455:, decimal odds differ from fractional odds by taking into account that the bettor must first part with their stake to make a bet; the figure quoted, therefore, is the winning amount that would be paid out to the bettor. Therefore, the decimal odds of an outcome are equivalent to one plus the decimal value of the fractional odds; in the absence of built-in house advantage to cover overhead, profit margins, or (for an illegal enterprise) compensation for the fact that both chances of prosecution and penalties in the event of conviction tend to be higher for bookmakers than for clients, the decimal odds associated with a given outcome would be the decimal expression of the reciprocal of what the offering party assesses to be the outcome's chance of occurring. Thus, even odds 1/1 are quoted in decimal odds as 2. The 4/1 fractional odds discussed above are quoted as 5, while the 1/4 odds are quoted as 1.25. It is considered to be ideal for
242:) represents profit to the bookmaker in the event of a balanced/even book. In the more usual case of an imbalanced book, the bookmaker may have to pay out more winnings than what is staked or may earn more than mathematically expected. An imbalanced book may arise since there is no way for a bookmaker to know the true probabilities for the outcome of competitions left to human effort or to predict the bets that will be attracted from others by fixed odds compiled on the basis personal view and knowledge.
94:
36:
373:, a colon or the word "to" or "on") to separate a potential gain from the amount that a bettor must wager in order to receive it upon a win, because the "fraction" in question represents not the odds of winning or even the reciprocal of the odds of winning but rather the fraction (for any odds longer than "even money" or chances of winning less than 50%, an
225:. Fractional odds are used primarily in the United Kingdom and Ireland, while decimal odds are favored in Continental Europe, Australia, New Zealand, and Canada. Moneyline odds are used in the United States. Converting between these formats requires specific calculations depending on the type of odds used.
193:
is a form of gambling where individuals place bets on the outcome of an event, such as sports matches or horse races, at predetermined odds. In fixed-odds betting, the odds are fixed and determined at the time of placing the bet. These odds reflect the likelihood of a particular outcome occurring. If
197:
Fixed-odds gambling involves placing bets on events with predetermined odds. Bookmakers aim to create an overground, where the sum of probabilities quoted for all possible outcomes exceeds 100%, ensuring profit. Imbalanced books can occur, leading to higher or lower payouts than expected. The advent
209:
When a bet has a positive expected value, it is said to be getting "the best of it." In contrast, "laying odds" refers to a bet in which more is risked than can be won, and rational bettors only engage in this type of bet if the chances of an adverse outcome are low enough. "Lay betting" is when a
544:
to decimal odds depends on whether the moneyline value is positive or negative. If the moneyline is positive, it is divided by 100 and add 1. Thus, +400 moneyline is the same as 5.0 in decimal odds. If the moneyline is negative, 100 is divided by the absolute moneyline amount (the minus signed is
292:
cites a similar example in which two players, Player A and Player B, wager over a game of dice that involves rolling two six-sided dice. Player A wins if the dice add up to 12, of which there is only one possible case. Player B wins if the dice fall in any other combination, of which there are 35
269:
In making a bet where the expected value is positive, one is said to be getting "the best of it". For example, if one were to bet $ 1 at 10 to 1 odds (one could win $ 10) on the outcome of a coin flip, one would be getting "the best of it" and should always make the bet (assuming a rational and
336:
win. Bookmakers sell bets based on the odds of a specific outcome, but lay betting allows the bettor (in some
English-speaking countries, the "punter") to reverse roles with the bookmaker, using odds to sell the opposite outcome to the bookmaker. In this context, "lay" is used in the sense of
293:
possibilities. It is mathematically disadvantageous to make a bet if one gets "the worst of it". Accordingly, for the bet to be "fair", the amount each player could potentially lose or gain from the wager should be adjusted, depending on the odds of their success.
514:
If the figure quoted is negative, the moneyline odds are quoting how much money must be wagered to win $ 100 (this is done if the odds are worse than even). Fractional odds of 1/4 would be quoted as −400 while fractional odds of 4/1 cannot be quoted as a negative
505:
If the figure quoted is positive, the odds are quoting how much money will be won on a $ 100 wager (done if the odds are better than even). Fractional odds of 4/1 would be quoted as +400, while fractional odds of 1/4 cannot be quoted as a positive
278:
or the like). However, if someone offered odds of 10 to 1 that a card chosen at random from a regular 52 card deck would be the ace of spades, one would be getting "the worst of it" because the chance is only 1 in 52 that the ace will be chosen.
311:
is favorable to the person placing the bet. For example, if one bets $ 1,000 that it will rain tomorrow and can win only $ 200 but can lose the entire $ 1,000, one is laying odds that will rain tomorrow. Laying odds is reflected in the
536:
odds to decimal, take the fractional number, convert it to decimal by doing the division, and then add 1. For example, the 4-to-1 fractional odds shown above is the same as 5 in decimal odds, while 1-to-4 would be quoted as 1.25.
369:, fractional odds quote the net total that will be paid out to the winning bettor relative to the stake. The term "fractional odds" is something of a misnomer, especially when visually reinforced by using a slash (as opposed to,
238:"). It is ideal for bookmakers to price/mark up a book such that the net outcome will always be in their favour: the sum of the probabilities quoted for all possible outcomes will be in excess of 100%. The excess over 100% (or
194:
the bettor's prediction is correct, they receive a payout based on the fixed odds. This means that the potential winnings are known at the time of placing the bet, regardless of any changes in the odds leading up to the event.
233:
It is customary with fixed-odds gambling to know the odds at the time of the placement of the wager (the "live price"), but the category also includes wagers whose price is determined only when the race or game starts (the
377:) of the amount at stake that the upside outcome represents. This fraction may be derived by subtracting 1 from the reciprocal of the chances of winning; for any odds longer than "even money," this fraction will be an
401:, should he win, the bettor always receives his original stake back, so if the odds are 4:1 the bettor receives a total of £500 (£400 plus the original £100). Odds of 1/1 are known as
841:
878:
802:
494:. There are two possibilities: the figure quote can be either positive or negative. Moneyline refers to odds on the straight-up outcome of a game with no consideration to a
320:" — with which the speaker is expressing a willingness to risk losing something of value in exchange for something worthless, because winning that bet is a certainty.
908:
749:
771:
46:
261:, allowing the odds to be set in the course of trading between individual bettors, usually leading to quoted odds that are reasonably close to the "true odds".
307:. Rational bettors will do so only if the actual chances of an adverse outcome are low enough that the expected outcome even after deduction of taxes and any
1023:
385:") would imply that the bettor stands to make a £400 profit on a £100 stake. If the odds are 1:4 (read "one-to-four", or alternatively "four-to-one
57:
946:
1089:
981:
1138:
158:
130:
1051:
137:
111:
17:
478:
because they are the easiest to work with for trading, in this case the purchase and sale of upside and downside risk.
317:
177:
75:
144:
545:
removed), and then 1 is added. For example, −400 moneyline is 100/400 + 1, or 1.25, in decimal odds.
126:
115:
1184:
1052:"Expected Values and variance in bookmaker payouts: A Theoretical Approach towards setting limits on odds"
808:
956:
847:
459:
betting because the odds to be paid out are simply the product of the odds for each outcome wagered on.
257:
against bookmakers and exchanges has expanded significantly. Betting exchanges in particular act like a
777:
1116:
413:
239:
50:
that states a
Knowledge editor's personal feelings or presents an original argument about a topic.
1174:
104:
151:
523:
Even odds are quoted as +100 or −100. Some but not all bookmakers display the positive symbol.
886:
53:
1146:
1093:
951:
727:
8:
1010:
755:
921:
440:
210:
bettor bets against a specific outcome, effectively taking on the role of a bookmaker.
313:
1179:
475:
456:
378:
374:
308:
1066:
941:
303:
416:. Perhaps most unusual is that odds of 10:3 are read as "one-hundred-to-thirty".
235:
214:
284:
961:
936:
926:
495:
358:
258:
222:
337:"layman", i.e., a bet sold by someone who does not sell bets professionally.
301:
When making a bet in which one must put more at risk than one can win, one is
198:
of the internet and betting exchanges has led to opportunities for fixed-odds
1168:
487:
289:
275:
271:
986:
Encyclopedia of
Diderot & d'Alembert - Collaborative Translation Project
366:
246:
218:
1071:
448:
931:
254:
203:
1024:"Betting School: Understanding Fractional & Decimal Betting Odds"
444:
354:
250:
199:
93:
393:"), the bettor stands to make £25 on a £100 stake. In either case,
362:
452:
381:
one. Odds of 4:1 ("four-to-one" or less commonly "four-to-one
47:
personal reflection, personal essay, or argumentative essay
412:
Not all fractional odds are traditionally read using the
332:, so "laying $ 50 on a horse" is betting the horse will
889:
850:
811:
780:
758:
730:
1117:"What is Fixed odds betting and Due Column betting?"
213:
Odds can be expressed in various formats, including
345:There are three widely used means of quoting odds:
118:. Unsourced material may be challenged and removed.
902:
872:
835:
796:
765:
743:
1166:
288:(the Enlightenment-era "French Encyclopedia"),
490:bookmakers and as such, are sometimes called
264:
947:Statistical association football predictions
988:. University of Michigan Library. June 2009
328:"Lay betting" is a bet that something will
1070:
899:
762:
740:
228:
178:Learn how and when to remove this message
76:Learn how and when to remove this message
1045:
1043:
1041:
340:
249:betting, the possibility of fixed-odds
14:
1167:
1049:
1114:
1084:
1082:
1038:
1013:(Simon and Schuster, New York, 1982).
1092:. World Bet Exchange. Archived from
836:{\displaystyle {\frac {100}{x+1}}\%}
116:adding citations to reliable sources
87:
29:
873:{\displaystyle \left(100x\right)\%}
24:
1079:
867:
830:
527:
419:Fractional odds are also known as
348:
270:risk-neutral attitude with linear
25:
1196:
797:{\displaystyle -{\frac {100}{x}}}
481:
274:and have no preferences implying
245:With the advent of Internet and
92:
34:
486:Moneyline odds are favoured by
462:Decimal odds are also known as
434:
103:needs additional citations for
1131:
1108:
1016:
1000:
974:
323:
296:
13:
1:
1059:Journal of Prediction Markets
967:
7:
957:Fixed odds betting terminal
915:
882:
723:
706:
689:
672:
655:
638:
621:
604:
587:
570:
474:and tend to be favoured by
10:
1201:
540:The method for converting
844:
805:
752:
724:
414:lowest common denominator
1050:Cortis, Dominic (2015).
1026:. Goal. 10 January 2011
903:{\displaystyle +100x\,}
427:, or, in that country,
904:
874:
837:
798:
767:
745:
229:Calculating fixed odds
56:by rewriting it in an
1090:"Betting Odds Format"
905:
875:
838:
799:
768:
746:
744:{\displaystyle x+1\,}
341:Types of odds offered
1185:Gambling terminology
1072:10.5750/jpm.v9i1.987
1007:Listening to America
887:
848:
809:
778:
756:
728:
318:dollars to doughnuts
127:"Fixed-odds betting"
112:improve this article
1011:Stuart Berg Flexner
766:{\displaystyle x\,}
18:Fixed-odds gambling
922:Parimutuel betting
900:
870:
833:
794:
763:
741:
441:Continental Europe
389:" or "four-to-one
191:Fixed-odds betting
58:encyclopedic style
45:is written like a
1139:"Fractional Odds"
952:Gambler's fallacy
913:
912:
828:
792:
476:betting exchanges
375:improper fraction
309:transaction costs
188:
187:
180:
162:
86:
85:
78:
16:(Redirected from
1192:
1159:
1158:
1156:
1154:
1149:on April 2, 2014
1145:. Archived from
1135:
1129:
1128:
1126:
1124:
1112:
1106:
1105:
1103:
1101:
1086:
1077:
1076:
1074:
1056:
1047:
1036:
1035:
1033:
1031:
1020:
1014:
1004:
998:
997:
995:
993:
978:
942:Betting strategy
909:
907:
906:
901:
879:
877:
876:
871:
866:
862:
842:
840:
839:
834:
829:
827:
813:
803:
801:
800:
795:
793:
785:
772:
770:
769:
764:
750:
748:
747:
742:
548:
547:
511:Negative figures
502:Positive figures
472:continental odds
429:traditional odds
282:In an entry for
265:"The best of it"
183:
176:
172:
169:
163:
161:
120:
96:
88:
81:
74:
70:
67:
61:
38:
37:
30:
27:Form of gambling
21:
1200:
1199:
1195:
1194:
1193:
1191:
1190:
1189:
1165:
1164:
1163:
1162:
1152:
1150:
1143:betstarter.com/
1137:
1136:
1132:
1122:
1120:
1113:
1109:
1099:
1097:
1088:
1087:
1080:
1054:
1048:
1039:
1029:
1027:
1022:
1021:
1017:
1005:
1001:
991:
989:
980:
979:
975:
970:
918:
888:
885:
884:
855:
851:
849:
846:
845:
817:
812:
810:
807:
806:
784:
779:
776:
775:
757:
754:
753:
729:
726:
725:
566:
561:
530:
528:Odds conversion
484:
437:
351:
349:Fractional odds
343:
326:
304:laying the odds
299:
267:
236:starting prices
231:
184:
173:
167:
164:
121:
119:
109:
97:
82:
71:
65:
62:
54:help improve it
51:
39:
35:
28:
23:
22:
15:
12:
11:
5:
1198:
1188:
1187:
1182:
1177:
1175:Sports betting
1161:
1160:
1130:
1107:
1096:on May 2, 2014
1078:
1037:
1015:
999:
972:
971:
969:
966:
965:
964:
962:Sports betting
959:
954:
949:
944:
939:
937:Asian handicap
934:
929:
927:Full cover bet
924:
917:
914:
911:
910:
898:
895:
892:
881:
880:
869:
865:
861:
858:
854:
843:
832:
826:
823:
820:
816:
804:
791:
788:
783:
773:
761:
751:
739:
736:
733:
722:
721:
718:
715:
712:
709:
705:
704:
701:
698:
695:
692:
688:
687:
684:
681:
678:
675:
671:
670:
667:
664:
661:
658:
654:
653:
650:
647:
644:
641:
637:
636:
633:
630:
627:
624:
620:
619:
616:
613:
610:
607:
603:
602:
599:
596:
593:
590:
586:
585:
582:
579:
576:
573:
569:
568:
567:(minus stake)
563:
558:
555:
552:
529:
526:
525:
524:
521:
517:
516:
512:
508:
507:
503:
483:
482:Moneyline odds
480:
436:
433:
365:and common in
359:United Kingdom
350:
347:
342:
339:
325:
322:
298:
295:
285:L'Encyclopédie
272:utility curves
266:
263:
259:stock exchange
230:
227:
186:
185:
100:
98:
91:
84:
83:
42:
40:
33:
26:
9:
6:
4:
3:
2:
1197:
1186:
1183:
1181:
1178:
1176:
1173:
1172:
1170:
1148:
1144:
1140:
1134:
1118:
1111:
1095:
1091:
1085:
1083:
1073:
1068:
1064:
1060:
1053:
1046:
1044:
1042:
1025:
1019:
1012:
1008:
1003:
987:
983:
977:
973:
963:
960:
958:
955:
953:
950:
948:
945:
943:
940:
938:
935:
933:
930:
928:
925:
923:
920:
919:
896:
893:
890:
883:
863:
859:
856:
852:
824:
821:
818:
814:
789:
786:
781:
774:
759:
737:
734:
731:
719:
716:
713:
710:
707:
702:
699:
696:
693:
690:
685:
682:
679:
676:
673:
668:
665:
662:
659:
656:
651:
648:
645:
642:
639:
634:
631:
628:
625:
622:
617:
614:
611:
608:
605:
600:
597:
594:
591:
588:
583:
580:
577:
574:
571:
564:
559:
556:
553:
550:
549:
546:
543:
538:
535:
522:
519:
518:
513:
510:
509:
504:
501:
500:
499:
497:
493:
492:American Odds
489:
488:United States
479:
477:
473:
469:
465:
464:European odds
460:
458:
454:
450:
446:
442:
432:
430:
426:
422:
417:
415:
410:
408:
404:
400:
396:
392:
388:
384:
380:
376:
372:
368:
364:
360:
356:
346:
338:
335:
331:
321:
319:
316:expression "
315:
310:
306:
305:
294:
291:
290:Denis Diderot
287:
286:
280:
277:
276:loss aversion
273:
262:
260:
256:
252:
248:
243:
241:
237:
226:
224:
220:
216:
211:
207:
205:
201:
195:
192:
182:
179:
171:
168:November 2007
160:
157:
153:
150:
146:
143:
139:
136:
132:
129: –
128:
124:
123:Find sources:
117:
113:
107:
106:
101:This article
99:
95:
90:
89:
80:
77:
69:
66:February 2010
59:
55:
49:
48:
43:This article
41:
32:
31:
19:
1151:. Retrieved
1147:the original
1142:
1133:
1121:. Retrieved
1110:
1098:. Retrieved
1094:the original
1062:
1058:
1028:. Retrieved
1018:
1006:
1002:
990:. Retrieved
985:
976:
541:
539:
533:
531:
496:point spread
491:
485:
471:
468:digital odds
467:
463:
461:
439:Favoured in
438:
435:Decimal odds
428:
424:
421:British odds
420:
418:
411:
406:
402:
398:
394:
390:
386:
382:
370:
367:horse racing
353:Favoured by
352:
344:
333:
329:
327:
302:
300:
283:
281:
268:
253:actions and
247:bet exchange
244:
232:
212:
208:
202:actions and
196:
190:
189:
174:
165:
155:
148:
141:
134:
122:
110:Please help
105:verification
102:
72:
63:
44:
1115:D., Chris.
720:10,000.00%
562:break even)
532:To convert
449:New Zealand
324:Lay betting
297:Laying odds
255:Dutch books
204:Dutch books
1169:Categories
968:References
932:Even money
554:Fractional
534:fractional
407:even money
355:bookmakers
330:not happen
314:colloquial
215:fractional
138:newspapers
868:%
831:%
782:−
557:Moneyline
542:moneyline
520:Even odds
445:Australia
251:arbitrage
240:overround
223:moneyline
200:arbitrage
1180:Wagering
1153:27 March
1123:27 March
1100:27 March
1065:: 1–14.
1030:27 March
916:See also
703:900.00%
686:300.00%
669:200.00%
652:100.00%
560:Win% (to
391:in favor
379:improper
992:1 April
982:"Wager"
714:+10,000
635:50.00%
618:33.33%
601:11.11%
578:−10,000
551:Decimal
515:figure.
506:figure.
425:UK odds
395:against
383:against
363:Ireland
357:in the
219:decimal
152:scholar
52:Please
708:101.00
700:10.00%
683:25.00%
666:33.33%
649:50.00%
632:66.67%
615:75.00%
598:90.00%
584:1.00%
581:99.01%
565:Return
457:parlay
453:Canada
221:, and
154:
147:
140:
133:
125:
1119:. TBR
1061:. 1.
1055:(PDF)
717:0.99%
711:100/1
691:10.00
575:1/100
403:evens
159:JSTOR
145:books
1155:2014
1125:2014
1102:2014
1032:2014
994:2015
697:+900
680:+300
674:4.00
663:+200
657:3.00
646:±100
640:2.00
629:−200
623:1.50
612:−300
606:1.33
595:−900
589:1.11
572:1.01
451:and
371:e.g.
361:and
131:news
1067:doi
894:100
857:100
815:100
787:100
694:9/1
677:3/1
660:2/1
643:1/1
626:1/2
609:1/3
592:1/9
470:or
405:or
397:or
334:not
114:by
1171::
1141:.
1081:^
1057:.
1040:^
1009:,
984:.
498:.
466:,
447:,
443:,
431:.
423:,
409:.
399:on
387:on
217:,
206:.
1157:.
1127:.
1104:.
1075:.
1069::
1063:9
1034:.
996:.
897:x
891:+
864:)
860:x
853:(
825:1
822:+
819:x
790:x
760:x
738:1
735:+
732:x
234:"
181:)
175:(
170:)
166:(
156:·
149:·
142:·
135:·
108:.
79:)
73:(
68:)
64:(
60:.
20:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
