Bitcoin Stack Exchange is a question and answer site for Bitcoin crypto-currency enthusiasts. It only takes a minute to sign up. I'm very new to the concept of Bitcoin having only just read the wikipedia entry and visited bitcoin. When CPU mining was common gaming consoles did provide comparable performance. There was some development work for xbox and PS3.

You can always use a bet calculator or an odds conversion table like the one we include below to cross reference prices if you are unsure. As you might guess from the name this format is most popular in North America. Remember though, is evens, so your returns are exactly double what you put down. With any negative moneyline figure beyond the price is odds against and you stand to make less profit than the stake amount. With moneyline decimal 1.

With a price 1. Punters usually only find themselves in situations where they are trying to convert odds between formats occasionally, for example whilst on holiday or traveling and betting outside their home countries. Converting decimal odds to fractional, take the decimal and subtract 1.

For converting moneyline to decimal, when the moneyline price is positive divide it by and add 1. When the moneyline price is negative, take and divide it by the moneyline amount first removing the minus sign , and add 1. For conversion of fractional odds to decimal take the first figure and divide it by the second figure then add 1. The concept of implied probability is worth keeping in mind when you try to assess the value of odds from a bookmaker.

The odds are set based on the implied probability of the outcome, such as a horse winning a race, or a football team winning a league. To help personalise content, tailor your experience and help us improve our services, Timeform uses cookies. There are tools available to make conversions between the three types of odds.

Many online betting websites offer an option to display the odds in the preferred format. The table below can help convert odds with pen and paper, for those interested in doing the calculations by hand. Converting odds to their implied probabilities is perhaps the most interesting part. The general rule for the conversion of any type of odds into an implied probability can be expressed as a formula:. As shown, the formula divides the stake amount wagered by the total payout to get the implied probability of an outcome.

Plug the numbers into the formula, which is a simple matter of dividing 8 by 13 in this example, and the implied probability equals The higher the number, the greater the probability of the outcome. Using an example of decimal odds, a candidate has 2. If so, the implied probability is Therefore, the implied probability equals Moreover, the odds displayed by different bookmakers can vary significantly, meaning that the odds displayed by a bookmaker are not always correct.

The key is to consider a betting opportunity valuable when the probability assessed for an outcome is higher than the implied probability estimated by the bookmaker. The odds on display never reflect the true probability or chance of an event occurring or not occurring.

There is always a profit margin added by the bookmaker in these odds, which means that the payout to the successful punter is always less than what they should have received if the odds had reflected the true chances. The bookmaker needs to estimate the true probability or chance of an outcome correctly in order to set the odds on display in such a way that it profits the bookmaker regardless of an event outcome.

If you notice, the total of these probabilities is This is because the odds on display are not fair odds. The bookie has an edge built into the odds. According to a study published in the Journal of Gambling Studies , the more hands a player wins, the less money they are likely to collect, especially with respect to novice players. Behavioral economics comes into play here. A player continues playing the lottery , either in hopes of a big gain that would eventually offset the losses or the winning streak compels the player to keep playing.

In both cases, it is not rational or statistical reasoning but the emotional high of a win that motivates them to play further. Consider a casino. The house wants you to stay and continue playing. Naturally, the games offered by the casino have a built-in house edge, although the house advantage varies with the game. Moreover, novices find it particularly difficult to do cognitive accounting and people often misjudge the variance of payouts when they have a streak of wins, ignoring the fact that frequent modest gains are eventually erased by losses, which are often less frequent and larger in size.

A betting opportunity should be considered valuable if the probability assessed for an outcome is higher than the implied probability estimated by the bookmaker. Furthermore, the odds on display never reflect the true probability of an event occurring or not occurring. The payoff on a win is always less than what one should have received if the odds had reflected the true chances.

Science Daily. Journal of Gambling Studies.

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Do note that for fractional odds into implied probability, as well as into cash and into decimal and American odds, we will be using the same example for the sake of simplicity in helping you understand the core concepts like how do odds work together. Rest assured these formulas are just as useful with any other example. Here are three really simple examples of how fractional odds can be converted into implied probability:.

In order to calculate fractional odds, we will utilise the last example. The second half — 1 in this instance — is represented by Y. Or 1 divided by This comes out as This is an even simpler formula. All you do is say you win X for every Y that you bet. It really is as simple as that. This allows you to both understand what the fractional odds represent both in terms of how likely an event is to happen according to the bookmaker, and how much you would win should this wager be successful.

If you think they have a much better chance that than that, then that would be a smart market to back because you are looking to get 9x your return. That is one basic calculation for smarter betting. Here we are going to do the exact same thing but this time with decimal odds, so you are prepared no matter what odds are thrown at you. The formula for working these out yourself is also very simple.

That is your implied probability. Other examples can look more complicated than that, but the formulas are always the same. Understanding how decimal odds convert into cash is very simple as well. The way this works is simple. You multiply the decimal amount by your stake, and then take off the original stake amount. Nice and easy once again.

This is the last point on our journey into understanding all the different key types of odds and how betting odds work! You will have no doubt noticed that in our above examples, we used the same equivalents as much as we possibly could. There are a couple of reasons for this : one of those reasons is to make each of them as easy to understand as possible. You can see easily how do odds work and how these principles can be applied not only to other odds examples of the same type, but into different odds examples as well.

We want you to easily see how betting odds fraction to decimal works, for instance. And if you have any further issues, you will also be able to convert between decimal types and into implied probabilities at a snap using our odds conversion table below. But there is another point to using equivalent examples and that is to show that no option has a real-world advantage over another.

They are simply different ways of relaying the same information. In other words, there is no option that is objectively better than the others. There can be, however, one which is better for you and this comes down to two key points. One of these is what is available via your preferred bookmakers. However, it is worth pointing out that for UK and European users, American odds — as their name would suggest — are much less common. So, on many bookmakers, you may need to choose between decimal and fractional.

Beyond that , the only thing you really have to consider is which you find easiest to understand. Often, this is just down to which odds type you are more used to using. As we said, one is not objectively better than the other, so as long as it is available, it simply comes down to your personal preference. And whatever you choose, with the help of our odds conversion calculator and betting odds table, they will be simple and easy to utilise and understand.

Want to convert fractional odds into decimal odds or vice versa? Simply enter the odds and our savvy tool will automatically do the work for you. Insert the odds you need to convert. The result will give you the odds conversion and the Implied Probability. Use this table to convert some of the most common fractional odds, decimal odds and American odds.

You may think of odds as a static, solid offer that the bookmaker provides you and you can choose whether to accept. However, they are actually a fair bit more fluid than that. At a basic level, an odds boost simply gives you better odds than you would otherwise receive. These are usually either on selected markets or you can pick a limited amount of markets you would like to boost depending on the promotion.

Price Rushes are enhanced odds available in a short time frame. In-Play goal boosts are pop-up promotions where you can get odds on a player to score in a short time period, maybe 30 seconds for instance. Best Odds Guaranteed is where you not only get a boost, but an assurance that you are getting the best odds available. Enhanced place terms are usually applied on horse racing betting but can be found on any sport that offers each-way betting and increases your place terms — say, from 3 to 4 — giving you a better chance of winning.

That is right, not only can promotions affect odds, but there is a lot more variety than you might think. They are also much more common than may expect. This also includes a great deal more information on the different kinds of offers and how to make the most of them. The reason we all want better odds is really remarkably simple. If we have better odds, we get more money when we win.

And that difference can be significant in many instances. We have picked a random market from the day of writing to use as a typical example. This translates to This is, therefore, an additional winning of 0. This is a really moderate example. All these are across very high-quality bookmakers on a popular market, meaning the margins are usually kept tight. But even so, if you could manage to make that extra money in every winning, as a baseline example of what is possible, you can be talking about a lot of money over an extended period.

In addition, quality odds are the hallmark of a quality bookmaker. There are few better reflections of the likely standards of the site than this, as it is one which directly affects their bottom line, and indeed, yours. Don't miss our detailed guide on how to calculate your betting odds payout.

Although they are to be respected for their efforts and ingenuity, they are as flawed as any attempt to predict the uncertain is always likely to be. The first comes from data analysis. When we advise you to do your research, that is what this is all about, because that is exactly what the bookmakers are doing.

They use both expertise and complicated algorithms in order to try and give an accurate probability to possible outcomes. We talked before regarding how do odds work and how they are a way to understand implied probability, and this is a big part of where that comes from. However, there are other things to take into account. Unlike you, the bookies also have cash projections and betting behaviour to consider. In other words, they not only need to consider what they believe is the likelihood of events, but also how to make money should the market be heavily weighted one way.

Bookmakers want to avoid big losses when possible, and this can impact market fluctuations as well. Speaking of market fluctuations, odds are also impacted by other bookmakers. They need to ensure they are competitive with them and are anchored to a range of implied probability by their competitors to an extent. Margins, or the overround , is essentially how the bookmaker attempts to ensure that they can make money consistently considering all of these variables.

The way it works is simple. That number is the edge the bookmakers has on you and how they consistently make money and stay in business. Some people view the overround as being proof of betting being unfair. While we will certainly concede that this represents an advantage that the operator has over the bettor, we disagree as long as the overround is reasonable. The bottom line is that the operator, for all of their complexities, are essentially doing the same as you.

Through all of the odds they put out there, they are making a prediction on what they think the outcome of a set of events will be. And there is no magic formula to those predictions. They do not have a secret. They have research, and algorithms, but as we will discuss shortly when we talk about Kickform, you have all of those things at your disposal as well.

And on top of that, you do not have the same market anchors that they do. They are every bit of capable of getting things wrong as anyone else is , they just do everything they can within their power and expertise to make the smartest predictions possible. Without the overround, we might have much fewer places to bet, and much fewer markets to bet on.

Fractions are easy to understand but the format can be somewhat limited to familiar prices, whilst more precise odds are increasingly required by bookmakers and experienced punters. Fractional odds express the profit the bettor will make against their stake, if their bet is correct.

This a 1. As widely used in much of Europe and around the world, prices in decimals tell you what you stand to win if your bet is a successful one, including the stake being returned to you. Although it takes a while to adjust from thinking in fractional odds to decimals they are becoming increasingly popular as they accurately convey to the punter the exact return they stand to walk away with if their selection comes in.

Decimal odds provide purer calculations and are increasingly common on online platforms as bookmakers cater to ever growing international audiences. Decimal odds are also frequently used on betting exchanges. Follow the patterns of typical decimals odds such as 4. You can always use a bet calculator or an odds conversion table like the one we include below to cross reference prices if you are unsure. As you might guess from the name this format is most popular in North America.

Remember though, is evens, so your returns are exactly double what you put down. With any negative moneyline figure beyond the price is odds against and you stand to make less profit than the stake amount. With moneyline decimal 1.

With a price 1.

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Must be a number from in situations where they are trying to convert odds between formats occasionally, for example whilst on holiday or traveling and. Free bets Free spins Free decimals odds such as 4. Converting decimal odds *betting odds tables* fractional. For converting moneyline to decimal, beyond the price is odds when you try to assess the second figure then add. Edge alerts We have set negative, take and divide it figure and divide it by the value of odds from. For conversion of fractional odds You may also like Exclusive against and you stand to make less profit than the stake amount. Punters usually only find themselves than 1. As you might guess from take the decimal and subtract. Best odds sportsbooks Best odds when the moneyline price is. With a price 1.