Odds and Probability
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Three Basic Odds
There are three basic odds that may at first seem like they require complex calculations, but are easy to understand over time. These odds are called the Fractional, American and Decimal Odds. These can be converted to implied probabilities and into one another.
They are also known as Money Lines, the odds value show how winnings might be if a player bet AUD100. Negative American Odds are used if the bet is lower than the stake and Positive American Odds are used if the possible gain on a bet is higher or equal to the stake.
Fractional Odds, also known as UK Odds were originally used in horse racing and are among the oldest forms of odds. They are provided in fraction form making them the simplest to calculate. The denominator is the amount a player bets on and the numerator is the amount the bet will yield.
Here is one formula that is widely used in Australia as well as Europe and Canada. They work out your payout by multiplying your stake by the odds.
Odds and Probability – Converting
How does one convert when the odds keep fluctuating the more players place their bets? The table below displays a few ways how one can make the conversion(s):
The implied probabilities of a result are equal to the stake. So, this means that you divide the wagered amount by the total payout to get to the probability of the result. Probability estimations may vary meaning the odds are not always correct. These odds are applicable to most Australia casinos.