Odds Conversion Table
I have created an odds conversion table which you can download from my website – click here to download. I have created this table to help give you a better understanding of how the odds work and you should have a better idea of the chances of your horse winning before you place the bet.
How to Use it?
When you’re selecting a horse to bet on, I am assuming you will look at the odds of the horse winning, whether it’s 5/1 or 11/8. But I bet you don’t know the probability of the horse winning? Do you know the percentage difference between a 5/1 bet and a 11/8 bet? This is where my conversion table will come in handy.
If a horse is evens or 2.00, it has a 50% chance of winning. Use this as a benchmark, so shorter than evens have a greater than 50% chance of winning and larger than evens has less than 50% chance of winning. Using the two odds, from my previous example, an 11/8 bet has a 42.1% chance of winning whereas a 5/1 bet has a 16.7% chance of winning. This is a big swing in probability and understanding the probability helps bring into perspective the likelihood of your selection winning. This is important to know when gambling, as in my eyes, if you are placing a bet on a 1/3 (1.33) shot, it is extremely unlikely that this will lose but in reality, it only has a 75% chance of winning. So, when looking at the probability of a bet, if you were told a horse only had 75% chance of winning you wouldn’t assume that it’s odds would be as short as 1/3. Hence, short priced horses are definitely no guaranteed!
Why is it important?
When you bet online, you can choose to either have decimal or fractional odds shown as people prefer different layouts. When talking to someone, it is always useful to know both fractional and decimal odds, so you can flip between the two. All bookmakers tend to use decimal odds as it is more precise than fractional odds and you can trade at extremely specific odds. Me personally, I have always used fractional odds as I have grown up learning this, but I can also use decimal odds as it is valuable to know this when interacting with members.
Decimal odds always have a value greater than 1, as the unit stake is included. They are popular to use as it is easier to understand for most people as it doesn’t require the use of working out fractions. Decimal odds are also better to use on the betting exchanges as it allows for easier price comparisons. You will receive the same return whether you use decimals or fractions! Importantly, using decimal odds is easier to calculate multiples e.g. Accumulators, trebles and doubles. All you have to do is multiply the odds together to get the odds for the multiple bet.
Treble odds = stake x odds of horse 1 x odds of horse 2 x odds of horse 3
For example, if you have a treble (£1 stake) with horses priced at 5.00, 2.75, 3.50.
The treble would have odds of 48.13. (£1 x 5 x 2.75 x 3.5 = 48.13).
Using fractional odds can be beneficial as it allows you to quickly work out your profit from your winning bet as your stake isn’t included in the 3/1 odds, for example. Some people prefer this as maybe they find fractions easier to figure out or they look instantly knowing their profit from a bet.
To work out your returns when using fractions. Use this formula,
(stake x fraction) + stake = Return
For example, a £100 win on a 3/1.
(100 x 3/1) + 100 = £400
To work out the odds on a treble, total stake £5,
Returns = £5 x (3/1 + 1) x (2/1 + 1) x (4/1 + 1)
Profit = £300 – £5
Maths made simple