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- Overview
- Calculating Basic Odds
- Calculating Complex Odds
- Understanding Gambling Odds
- Probability Cheat Sheets
is related to, yet distinct from the concept of
In simplest terms, odds are a way of expressing the relationship between the number of favorable outcomes in a given situation versus the number of unfavorable outcomes. Usually, this is expressed as a ratio (like
Determine the number of favorable outcomes in a situation.
Let's say we're in a gambling mood but all we have to play with is one simple six-sided die. In this case, we'll just wager bets on what number the die will show after we roll it.
Let's say we bet that we'll roll either a one or a two. In this case, there's two possibilities where we win - if the dice shows a two, we win, and if the dice shows a one, we also win. Thus, there are
Determine the number of unfavorable outcomes.
In a game of chance, there's always a chance that you won't win. Count how many outcomes there are that would cause you to lose.
In the example with the die, if we bet that we'll roll either a one or a two, that means we'll lose if we roll a three, four, five, or six. Since there are four ways that we can lose, that means that there are
Differentiate between dependent and independent events.
In certain scenarios, odds for a given event will change based on the results of past events. For example, if you have a jar full of twenty marbles, four of which are red and sixteen of which are green, you'll have 4 : 16 (1 : 4) odds to draw a red marble at random. Let's say you draw a green marble. If you don't put the marble back into the jar, on your next attempt, you'll have 4 : 15 odds to draw a red marble. Then, if you draw a red marble, you'll have 3 : 15 (1 : 5) odds on the following attempt. Drawing a red marble is a
on which marbles have been drawn before.
are events whose odds aren't effected by previous events. Flipping a coin and getting a heads is an independent event - you're not more likely to get a heads based on whether you got a heads or a tails last time.
Determine whether all outcomes are equally likely.
If we roll one die, it's equally likely that we'll get any of the numbers 1 - 6. However, if we roll
Know common formats for expressing gambling odds.
If you're venturing into the world of gambling, it's important to know that betting odds don't usually reflect the true mathematical "odds" of a certain event happening. Instead, gambling odds, especially in games like horse racing and sports betting,
reflect the payout that a bookmaker will give on a successful bet.
For instance, if you wager $100 on a horse with 20:1 odds against him, this doesn't mean that there are 20 outcomes where your horse loses and 1 where he wins. Rather, it means that you'll be paid
your original wager - in this case, $2,000! To add to the confusion, the format for expressing these odds sometimes varies regionally. Here are a few non-standard ways that gambling odds are expressed:
Decimal (or "European format") odds.
How do you figure out your odds of winning?
First, calculate the total number of possible outcomes that you want. For example, if you want to calculate the odds of rolling a 2 on a 6-sided die, that number would be 1, because there's only one side with a 2. Then, figure out how many outcomes you don't want. In this case, that's 5, because there are 5 sides you don't want to roll. In that case, your odds of winning would be 1:5.
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What's the difference between odds and probability?
Work out potential winnings for any type of bet or check winning bets have been settled correctly with our bet calculator. Enter your stake, bet type, odds (fractional or decimal), place terms (if applicable) and then hit the calculate button.
3 days ago · Here is the calculation: Probability (%) = B / (A+B). Hooray! We’re making progress. Given a fraction, we can now tell how likely (the probability) what we’re going to bet on will happen. Now let’s figure out how much money can be won using betting odds. How To Read Betting Odds.
The odds probability calculator can help you convert winning odds to winning probability and odds for winning to their lowest ratio. It will reduce the odds against winning to their lowest ratio and convert the odds against to the probability of losing.
Use this bet calculator to easily calculate and convert between american odds (moneyline odds), decimal odds, fractional odds, and implied odds. Calculate the implied probability given odds and determine the payout and potential winnings from a bet.
Calculate your potential payout with our free sports betting odds calculator. Input your stake and odds in American or decimal formats to find implied probability and maximize your bets!
