How Betting Odds Work: Fractions vs decimals
Sports books assign what they think is a fair price for a particular outcome. By fair price I mean that the books try to set a price that is attractive to bettors so that they will bet on it, but not so attractive that they will get too many bets and risk losing money. Books will adjust the odds once they have been set if they are attracting too much or too little action.
Sports odds can be presented in a number of different ways, but they all represent the same thing in one way or another - the amount you will win if you make a bet and are correct. They express them in different ways, but that's the meaning.
Fractional odds - These aren't the most common in sports betting, but they are the easiest to understand so we will start here. They are used in horse racing, so if you are familiar with betting on the ponies then you know fractional odds.
Not surprisingly, they are expressed as a fraction. The odds can be less than even, too. With fractional odds it is also quite simple to figure out if a bet makes sense.
They can also be the most confusing at first. The easiest way to understand them is to start with fractional odds. Once you have all that covered, it becomes easy to interpret what all those darn numbers mean.
Both ways of calculating odds are similar with neither being better than the other. Most people consider decimals easier to grasp and in turn, many online sportsbooks and locations have begun displaying their odds in decimals. Several of the larger betting sites provide bettors with both options. The next main difference between decimal and fractional odds is the fact fractional odds only calculate winnings and do not show the returned stake.
This is when odds are displayed as a fraction. Alternatively, betting odds can also be viewed in terms of decimals instead of fractions. Although some people find decimals an easier way to view the equation, it is really a personal preference. The equation to determine betting odd probabilities with decimals is: This form of betting is straight forward, you simply bet on which team will win outright. These are displayed in either a positive or negative form.