Betting Odds Conversion Table

However, as this prediction is never 100% accurate, there is such a thing as a value bet. The contingency table summarises the outcomes of each individual sampled in terms of whether Properties A and B are absent or present. For some further information, see our blog post on The Importance and Effect of Sample Size. However, the relationship is not linear, e.g., doubling the sample size does not halve the confidence interval. The larger your sample size, the more certain you can be that the estimates reflect the population, so the narrower the confidence interval.

Betting odds can become an even more useful resource when they are converted into probabilities. The process of writing down this information every day can feel like a chore, but it more than pays for itself. One other thing to note is that if you are in a hurry and don’t have time to do the calculation, there are several free online calculators that will do the conversion for you. Let’s take an example of a potential bet on Bayern Munich at 11/10. If you back Barcelona at 8/13, what will be your return and how can you calculate your profit?

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Generally it’s best to stick to well-known, established bookmakers – see our guidelines on avoiding blacklisted bookmakers for more information. Especially for major sporting events, odds are offered by large numbers of competing bookmakers. For more information on how odds are calculated, visit our page on how odds are set. Bookmakers’ odds aren’t direct expressions of relative probability.

Understanding Betting Odds – Probability Explained

Bookmakers now use complex mathematical processes called Algorithms to work out the odds for the vast majority, if not all of their betting markets. These are often available at bookmakers sites, or on standalone bet calculator sites. So odds of -154 means you would need to bet $154 to win $100 (for a total return of $254). With negative odds, the number indicated shows how much you would need to bet in order to make a profit of $100 on that bet. So in a simple example odds of 2.50 x £100, would return £250 (£150 profit, £100 stake return). Now that we know what odds mean, let’s start using them practically in a situation where you want to know the potential winnings you have on a bet.

What Do The Sports Betting Odds Mean And How To Read Them?

So a $100 bet at American odds of +270, would see you win $270 in profit (plus you’d bet your $100 back too for a total return of $370). You can see the bracket parts (£200) refers to the profit you make on the bet, whereas the non-bracket part of the equation simply returns your betting stake to you (£50) This is the case for every fractional odds calculation but it gets more complicated when the unit stake is not one (such as when it is 13/8 or similar). As odds are displaying the implied probability of a particular event occurring, there is an equivalence between the three. So, odds tell you how much chance there is of one of the possible outcomes happening based on implied probability.

Others will also show the implied probability of the odds too. Other odds, such as Hong Kong odds, may be available with a small number of bookmakers, but generally these formats tend to be used in the Far Eastern markets. This is how you use odds to calculate the probability of an outcome occurring.

If the odds are negative, divide 100 by the number, ignore the minus sign, and add 1. So, +150 in decimal form is 2.50. If the odds are positive, divide the number by 100 and then add 1. American odds can appear as positive or negative numbers.

You can make these types of calculation to assess the % chance you think your selection has of achieving the result you are betting on and see if you feel the odds are giving you enough value to make the bet. The concept of implied probability is worth keeping in mind when you try to assess the value of odds from a bookmaker. With any negative moneyline figure beyond -100 the price is odds against and you stand to make less profit than the stake amount. Again, if the moneyline figure is positive it tells you what you can win on a successful bet with a £100 stake.

Larger odds to percentage parlays are less likely to win but generate larger payouts when they do. Visit bet365.com to check out their Soccer parlay builder, remembering to enter the bet365 bonus code if joining for the first time. Works for all sports, including baseball, NFL, MMA and more. In general, the higher the response rate the better the estimate, as non-response will often lead to biases in your estimate. Multiply this number by the sampling ratio to calculate the sample size for the presence group.

• Especially for major sporting events, odds are offered by large numbers of competing bookmakers.
• This useful section of the betting odds calculator highlights the implied probability of success on each set of odds.
• The contingency table summarises the outcomes of each individual sampled in terms of whether Properties A and B are absent or present.
• Being able to switch from fractional odds into decimal odds is another useful ability that will help you to develop your overall betting awareness.
• The above sample size calculator provides you with the recommended number of samples required to estimate the true odds ratio with the required relative precision and confidence level.
• That means there’s a value gap, and over time, consistently taking bets like this could yield profit – even if you don’t win every time.

This is the minimum sample size you need in the absence group to estimate the true population odds ratio with the required relative precision and confidence level. This is what you expect the odds ratio to be, i.e., the odds of the outcome given presence of the property you are looking for an association with relative to the same outcome in the absence of that property. Note that the actual precision achieved after you collect your data will be more or less than this target amount, because it will be based on the odds ratio and prevalence observed in the data and not the expected values supplied to the calculator. The relative precision is the percentage by which the lower limit for your confidence interval is less than the estimated odds ratio. Try changing the five inputs (the relative precision, confidence level, absence case prevalence, expected odds ratio and presence to absence ratio) to see how they affect the sample size. If we would like to estimate the odds ratio with 95% confidence and a relative precision of 50%, how many samples are required?