![]() ![]() Decimal odds explainedĭecimal odds are the preferred variation for most countries outside of the U.S., including Europe, which is why they are often referred to as “European odds”. The positive value indicates that the odds are “plus money” and return more profit than the amount risked on the bet. For example, a bet placed at +400 odds would profit $400 on a $100 wager. For example, a bet placed at -400 odds would require you to wager $400 to profit $100.īets with lower implied probability are given a positive value. 110 odds require a $110 wager to win $100.īets with higher implied probability are given a higher negative value.The most common American odds you’ll see is -110 and is often seen as the juice/vig on points spreads and Over/Under Totals. An easy way to think about American odds calculation is to think of them as currency exchanges in $100 increments. American odds explainedĪmerican odds are presented in hundreds and thousands and are defined by the positive (+) or negative (-) value assigned. Use our betting odds and moneyline calculator tool above to convert these odds and learn more about them below. While they all mean the same thing, understanding how they work with your wager can be tricky. To calculate the parimutuel odds for a place, the result of the above calculation is divided by the number of places available, whether it is one or two or three.The way sports betting odds are presented can differ between American, Fractional, and Decimal. This is incidentally the advent of fixed-odds bets, where a bettor can take the odds at that exact moment instead of waiting for the close to determine their payout.Īt last, note that this process does not need to know how many runners are in the race because calculations are based on the units, or how many places are paid out because you can simply invalidate certain payouts, and allows for the combination of several different categories of bet (like say, mixing the wins and the places bets, or the quinella and trifecta bets). The payouts at that moment would have been 1.69:2.25:13.5 making the favourite pay better and the outsider a lot longer than it ended up. Suppose we checked the bets earlier, and they had been in a ratio A:B:C of 40:30:5. This processing is done by a totalisator machine, often shortened to tote, and then displayed on TV or computer terminals, or transferred to a website. This calculation can be run at any time from the opening to the closing, and usually is updated every few seconds. If C wins, there are just #10 to win with, giving 90/10 = #9 as the payout. If B wins, there are only #40 of bets, so 90/40 = #2.25 as the payout. If A wins, there is #90 to be paid out across #50 of bets, giving #1.8 as the payout. Now consider what happens for each result. The board takes their bit, say 10%, leaving #90 in the pool to be paid out. These bets are pooled giving us a total of #100. Our race will have three runners: A, B, C.Ī is the favourite and bettors place #50 on the win.ī is good but less likely, so only #40 are placed.įinally, C is the inconsistent runner that may upset the others, getting #10 bets placed. It typically accounts for this seed by removing an equivalent amount later, as part of the vigorish.Īn example will best demonstrate how this system works. ![]() Since these systems are typically run for profit, the board or company will remove its share of the pool (the vigorish) prior to paying out.Įarly bets can swing odds by a long way, because they form a greater proportion of the pool at that time (and we see why this matters later) so the company will often seed the pool with some amount known to be significantly larger than the expected bets. To make calculation easier to work and the customer experience easier to join, one betting unit is often equated to one currency unit (that is, one unit is worth one dollar, and one dollar buys one unit). Parimutuel works by pooling all bets in a given result, then dividing the pool by the total number of betting units held in wagers that match the winning result. ![]()
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