With our odds converter, easily convert moneyline, decimal, and fractional odds. Furthermore, unveil the implied probability of your given odds.
Knowing how to use an odds converter will prove to be very beneficial when you are wagering on sports. In order to be successful when betting on sports, you will have to learn how to convert odds so that you can improve your betting strategies and increase your chances of winning.
Here, you will learn about the three main types of betting odds and how to convert odds, providing you with more information that can be used when you place sports bets.
How to Use this Odds Converter
An odds converter can be used to convert odds from one format to another. These odds converters can be used at any tie and will provide instant results so you have the ability to compare odds in different formats. You can convert odds no matter how they are presented. For example. You can convert American odds to decimal or fractional odds instantly.
Before you start to convert odds, you will have to know the implied probability. After this is done, you will simply use an odds converter to convert that probability back to your preferred odds. An odds converter is especially helpful in helping you when you compare prices offered at various online sportsbooks.
Most Common Odds
When you access a sportsbook, you will find that odds are presented in one of three ways. You may not be familiar with all of these, which is why you should know how to convert odds using a provided odds converter. Below, we explain the difference between the American, Decimal, and Fractional odds and provide some examples of how you can convert these odds.
American odds are the more popular format and they are also referred to as Moneyline odds. These odds will be presented in two different varieties, Plus American odds and Minus American odds. Minus odds will be those that are less than even money and Plus odds will be those that are no longer even money.
For example, if the Boston Celtics have -180 odds for an upcoming game, you will have to bet $180 in order to win $100. The opposite is true with Plus odds, so if the Red Sox have +155 odds at winning a $100 bet will yield a $155 profit if you have bet correctly.
To determine the probability, you would take the odds and divide that by the odds +100. For example, with the Red Sox game, the odds are +155, so you would divide that by 255, getting a probability of 0.61, or 61%. This means that the bookmaker believes the Sox have a 61% chance of winning. Instead of doing the math yourself, you can use an odds converter to quickly provide the same results.
These odds are usually found with European sports betting and they are presented in a decimal format. These odds show you how much you could win for every $1 that is wagered. Decimal odds are pretty easy to understand. Let’s say you want to bet on football in NJ and the Atlanta Falcons have odds of 1.55 to win a football game. If you placed a $10 wager, your payout would be $15.50.
If you want to convert odds to probability, you would divide 1 by the decimal odds that are presented. For example, if the Toronto Maple Leafs have odds of 1.80, you would use the equation 1/1.80, which would result in 0.56, or a 56% chance of winning.
Again, an odds converter can do this math in seconds, so you can get the percentage of probability quickly, which will help you make educated decisions on how to place your wagers.
If you have ever engaged in Online Sports Betting in NJ in the past, you will be familiar with fractional odds. These are the most traditional form of odds used and they are still quite popular with bookmakers in the United Kingdom. When you bet on horse racing, you will most likely encounter fractional odds.
When you are looking at fractional odds, you will find them easy to read and they will show you what you could win for each $1 wager that is placed. For example, if the odds are 3/5, you would win $3 for every $5 that is bet.
Let’s say the Florida Marlins have odds of 4/1 to win a game. With these odds, you would win 4 times your bet amount if you are current in your wager. So, if you placed a $100 bet, you would walk away with $400 in profit.
If you are betting on horses and a horse has odds of 9/5, it may not be so easy to do these calculations in your head, which is where an odds converter will come in handy. In this instance, let’s say you bet $18. If you win, you will earn $32.40 in profit plus your stake amount of $18.
One thing to note about fractional odds is that if the first number is higher than the second number, the team or player is the underdog. By using an odds converter, you can change these fractional odds to American or decimal odds so your profits will be easier to determine.
If you’re into cool betting tools, discover our betting odds calculator.