list of some of the most common fractional odds and their decimal equivalents (for a more in-depth list click here).
| Fractional Odds | Decimal Odds | Implied Probability |
|---|---|---|
| 1/10 | 1.10 | 90.9% |
| 1/5 | 1.2 | 83.33% |
| 2/5 | 1.4 | 71.43% |
| 1/2 | 1.5 | 66.67% |
| 1/1 (evens) | 2.0 | 50% |
| 3/2 | 2.5 | 40% |
| 2/1 | 3.0 | 33.33% |
| 4/1 | 5.0 | 20% |
| 9/1 | 10.0 | 10% |
| 100/1 | 101.0 | 0.99% |
Key Terminology
When reading betting advice or searching for a value bet on the bookies’ websites you’ll come across some key terms relating to betting odds. To round up our article on betting odds, we’ve covered the most widely used terms to ensure you don’t get confused in your search for winners.
Stake – The amount of money that you place (or wager) on a specific bet.
Price – The price of a bet is simply another way of referring to the odds. You can either say that a football team can be backed at odds of 2/1or that their price is 2/1.
Odds On & Odds Against – Two of the key terms that you’ll hear when it comes to betting odds are ‘odds on’ and ‘odds against’. These terms refer to whether a price is greater or lower than evens. Any price above evens is known as odds against, while anything below evens is odds on.
Short and Long Odds – If something is described as being short odds it means the price is low. A long odds shot will provide you with a bigger win but is much less likely to win.
The Pittsburgh Penguins (1-2-0) and Washington Capitals (2-0-1) play for the second time in three days at PPG Paints Arena Tuesday. The puck drop is set for 7 p.m. ET. Below, we analyze the Capitals-Penguins NHL betting odds and lines, with picks and predictions.
The Penguins snuck out a 4-3 shootout win Sunday. Penguins LW Jake Guentzel scored the shootout winner after the Pens came back from a 2-1 deficit after 40 minutes.
Capitals at Penguins: Betting odds, spread and lines
Odds via BetMGM; access USA TODAY Sports’ betting odds for a full list. Lines last updated at 12:31 p.m. ET.
Money line: Capitals +115 (bet $100 to win $115) Penguins -135 (bet $135 to win $100)Against the spread/ATS: Capitals +1.5 (-250) Penguins -1.5 (+190)Over/Under: 6.5 (O: -115 U: -105)Capitals at Penguins: Projected starting goalies
Vitek Vanecek (1-0-01, .968 SV%, 1.00 GAA) vs. Casey DeSmith (1-0-0, .889 SV%, 2.13 GAA)
Vanecek stiooed 30 of 31 shots in a win over the Buffalo Sabres Friday in his first NHL start. The 25-year-old was the Capitals No. 39 overall pick of the 2014 NHL Entry Draft. He posted a .917 save percentage and 2.26 goals against average over 31 games with the Hershey Bears of AHL last season.
DeSmith is projected to start again after being in net for the shootout win over the Caps Sunday. He stopped 20 of 23 shots in regulation and overtime, and he has looked sharper than Tristan Jarry in the early going.
1/2 Betting Odds
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Capitals at Penguins: Odds, betting lines, predictions and picks
Prediction
Capitals 4, Penguins 2
Money line (ML)
Both teams registered 32 total shot attempts, including blocked and missed shots at full strength Sunday, but the Penguins had 20 scoring chances at 5-on-5 to 15 for the Capitals. Washington went 1-for-4 on the power play and Pittsburgh was 0-for-5 Sunday to drop to 2-for-13 on the season.
The pivot to the sharper Vanecek should serve the Caps well in an early-season rematch with the Penguins. Take the value with the underdog CAPITALS (+115) while counting on their goalie to clean up some early-season mistakes.
Against the spread (ATS)
Take a chance on the alternate line of CAPITALS -1.5 (+280). The Penguins lost their first two games of the season against the rival Philadelphia Flyers by scores of 6-3 and 5-2. Goaltending, and defense have been glaring trouble areas thus far.
Washington has scored 9 goals through three games and will finish its early-season road trip on a high note before returning home for six straight games.
Over/Under (O/U)
2 1 Odds Percentage
Lean to the UNDER 6.5 (-105). These teams are familiar with one another and needed a shootout to top this projection Sunday. Defensive play should be starting to round into form three games into the season.
1 2 Betting Odds Ncaa Basketball
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