Some say that the Betting Veteran can count cards when playing craps. Some say that if he walks past a slot machine, it can cause a pay-out. Whatever people say about the Betting Veteran, his knowledge of the betting industry is unparalleled.
One of the most difficult things about placing bets is working out the odds. Quite often, it can lead to confusion, especially if there are different odds formats at play. There are three different odds formats that are regularly used around the world, so depending on what you are used to, it can sometimes provide some difficulty. Fortunately, the Betting Veteran is here to help you make sense of it all.
The different type of odds
Each of the different odds formats is just a different way of showing the same information. It is kind of like a maths lesson at school: some use fractions, some use decimals, and in the case of the Americans, they use a form of percentages. There is no right way to show odds – it really is just down to personal preference, as they are all just different ways of expressing the same data.
The way that the odds are expressed are as follows:
2/1 is fractional
3.00 is decimal
200 is American
Converting from American odds to decimal odds and fractional odds
To convert from American odds to decimal and fractional odds is possibly the hardest to carry out. We will start with the easiest first. If the American odds are expressed as a positive number, then to find the decimal odds, all you need to do is divide the American odds by 100 and then add one. So American odds of 225 as decimal odds would be 3.25.
To convert from American odds to fractional odds can require a little bit of additional work. If the odds are positive, then it is simply a case of dividing by 100 and then adding the remaining number in front of /1. So, for example, odds of 900 would be converted to 9/1. If the odds are not divisible by 100, then it is simply as case of multiplying both sides of the fraction until it is a whole number. For example, 225 divided by 100 would give fractional odds of 2.25/1. In order to make this whole, both sides of the fraction would be multiplied by four, which would mean 225 converts to 9/4.
If the odds are negative, then to convert from American to fractional, you need to divide by 100 and then put the number behind 1/. So -500 would be fractional odds of 1/5. Once you have done that, it is just a case of dividing 1 by 5 and then adding 1 to the answer to get the decimal odds, which would be 1.20. If the American odds are not divisible by 100, then it is the same process as for the positive odds. Multiply both sides until the fractions are whole numbers. So -225 would give 1/2.25. Both sides multiplied by four gives 4/9. To get the decimal, you would divide 4 by 9, which gives 0.44, and then add 1, which makes 1.44.
Converting from fractional odds to decimal odds and American odds
Converting from fractional odds is a much easier process than converting from American odds. To convert to decimal odds, it is simply a case of working out the fraction and adding one. So 9/1 gives 9.00. Adding one means that it is 10.00. 4/9 gives 0.44. Adding one means that it is 1.44. It is as simple as that.
To convert from fractional odds to American odds requires a little bit more work, but still not a great deal. If the odds have a larger number first, then all you need to do is work out the fraction and then multiply by 100. So 7/2 would give 3.50. Multiplied by 100 gives American odds of 350. If the smaller number comes first, then things are a little bit different. The first thing that you need to do is switch the numbers around. So 1/4 would become 4/1. You then need to work out the new fraction and multiply it by 100. So 4/1 gives 4, which multiplied by 100 is 400. You then just need to put a minus sign in front of it. So 1/4 gives American odds of -400.
Converting from decimal odds to fractional odds and American odds
In order to convert from decimal to fractional or American odds is relatively simple but long-winded. The first step that you need to carry out no matter what is to turn the decimal odds into fractional odds. This means that you will first have to take one away from the decimal odds. So if the decimal odds are 2.50, you will need to turn them into 1.50. Once you have done this, it is a simple job to put the new decimal in front of /1. If you do not have a whole number, then you will need to multiply both sides until it gives a whole number, so in this case, it would give 1.5/1, which means that both sides need to be multiplied by two to give a final answer of 3/2.
Once you have converted the decimal odds to a fraction, you will need to carry out the steps outlined previously to turn fractional odds into American odds. While there is a method that can turn decimal odds directly into American odds, it is actually more long-winded than turning them into fractional odds first.