%>
American Football Basketball Cricket Cycling Darts Esports Football Golf Handball Horse racing Motorsport Poker Politics Rugby Union Snooker Tennis Trotting Other sports Other odds Old odds Sports Betting Casinos No deposit casinos UK Casinoranker

How to calculate betting odds like a pro

Many people think betting is just a figment of luck. They think that only luck can help them win. Professional betters beg to differ. Here is a complete guide on how betting odds work so you can understand and learn how to calculate betting odds like a professional:

How do betting odds work?

Everything in the universe can be explained using basic mathematics. Similarly, we can also explain betting odds with the help of mathematics.

Basic probability:

There is a branch of mathematics called probability, which deals with the chances of something happening. A very easy way to understand it is:
you have 5 apples. 1 is rotten, but you do not know which one is rotten. Probability states that there is a 20% chance that the apple you have chosen is going to be rotten. This can be calculated using the basic formula:

15*100%= 0.2*100%=20%

If we were to generalize this: 

How many times you can chooseTotal options*100%

Here, 0% means that there is no chance of you getting a rotten apple while 100% means that you will get a rotten apple no matter what option you choose. 

Using probability with odds:

Now that you know basic probability, we can mix this with betting odds to find how much chance there is to win a certain bet. For our example, we will be using fractional odds. We will be explaining what the types of betting odds are later onwards too:

Consider the fractional odd of 6/1 exists. This means that there is a 1 chance out of 6 that a certain event will happen.

Using the probability formula:

16+1=17=0.142*100%=14.2% chance

You must have noticed how we added a 1 in the total options right now. This is to include the option you currently are choosing as well. Rookies make the mistake of not adding a 1 and calculating the betting odds depending on the original basic probability. 

Types of betting odds:

There are three main types of betting odds, depending on the location you are betting from. These are American odds, British odds, and European odds. Here is a complete guide on all three of them:

American odds:

American odds are also known as ‘moneyline’ odds. American odds are unique because they can go lesser than 0 and are used in various scenarios where the probability of losing also needs to be calculated. 

For Americans who want to know how betting odds work in America, here is a simple example:

Consider you are betting on your favorite NBA team ‘A’ and the odds are currently placed as follows:

Team A: +300

Team B: -100

This means that if you invest $100 on Team A, you will win $300 if Team A wins. You will have a payout of ($300+$100) = $400. If you invest $100 on Team B, you will win $33. Your total payout will be ($100+$33) = $133. 

The (+ve) sign indicates that the odds of that team winning are very low and not many people have bet on that team. Similarly, (-ve) sign indicates that the odds of the team winning are high, and more people have placed their hopes. 

British odds:

British odds are also known as fractional odds. We already explained an example of how fractional odds work. For betting, we have another example cooked up for you:

Consider that you are trying to invest in a football team ‘X’. Their matchup against team ‘Y’ indicates the following odds:

Team X: 11/1

Team Y: 1/5

Using the basic formula:

Payout= InvestmentNumeratorDenominator+Investment

We can easily figure out that if you invest £100 in Team X, you will gain an immense £1100 as profit. Your new payout would be (£1100 + £100) = £1200. 

If you bet £100 on Team Y, however, you would only win £20 if they won. Your total payout will become £120.  

The bigger the fraction, the lesser the chances of a certain team winning, and the higher the payouts. Similarly, the lower the fraction, the lesser the chance of winning and lower the profit margin. 

European odds:

European odds are also known as decimal odds because they are extremely easy to understand and deal with. For people who are looking to understand how betting odds work for Canada, Australia and other European countries, we have also compiled a little example:

Consider you are investing in the football team ‘G’ who has to play semi-finals against team ‘H’. Team ‘G’ is everyone’s favourite and the chances of this team winning are very high. Team ‘H’ has only made it to semi-finals this year and was never anyone’s favourite. Not many people think that Team ‘H’ will win. 

The betting stakes have been narrowed down to the following:

Team G: 1.7

Team H: 5.0

Using the basic formula:

Payout= Stake*decimal number

We see that the payout already includes your stake. This means that if you bet €100 of Team ‘G’, your total payout will be €170. You will have a profit of only €70.

If you bet on Team ‘H’, you will win €400 and your total payout will be €500. 

Conversion of betting odds:

Here is a simple guide to convert betting odds from one betting odd to another: 

British to European

To convert British odds to European odds, we use the simple formula:

(How many times you can chooseTotal options+1)

British to American

To convert British odds to American, here is a simple formula:

Odds= How many times you can chooseTotal options

If Odds ≥ 1,

Odds=+ve How many times you can chooseTotal options*100%

If Odds ≤ 1,

Odds=-ve How many times you can chooseTotal options*100%

European to British

To convert European odds to British odds: 

Odds= European odds-1  (in decimal form)

European to American

To convert European odds to American odds:

Odds= (American Odds100+1)

If Odds > 2,

Odds=+ve(100* British Odd-1)

If Odds < 2,

Odds=-ve(100/ (British Odd-1)

American to European

For American odds to European odds:

Odds= (American Odds100+1)

If Odds > 0,

Odds=+ve (American Odds100+1)

If Odds < 0,

Odds=(-ve) (American Odds100+1)

American to British

For people who wish to know how betting odds work if converting from American odds to British odds:

Odds= (American Odds100)

If Odds > 0,

Odds=+ve (American Odds100)

If Odds < 0,

Odds=(-ve) (American Odds100)

Final Thoughts:

We hope that this small betting odds calculation guide was able to help you calculate how football betting odds work. Keep calm, and rationally calculate your odds of winning before placing your bets and you will be unstoppable.