How To Calculate Book Percentage RacingTraders: Sports Betting & Betfair Trading Software

But what do these bets really mean for you? By the end, you’ll be ready to tackle rugby betting like a pro. Understanding odds is the key to becoming a savvy rugby bettor. Rugby betting is all about making the games even more exciting, and you’re right in the heart of it! Whether you’re a casual punter or aiming to bet with an edge, recognising the real story behind the odds is what separates guesswork probability calculator from strategy.

Odds to Probabilities Converter

We spend a lot of time researching a wide range of sports to unearth the best value bets on a daily basis. To help with this we have one available in the betting school, along with other types of calculators, including aparlay calculator. Not only that but our odds calculator has a special feature that displays the implied odds as a percentage to reveal your chances of winning. From early bookmakers to online betting, explore how technology and virtual wallets like Skrill have reshaped the betting landscape. However, it is important to remember that online betting carries risks and that no system can guarantee consistent winnings.

It’s often displayed as a percentage and forms the basis of sports betting odds. The odds you see in sports betting markets are typically the odds “against” an outcome happening, rather than the odds “on” the event happening. Remember, because this calculation was made using fractional odds, the figure of £60 represents the profit from your bet and not the original £20 stake. As well as representing an expression of probability, betting odds will also enable you to work out how much money you will win if your bet is successful.

As decimal odds

The process of making odds begins with setting the odds via the process outlined above. Software, including AI software, has been honed to take into consideration a massive range of data points and factors to come up with a range of prices across a typical sporting event. Now let’s substitute actual odds figures into the calculation. To work out your returns for a simple fractional calculation, such as 4/1, it is easy. However, there are also equivalents for more complicated odds.

If you’re trying to profit long-term, avoid chucking a fiver on a 21/10 shot just because it “looks good.” Casual bets drain your bankroll faster than you think. Because bets at 21/10 only win about 1 in 3 times on average, your strategy needs to survive losing runs. Betting at 21/10 can offer good returns, but only if you believe the true probability of your selection winning is higher than 32.26% (the implied probability). For smart punters, 21/10 can signal a sweet spot—the kind of price where informed betting and good judgement can turn long-term profit. In racing, 21/10 odds usually reflect a second or third favourite in the betting.

❓ What is an odds calculator?

Tools like our matched betting calculator are vital pieces of software that can greatly improve your matched betting experience. Anybody can use any of the betting calculators presented by OddsMonkey, as they are designed with simplicity and usability in mind. Other than all of the benefits already listed, one of the main reasons to use an implied probability calculator is that it takes away the hassle of having to do any confusing or long maths sums yourself. If 5 of the last fixtures between these teams have had 3 or more goals, and the weaker side is defensively poor, the implied probability of this game having Over 2.5 goals is quite high. To go into further detail about the premise of an implied probability calculator, you first need to understand the concept of implied probability.

When calculating No Vig odds, the favourites’s implied probability may be inflated. Bookmakers build their profit margin into the odds they offer, meaning that the sum of the implied probabilities of all possible outcomes usually exceeds 100%. The aim being for bookmakers to try and unify their odds, especially when a big bet has been placed. Tic-tac is a method used ostensibly by bookmakers at horse racing meetings in the UK to communicate the value of odds of horses between them. For example, if you wanted to back France to win FIFA World Cup in 2026, you may find that the French are 5/1 to win the World Cup with most bookmakers, but they may also be available at odds of 7/1 with another. But what happens to them depends upon how much money is bet on the different outcomes for a betting market.

There are different types of odds formats used in sports betting, including decimal odds, fractional odds, and American odds. While both types of odds can be used to express the same price, the main difference is that decimal odds focus on the total return you could receive if your bet wins, while with fractional odds, it is easier to calculate your profit. This type of odds comes from the United Kingdom, and you will still find it employed in many sports betting markets, though across Europe, decimal odds are more popular than fractional.

• It’s often displayed as a percentage and forms the basis of sports betting odds.
• The aim being for bookmakers to try and unify their odds, especially when a big bet has been placed.
• For a more detailed explanation of how these odds types work, check out our recent guide.
• Of course, with the Paddy Power odds converter, you don’t need to run these sums.

Of course, the more complex calculators could take some getting used to, but all of them use the same format of simply inputting the data that is asked for and then pressing a quick button! This is a less secure system of betting than things such as matched betting, but you can try out different styles and see what works best for you. Sports betting can be used as a decent side hustle if done sensibly and with the correct tools and software. On the other side of the bet, a game having Under 2.5 goals is relatively unlikely based on the statistics, so the odds for that market would be higher. If you want to bet on a game between a top-of-the-league team and a weaker side, the odds will be very one-sided. Are you looking to transform bookmakers’ odds into probabilities and calculate the total scaled probabilities of an event?

It’s a similar story when betting on hot favourites with small odds. That price means that for every £1 spent, you’ll make a £10 profit if your bet wins. Suppose you’re considering a bet on Arsenal to win the UEFA Champions League at odds of 10/1.