Others will also show the implied probability of the odds too. Other odds, such as Hong Kong odds, may be available with a small odds converter number of bookmakers, but generally these formats tend to be used in the Far Eastern markets. This is how you use odds to calculate the probability of an outcome occurring.

What are the Different Betting Odds Formats?

It’s a similar story when betting on hot favourites with small odds. That price means that for every £1 spent, you’ll make a £10 profit if your bet wins. Suppose you’re considering a bet on Arsenal to win the UEFA Champions League at odds of 10/1.

🔎 What are the types of odds used in an odds calculator?

The process of making odds begins with setting the odds via the process outlined above. Software, including AI software, has been honed to take into consideration a massive range of data points and factors to come up with a range of prices across a typical sporting event. Now let’s substitute actual odds figures into the calculation. To work out your returns for a simple fractional calculation, such as 4/1, it is easy. However, there are also equivalents for more complicated odds.

• The difference between the paid odds and the true odds is how the bookmaker earns a profit.
• You have a small betting budget and you want to make sure you are using it as effectively as possible.
• Of course, the more complex calculators could take some getting used to, but all of them use the same format of simply inputting the data that is asked for and then pressing a quick button!
• Moneyline odds, or US odds, are tricky for anyone who’s not used to them.
• A confidence interval (CI) for the odds ratio is calculated using an exact conditional likelihood method (Martin and Austin, 1991).

If you want success as a bettor, recording details of your bets is absolutely essential. If you ask any professional punter for their most important betting tip, many of them will tell you the same thing. So, if your analysis tells you that Manchester City have a better than 71.4 percent chance of winning, you might be considering making a bet. Those odds expressed as a percentage are 71.4, which means Manchester City are being quoted as a 71.4 percent chance to win the game.

Don’t just bet at 21/10 because it sounds attractive. So, while the maths gives you a baseline, your own analysis is key to improving your win rate. If the answer is yes to all of the above, then you’ve probably found a smart bet worth making. Betting early before the market adjusts can be a long-term edge—just be cautious if late news or changes could affect the outcome. If a bet opens at 5/2 and drops to 21/10, it might still hold value—but it also tells you that others are eyeing the same opportunity.