How do you work out odds?

Odds, are given as (chances for success) : (chances against success) or vice versa. If odds are stated as an A to B chance of winning then the probability of winning is given as PW = A / (A + B) while the probability of losing is given as PL = B / (A + B).

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Make Your Bookie Cry And Pull The Hair By Generating $23,187

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For 3 to 9 odds for winning; Probability of: Winning = (0.25) or 25% Losing = (0.75) or 75% "Odds for" winning: 1:3 "Odds against" winning: 3:1

Calculator Use

Convert stated odds to a decimal value of probability and a percentage value of winning and losing. This calculator will convert "odds for winning" an event or "odds against winning" an event into percentage chances of both winning and losing. Be careful if you are using sports teams odds or betting odds. If you see that the Patriots super bowl odds are 9/2, that is most likely "odds against" and should be entered in the calculator with "Odds are: against winning." When playing a lottery or other games of chance be sure you understand the odds or probability that is reported by the game organizer. A 1 in 500 chance of winning, or probability of winning, is entered into this calculator as "1 to 500 Odds are for winning". You may also see odds reported simply as chance of winning as 500:1. This most likely means "500 to 1 Odds are against winning" which is exactly the same as "1 to 500 Odds are for winning."

Probability Formulas:

This calculator will convert "odds of winning" for an event into a probability percentage chance of success. Odds, are given as (chances for success) : (chances against success) or vice versa. If odds are stated as an A to B chance of winning then the probability of winning is given as P W = A / (A + B) while the probability of losing is given as P L = B / (A + B). For example, you win a game if you pull an ace out of a full deck of 52 cards. Pulling any other card you lose. The chance of winning is 4 out of 52, while the chance against winning is 48 out of 52 (52-4=48). Entering A=4 and B=48 into the calculator as 4:48 odds are for winning you get

For 4 to 48 odds for winning;

Probability of:

Winning = (0.0769) or 7.6923%

Losing = (0.9231) or 92.3077%

"Odds for" winning: 1:12 (reduced from 4:48)

"Odds against" winning: 12:1 (reduced from 48:4)

Probability vs. Odds

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Whats +550 odds mean?

athlonsports.com - What does ""plus"" and ""minus"" mean in sports betting? - AthlonSports.com

What does "plus" and "minus" mean in sports betting?

What does plus and minus mean in sports betting?

What does "plus" and "minus" mean as a sports betting term?

Odds expressed in terms of money, with $100 being the standard. If the odds are minus (–), then that amount of money must be wagered to win $100. (e.g. –150 means you must bet $150 to win $100.) If the odds are plus (+), that amount of money would be earned on a successful $100 wager. (e.g. +150 means you make $150 on a $100 wager.) Money line is also sometimes referred to as “American Odds.” The standard (and often implied) number is –110, meaning a successful bet of $110 would net $100 profit. This is the “juice” or “vigorish” (aka “vig”) for the house or sportsbook. Assuming equal bets on both sides, the house has a built-in 10 percent cut of the action, regardless of the outcome of a particular sporting event. This juice is a way to discourage gamblers from wagering on a heavy favorite. If the Golden State Warriors are listed at –500 to win the NBA championship, a successful $500 wager would only net $100. On the flip side, the plus-minus juice can also encourage gamblers to wager on a longshot. If the Los Angeles Lakers are a +500 to win the NBA championship, a successful $100 bet would net $500.

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