Different calculations can be used to figure out the implied probability, depending on the odds format you’re using. This is known as the implied probability, which is expressed as a percentage. Whenever odds are worked out by bookmakers, they’re estimating the chances of a result taking place. Virtually every UK bookie chooses fractions and most offer conversion to decimal odds too.

Odds simply represent this probability in another format. If you bet on the coin landing on heads, there’s a 50% chance of that happening. If you flip a coin, for example, there are two possible outcomes. For any given event, there are a certain number of outcomes. Odds tell you, according to the bookmakers’ calculations, how likely an event is to occur. Understanding probabilityīefore we get into how you can use odds to calculate your potential returns, it’s important to remember that this isn’t the only purpose that odds serve.

Let us break things down for you, so you can head to the bookies and make the best value bets. Looking at these figures, whether fractional, decimal or American, can often be pretty intimidating, but it’s actually pretty straightforward. Betting odds help you understand how likely an event is to occur and allow you to calculate your potential winnings. Laying wagers on sporting events is a numbers game after all, and understanding these numbers is essential for players looking to get the best return for their money. If you’re new to betting, one of the very first concepts you should get familiar with is how betting odds work.

45 odds explained