Anyone who has been betting on sports for some time will know that there are several different ways in which betting odds can be presented. In most online sportsbooks in the US, odds are presented in American format. However, odds can also be given in decimal or fractional formats. You can convert one format into another manually, and we'll explain how to do that later. However, the easiest quickest, and easiest way to convert odds is to use the Betting Odds Converter presented below.
How to Use the Betting Odds Converter
Using this Betting Odds Converter is as easy as you could want it to be. You can enter odds in American, Decimal or Fractional format and the converter will then show you what those odds are in the other formats. For first time users of the Betting Odds Converter, here’s how to proceed:
- First, ensure that the Bet Type box is set to Single.
- Now enter the odds that you want to convert into the box that describes their current format. For example, if you want to convert American odds of -200, you would enter -200 in the American Odds box.
As soon as you have entered your odds, you will see that their equivalents in other formats automatically appear in their corresponding boxes. American odds of -200 will therefore show as 1.5 in the Decimal Odds box and 1/2 in the Fractional Odds box. There is also an Implied Odds box, but we will discuss that in the next section.
If you want to see how much a single bet at the entered odds would win you in the event of it succeeding, simply enter your stake in the Bet Amount box. You will then see the calculated profit and return in the To Win and Payout areas of the lower panel of the converter.
Should you want to start over at any point, all you have to do to clear all previously entered data is click the Reset button.
Implied Odds and How to Use Them
We mentioned a moment ago that our Betting Odds Convertor also displays something called Implied Odds. The number in this box represents the percentage chance of winning that the outcome would have if the odds you have entered were accurate.
For example, if you enter the American odds of 100, you will see that the Implied Odds figure is 50. That’s because an event should have a 50% chance of success for American Odds of 100 to be accurate.
Unfortunately, the odds offered by online sportsbooks are seldom truly reflective of an outcome’s chance of success. Instead, the ‘fair odds’ tend to be trimmed a little so that the sportsbook can make a profit over the long term. Of course, this is as much an art as it is a science, so errors can be made by sportsbooks, and some of them will be in your favor.
One way of using the Implied Odds feature in our Betting Odds Converter is by making your own assessment of the chances of an outcome happening. Then enter that chance into the Implied Odds box and see what odds it equates to in other formats. If you can get those odds or better, you might have found some value.
To give an example of this, consider a boxing match. You believe that one of the fighters has a 70% chance of winning. You would therefore enter 70 into the Implied Odds box. This will show you that fair odds for a 70% shot would be -233.33 in American, 43/100 in fractional and 1.429 in decimal. If you can get better odds than those and strike a bet, you’ve gotten yourself a valuable edge. Assuming, of course, that your original assessment of 70% was accurate.
How to Convert Odds Manually
Our Betting Odds Converter is a very useful tool which performs mathematical calculations on your behalf. Those of you who want to know how to convert American odds to decimal odds manually will find the following explanation helpful:
How to Convert American Odds into Decimal Odds
Where the American odds have a positive value, simply divide them by 100 and then add 1. For example, American odds of 500, the calculation would be 500/100 = 5. Then add 1 to get decimal odds of 6.
Where the American odds have a negative value, divide 100 by the odds and then add 1. For example, American odds of -400, the calculation would be 100/400 = 0.25. Then add 1 to get decimal odds of 1.25.