Both in casino games and sports betting, odds show your potential profit and the implied probability of winning. In fact, estimating how much a player, casino or bookmaker will win from one bet is not complicated. However, with more complex bets at online casinos, it is better to use the so-called betting odds calculator.
How Betting Odds Work in Casino & Sports Betting
Gambling odds refer to the chances of winning odds that players can quickly calculate using basic math. That is how one can guess the chance that a certain ball will fall on a particular field or a particular horse will come first in a videorace. The odds help gamblers realise how much money they will receive in case of making the right prediction.
No matter if in the shape of fraction decimal American or moneyline values, odds are key to defining the bookmaker’s favourites and underdogs in the specific game or competition. This is how betting odds work.
Decimal, Fractional, and American Odds on Casino & Sports Betting Sites: How to Convert Odds for Your Bet?
Learning the different types of odds makes it easier to understand the appropriate chances to win the next bet. It’s also necessary to find out how to convert American odds (or any others) into implied probabilities to win a single bet. More complex bets and multiples make the odds concept more difficult to understand.
Three main types of odds exist: decimal odds, fractional odds and American odds.
- Decimal odds. They reflect the sum won for each dollar or its analogy wagered in the form of a decimal value on a bookmaker site. Imagine that the decimal odds for a multiple wins bet outcome are 2.00. The total payout for the bet is then 200 USD for every 100 USD wagered.
- Fractional odds. A.k.a. British odds, they show up as a fraction (e.g., 5/1) on a bookmaker site. It is also possible to express traditional odds of winning as a probability ratio (e.g., 5-to-1).
- Moneyline odds (or American odds). These ones come along with a minus or plus sign in the bookmaker’s line. The first type of the moneyline odds refers to a higher probability of an outcome with a lower payout, and the second is the opposite.
You can convert each type to the preferred format to see how the odds imply bet wins in the most convenient way and compare odds of different bookmakers.
How to Convert Fractional Odds to Decimal Ones
The implicit probability of an outcome equals a stake divided by the market payout pool. That would be the way to convert decimal odds or convert fractional odds into probability to win, no matter which of three types you deal with. As an example, pretend there is a bookmaker with the fractional odds of team A overtaking team B at 8 to 13. It means 8/13 in fractional odds. To convert odds, divide 8 by 13 and multiply by 100% – and you’ll get 61.5% in decimal odds. That would be the probability of a certain event occurring. It means there is a slightly higher than 60% chance that team A will really win in this football match.
In case a player places a successful bet, they will get back the win and original wager (in this case, $61.50 along with $100). As for the decimal odds format, a ball possesses a 2.20 chance of falling in a certain field in roulette. In such a case, the true probability to win is 45.45% (1/2.2*100%).
Keep in mind that true odds vary as the bets step in, meaning bet probabilities change as well.
How to Convert Decimal Odds to Fractional Ones
To convert decimal odds to fractional odds, subtract 1 from the decimal. Then, express the result as a fraction. You can also simplify the fraction if possible. For example, decimal odds of 2.5 become 2.5−1=1.5, which is 1 1/2 or 3/2 in fractional form. Always ensure the fraction accurately reflects the decimal odds for clarity.
How to Convert American Odds to Decimal Odds
This method will help you to convert American odds to decimal:
- For positive sports betting odds: divide the odds by 100 and add 1 (+150 becomes 150/100 + 1 = 2.5);
- For negative sports betting odds: divide 100 by the absolute value of the odds and add 1 (-200 becomes 100/200 + 1 = 1.5).
This approach for American odds gives you a decimal representation of your winning bet probability.
How to Calculate the Odds
It is possible to define betting odds as the possibility of something happening. It’s like a probability in statistics. For example, the odds are equal 4-1. It means that a gambler has a 1/5 chance of success. We received that by adding one to four. The next step is to divide 1 by 5, which results in 1/5 in the fractional odds format or 0.2 in the decimal odds one. It means that a player has a 20% chance of the expected outcome.
To estimate the potential winnings from a bet, multiply the initial stake by the odds. Let’s say, a stake is $1. The gambler wins then $4 in profit, along with the original stake back. An overall win is then $5.
Online Casino Games with the Most Favorable Odds
The return-to-player (RTP) is the portion of cash a player puts into a specific slot or another money game that should return as winnings. For example, if the specific card game has a 95% RTP, it means 95 cents of every dollar a person bets will come back. This ratio is the number one factor that impacts win odds. Here are the average percentages of return in the online casino activities:
- Baccarat: RTP is from 98.76% to 98.94%.
- Video poker: RTP is from 98% to 100.05%.
- Blackjack: RTP is from 98% to 99.57%.
- Slots: RTP is from 85% to 99%.
- Craps: RTP is from 83.3% to 100%.
- Roulette: RTP is 97%.
- Pai Gow: RTP is 97.16%.
Thus, it is easy to calculate that video poker and baccarat offer the highest odds for players.
Online Slots with the Best Odds
Slot machines remain the most popular options at online casinos. They are simple to play, with a great variety of themes and in-game bonuses. However, it’s hard to find slot titles that achieve odds of 99-100%. It’s recommended to bet in some of the examples with an RTP of 97-98% below.
| Game title | Average RTP percentage | Where to play |
| Blood Suckers | 98% | Caesars Palace Online Casino |
| Starmania | 97.86% | FanDuel Casino |
| White Rabbit Megaways | 97.72% | BetMGM Casino |
| Medusa Megaways | 97.63% | Golden Nugget Online Casino |
| Secrets of Atlantis | 97.07% | DraftKings Casino |
Betting the maximum possible bet amount is the most realistic way to improve one’s odds in an online slot. Buying bonus rounds may also increase the odds and sizes of potential winnings, but jackpots have a probability of occurrence that is too low to influence the average bet outcome.
Online Blackjack Odds
The return-to-player in this all-time favourite card game is the highest: the total payout is almost 100% in most cases. By selecting variations of this game with fewer decks and a chance to double down on any two cards, a gambler can significantly enhance their odds. Compared to slots, it’s up to a player to decide on any in-game action (for example, hit or stand). The most promising variations are Perfect Pairs Blackjack and Single Deck Blackjack.
Online Poker Odds
This digital card game with 3D effects may achieve an RTP even higher than 100%. It is up to the gambler to influence the chances and the money amount they would win, particularly to pick cards to hold. With properly informed, weighted decisions, the odds in this game also go up.
The great thing about online poker is that strategy charts are available. Such a thing helps players calculate odds and find the decisions for the maximum profits. In the variations with live dealers, players can enjoy the best odds in the market along with an immersive experience.
Roulette Odds
Roulette remains one of the most beloved money games, appreciated for its easy gameplay and diverse betting combinations. Players can place wagers on a range of outcomes, from choosing a colour to selecting specific number sequences.
For example, American roulette stands out due to its wheel featuring both a single zero (“0”) and a double zero (“00”). This extra pocket increases the house edge of your bet to roughly 5.26%, making it more challenging for players to win some money.
On the other hand, European roulette features only one zero, which guarantees better odds and a bigger bet payout for the gambler. Some roulettes with specific rules can further decrease the house advantage and change the implied probability of profit on particular bets.
Real Odds vs. Implied Odds
True odds refer to when a gambler gets a probability of a particular outcome. An example could be this: an outcome possesses an implied probability of 52.38% or up on a bookmaker site. In case the same outcome possesses a true probability of the same percentage, a player would accept that bet.
At the same time, implied odds are the conversion of offered odds into an implied probability of winning. Compared to implied odds, true odds are subjective. Still, predictive models allow users to estimate the true probability with the help of handicaps provided by bookmakers. Once a gambler bets a handicap, the true probability is what they believe a bet’s win possibility is.
What Is a House Edge?
House edge balances between an online casino making profits and players winning cash and other prizes from their bets. The majority of gambling activities have a less than 5% house edge. The average gambling platform’s successful bet has a probability that falls between 35% and 50%.
In fact, casino games give uneven results. However, once you couple in the thousands of non-stop gamblers who are playing bet sessions daily, this probability turns the low house edge into rather high profits. In other words, the longer the gambler bets, the fewer odds they have. As the gambler achieves roughly 100,000 bets, they will see possible outcomes that reflect the house edge.
Why Do Odds Change After Placing a Bet?
Gambling activities and sports events are dynamic. Sports betting odds may shift in response to various factors such as team news, injuries, or weather conditions. In live casino gambling, a lot may depend on the dealer and other participants’ decisions. However, after placing the bet, the odds are secured automatically. It means your potential total payout remains unchanged regardless of any subsequent probability fluctuations. This ensures fairness and stability in your gambling and sports betting experience.
What Is Smart Play?
Playing the same title in the long run can help you to make the implied probability play in your favour. For example, in case a gambler plays roulette with a 0.5% house edge and bets on red and black, they will lose in 1/200 cases only. As the bet odds are 49.5% in the player’s favour, they basically have a 50/50 probability of the event happening and cover them both.
The idea is that by arranging wagers, players increase the probability of winning. However, the risk is never zero, and the betting amount has to be the sum of cash a gambler can afford to lose.
How Does the Betting Odds Calculator Work?
The online bet calculator is an essential tool for any bettor looking to determine their potential returns with positive odds or negative odds. The odds calculator simplifies the process, giving you a clear vision of the implied probability of winning with your stake amount. Here is how to calculate the odds:
- Pick the bet type.
- Type in the stake for the bet.
- Determine the type of betting odds.
- Add the odds for every event occurring.
- Check the expected return and potential profit from the bet.
That is how you calculate the total number of odds. By using the bet calculator, you can compare odds in various betting scenarios and assess how different event occurring outcomes might impact your profits.
Final Thoughts on the Odds
Understanding the fair odds is not that challenging. Once a player masters the classical probability models of fractional odds, moneyline, and decimal odds, they can discover that all the other types just show them with slight differences on all betting sites. Although the types of odds displayed on sites do not directly impact the outcome, understanding them will make your experience more pleasant.
