How Betting Odds Work
Fractional odds
Fractional odds such as 5/1 show your profit against your stake: at 5/1, every £1 staked wins £5 profit, and you also get your £1 back. Odds-on prices such as 1/2 mean you win less than you stake: £2 at 1/2 returns £3 in total.
Decimal odds
Decimal odds such as 6.0 show your total return per £1, stake included. To convert from fractional, divide and add one: 5/1 becomes 5 + 1 = 6.0, and 1/2 becomes 0.5 + 1 = 1.5.
What odds say about probability
The implied probability is 1 divided by the decimal odds: 6.0 implies about a 17% chance, 1.5 about 67%. Add up the implied probabilities of every runner and the total comes to more than 100%; the difference is the bookmaker’s margin.
Related Bookmakers
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Bet365
Lets you switch between fractional and decimal odds in its settings, so you can use whichever format you find easier.
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Betfair
The Exchange shows decimal odds set by other punters, often a fairer read of a horse's real chance than a fixed-odds price.
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This guide explains how betting odds work and is not advice to bet. Only ever stake what you can afford to lose.
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