Decimal odds
Decimal odds show your total return per 1 unit staked, including the stake. Profit is the return minus your stake.
| Decimal odds | Return on 100 | Profit | Implied chance |
|---|---|---|---|
| 1.50 | 150 | 50 | about 67% |
| 2.00 | 200 | 100 | 50% |
| 2.50 | 250 | 150 | 40% |
| 5.00 | 500 | 400 | 20% |
Other formats
- Fractional: 3/2 means 3 profit for every 2 staked. As decimal odds that is 2.50.
- American: +150 means 150 profit on a 100 stake (decimal 2.50). -200 means you must stake 200 to profit 100 (decimal 1.50).
Implied chance
Divide 1 by the decimal odds. At 4.00 the implied chance is 1 ÷ 4 = 25%. This is what the price suggests, not a guarantee of how often something will happen.
The margin built into prices
Take a match with two outcomes, both priced at 1.90. Each implies 1 ÷ 1.90 = 52.6%. Together that is 105.3%, which is more than 100%. The extra 5.3% is the operator's margin (also called the overround). It is why, on average, people who bet lose money over time even if they pick winners about half the time.
Worked example: you stake 200 at odds of 3.00. If it wins, the return is 600 and the profit is 400. If it loses, you lose the 200 stake.
Why odds move
Prices change as new information arrives (team news, weather, the toss, wickets and runs in a live match) and as money is placed. A move does not mean the outcome is more certain, only that the operator's assessment has changed.
What odds cannot do
- They cannot guarantee a result.
- Short odds are not "safe" and long odds are not "due".
- Anyone selling guaranteed tips or fixed matches is a warning sign.