Betting Odds To Percentage

For example, a $100 bet at -200 in American odds (1/2 in fractional or 1.50 in decimal) with a 66.67 percent implied probability has the potential to profit $50 should it win (not total return.

Calculator Use

Convert stated odds to a decimal value of probability and a percentage value of winning and losing. This calculator will convert 'odds for winning' an event or 'odds against winning' an event into percentage chances of both winning and losing.

Be careful if you are using sports teams odds or betting odds. If you see that the Patriots super bowl odds are 9/2, that is most likely 'odds against' and should be entered in the calculator with 'Odds are: against winning.'

When playing a lottery or other games of chance be sure you understand the odds or probability that is reported by the game organizer. A 1 in 500 chance of winning, or probability of winning, is entered into this calculator as '1 to 500 Odds are for winning'. You may also see odds reported simply as chance of winning as 500:1. This most likely means '500 to 1 Odds are against winning' which is exactly the same as '1 to 500 Odds are for winning.'

Remember that when you are converting odds to percentages then there is always a bookmaker percentage worked into the deal. What we mean by that as if you were to calculate odds to percentages. Being able to convert betting odds into percentages is a major part of knowing how to read odds. By knowing the percentage of the time you need to win a bet to break even, you can decide whether it is a.

Probability Formulas:

This calculator will convert 'odds of winning' for an event into a probability percentage chance of success.

Odds, are given as (chances for success) : (chances against success) or vice versa.

If odds are stated as an A to B chance of winning then the probability of winning is given as P_W = A / (A + B) while the probability of losing is given as P_L = B / (A + B).

For example, you win a game if you pull an ace out of a full deck of 52 cards. Pulling any other card you lose. The chance of winning is 4 out of 52, while the chance against winning is 48 out of 52 (52-4=48). Entering A=4 and B=48 into the calculator as 4:48 odds are for winning you get

For 4 to 48 odds for winning;
Probability of:
Winning = (0.0769) or 7.6923%
Losing = (0.9231) or 92.3077%
'Odds for' winning: 1:12 (reduced from 4:48)
'Odds against' winning: 12:1 (reduced from 48:4)

1. Decimal Odds

Decimal odds are called decimal because they come in decimal form.

Examples include: 1.80, 2.40, 4.00 and so on.

The meaning of these odds is very simple: your total returns are whatever the odds show you multiplied by the amount you wagered.

So if you bet $5 that team A will win the match and team A’s odds of winning are 1.80, you get a return of 5 * 1.80 = $9. If you wager $20 on a team whose odds are 4.00, the amount you get in case of a win will be 20 * 4.00 = $80.

Two things you’ll want to know here is how to convert odds to percentage and how to convert odds to probability.

Decimal Odds to Percentage

Another way of understanding decimal odds is using percentages.

So instead of 1.80, think of this as 180%. Instead of 2.40, think 240%. And 4.00 would actually mean 400%.

Of course, these percentages include the amount you’ve wagered. So it’s not 180% profit but 180% returns. The profit is actually just 80%. In the second case, the profit is 140%. In the third it’s 300%.

So you always have to decrease your initial amount or 100% in order to find what you’re actually making.

Decimal Odds to Probability

If you want to find out the win probability of a given bet in the bookmaker’s assessment, just do it this way: 2.00 is exactly 50%. Anything below that is less than 50%. Anything above that is more than 50%.

The general formula for turning decimal odds to probability is this: 100/odds.

If a team’s odds of winning are 5.00, their estimated chance of winning is 20%.

Of course, all of this is true in the bookmaker’s assessment. But that doesn’t mean it’s 100% correct. In fact, sometimes you will find the real favorite regarded as the underdog, simply because the bookmaker doesn’t understand what’s going on. These are the situations in which you can make a lot of money.

Ultimately, you shouldn’t be worried about what the bookmaker is telling you and simply assess the situation yourself, using your own esports knowledge and seeking bets that give you good risk/reward ratios.

2. Fractional Odds

Fractional odds look like this: 5/1, 8/1, 2/1 and so on. Their general form is x/y, which means this: you make a profit of x dollars for every y dollars you wager.

So in the first example (5/1), you make $5 for every $1 you wager. And that’s just your profit. The total amount you get back is actually $6 (your profit plus the dollar you wagered).

Just like with decimal odds, you’ll want to know how to convert odds to percentage and how to convert odds to probability.

Fractional Odds to Percentage

When turning fractional odds to percentage in order to calculate profitability, the general rule is to determine how many dollars you get for each dollar you wagered and then multiply that with 100. That will give you your profit in percentages.

So in the first case (5/1), you’d get a profit of 500%, while your total returns would be 600%.

But let’s take a more difficult example, such as 7/2. In this case, you’d get a profit of $7 for each $2 you wagered. To figure out the percentages, just divide 7 by 2 and then multiply with 100. What you’d get is 700/2 or 350%.

Fractional Odds to Probability

If you want to turn fractional odds to probability in order to figure out the win probability of a given team according to the bookmaker, just use the following formula: given the odds of n/m, the number you’re looking for can be found like this: (m/(m+n)) * 100.

For example: 4/1 would give us (1/(4+1)) * 100 or (1/5) * 100 or 100/5 or 20%.

Convert Betting Odds To Percentage

3. American Odds

These types of odds are the most unusual and difficult to grasp at first, because it’s hard to deduce what they mean unless someone explains them to you.

And their meaning is this: when you see the minus sign (-), that’s the favorite. And the number followed by it represents the amount you need to wager to make a profit of $100.

How To Calculate Odds Payout

When you see the plus sign (+), that’s the underdog. And the number followed by it represents the profit you’ll make for every $100 you wager.

For example:

Team A: -760

Team B: +585

If you wanted to bet on team A, for each $760 you wagered you’d make a profit of $100, meaning that you’d get a total of $860 back.

If you wanted to bet on team B, for each $100 you wagered you’d make a profit of $585, meaning that you’d get a total of $685 back.

American Odds to Percentage

For underdogs, transforming American odds to percentage is simple: the odds themselves constitute the profit percentage. So in the above case, the percentage is 585%. Because you’re wagering $100 and making a profit of $585, So the percentage of the total return is actually 685%.

For favorites, what you do is this: you divide 10,000 by the number associated with them and you get the percentage you’re looking for.

In the example above, the result would be 10,000/760 = 13,15%. This would be your profit. So in total, you’d get back 113,15% of what you wagered.

American Odds to Probability

For the underdogs, the win probability can be obtained using the same method used for fractional odds.

So in our example, we’d have 5.85/1 and that would give us (1/(1+5.85)) * 100 or (1/6.85) * 100 or 100/6.85 or 14.6%. To calculate the win probability for the favorite, just subtract that from 100% and voila!

American Odds To Percent

If you want to learn more about Dota 2 odds, League of Legends odds or any other kind of esports odds, just check out our guides!

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