Do you love betting? Do you even understand the science behind odds, but also how to correctly write them mathematically? Or maybe you think you need to be a scientist to bet smartly and not make mistakes. Do you think that if you finally understand what betting odds mean, you will be able to write a successful ticket and win a bigger prize?
All these questions inspired us to devote more time to these numbers, which can be confusing. We must say that this is completely normal and it really takes some time to understand how these things work.
But, what’s betting in the first place, and why do people find it so exciting?
Betting is an activity of placing a wager or bet on the outcome of an event (sports events mostly), with the ultimate goal is winning a prize or money. Betting odds are an essential part of the whole thing, and they represent the likelihood of an event occurring. Yes, it sounds like math, and it practically is, but it’s not as difficult as trigonometry or advanced algebra. Understanding betting odds is essential for anyone who wants to bet, and this site may indeed help with it.
In this article, we will take a closer look at the transition from fractional to decimal odds and how to read them. Turns out people have a really hard time figuring the fractional to decimal conversion, and vice versa, especially when they are used only to one way of it.
What are fractional odds?
Fractional odds are the traditional way of representing betting odds in the United Kingdom and Ireland. Some other countries prefer this way too. The odds are represented as a fraction, with the numerator referring to the potential profit and the denominator to the stake required to make that profit.
These odds are a great way to test your current math skills and remind yourself of school.
It’s a joke, for sure, but gives you an idea of what you can expect from your betting activities.
The first number shows how much you can win for every $1 invested. But if you have a fractional 4/3 it means you earn $4 for every $3 invested. Additionally, 7/2 means you get $7 for every $2 invested. So, we hope it gets much clearer to your right now.
What are decimal odds?
Decimal odds, on the other hand, are the preferred way of representing betting odds in most parts of the world. They are displayed as a decimal, with the number representing the total payout for every $1 wagered, including the original stake. For example, odds of 2.00 mean that for every $1 wagered, the bettor will receive a total payout of $2.00, including the original stake.
Sounds interesting, right?
So, why do people have a hard time converting the values? Are we only used to the things we learned at school, and have a hard time understanding when something is quite different?
The conversion can be quite specific, and it’s normal that not many people can do it immediately. Sometimes it takes a few seconds, and in other cases, you’ll have to pull up your smartphone and use the calculator to check on the result Sometimes they even need someone else to convert the value for them, so they can understand what’s happening.
But, let’s see if it’s really that complicated, or if it’s just the form you are not comfortable with.
How to make conversions from fractional to decimal and vice versa?
Okay, this is the moment we get to the math, and all the calculations we need to explain the conversion.
Transitioning from fractional to decimal odds may seem complex, but it is a relatively simple and straightforward operation. All you have to do is divide the fraction and add 1 to the resulting result. This means that if you have 7/2 odds, in decimal notation it is 3.5, and when you add 1, it is 4.5 which makes it clear that the decimal coefficient should be multiplied by the bet, to get the potential profit. For example, if you invest 1 dollar, it is 4.5 dollars, and if you invest 10 dollars, you will get 45 dollars profit.
The reverse process is also simple. In fact, you can recognize the pattern yourself and try to convert from decimals to fractions yourself.
To convert decimal odds to fractional odds, you need to subtract 1 from the decimal and then convert it to a fraction. For example, the odds of 3.00 would be converted to 2/1 (3.00-1=2.00, which can be represented as 2/1).
As you can see, it is not about any complex mathematics. It is more of a standardized choice of odds representation, depending on the preferences of those who compile the odds. We can say that the individual perception of numbers also plays a role.
Some people find it easier to understand what a decimal number (a value between two whole numbers) means, while others find it easier to see how many parts of the whole thing contribute to the final outcome. We should be used to both ways, but there’s actually nothing wrong with preferring one way.
Now that you know how to convert, you’ll have no problem betting anywhere in the world. You already understand the numbers and know exactly what they represent. That’s why there’s nothing wrong with learning the basic conversion and not having to do complicated calculations in your head to arrive at the desired knowledge.
Understanding betting odds is crucial for anyone who wants to bet on sports or other activities with an uncertain outcome. Whether you prefer fractional or decimal odds, you must understand what those numbers represent, and how it affects the potential outcome of the event. Betting can be a fun and exciting activity, but many give up when they need to perform this simple math to get more insights into what’s happening.
But now, you can do all these things yourself, and we are sure you are a reasonable bettor too. That’s the only way to save money and bet smartly, no matter the odds.