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Decimal odds are favoured by betting exchanges because they are the easiest to work with for trading, as they reflect the inverse of the probability of an outcome. [13] For example, a quoted odds of 5.00 equals to a probability of 1 / 5.00, that is 0.20 or 20%. Decimal odds are also known as European odds, digital odds or continental odds. [9]
European format (decimal odds) are used in continental Europe, Canada, and Australia. They are the ratio of the full payout to the stake, in a decimal format. Decimal odds of 2.00 are an even bet. UK format (fractional odds) are used by British bookmakers. They are the ratio of the amount won to the stake – the solidus "/" is pronounced "to ...
For example, the 4-to-1 fractional odds shown above is the same as 5 in decimal odds, while 1-to-4 would be quoted as 1.25. The method for converting moneyline to decimal odds depends on whether the moneyline value is positive or negative. If the moneyline is positive, it is divided by 100 and add 1.
Decimal odds are a single value, greater than 1, representing the amount to be paid out for each unit bet. For example, a bet of £40 at 6 − 4 (fractional odds) will pay out £40 + £60 = £100. The equivalent decimal odds are 2.5; £40 × 2.5 = £100. We can convert fractional to decimal odds by the formula D = (b + a) ⁄ b.
This leaves a remaining amount of $881.51. This remaining amount in the pool is now distributed to those who wagered on Outcome 4: $881.51 / $110.00 = 8.01 ≈ $8 payout for $1 wagered. This payout includes the $1 wagered plus an additional $7 profit. Thus, the odds on Outcome 4 are 7-to-1 (or, expressed as decimal odds, 8.01).
A £5 each-way single on a 10-1 selection in golf and paying 1 ⁄ 5 the odds a place 1, 2, 3, or 4 would cost £10. Returns on the win part of the bet would be £5 × (10/1 × 1) + stake = £55 (£50 winnings + £5 stake) Returns on the place part of the bet would be £5 × (10/5 × 1) + stake = £10 (£5 winnings + £5 stake)
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Since ,, =,, the probability of obtaining the score of 2 and the bonus ball is , = = %, approximate decimal odds of 1 in 81.2. The general formula for B {\displaystyle B} matching balls in a N {\displaystyle N} choose K {\displaystyle K} lottery with one bonus ball from the N {\displaystyle N} pool of balls is: