For example, if odds of 1.97 were quoted, a £1 bet would see a total payout of £1.97.
How to read decimal odds
Favourites have decimal odds of under 2.00, meaning the bookmaker considers this outcome more likely to happen than not.
Underdogs have decimal odds of over 2.00, meaning the bookmaker considers this outcome more likely to not happen.
Odds of exactly 2.00 are also referred to as evens, meaning the bookmaker is suggesting that this outcome has a 50/50 chance of happening.
Calculating payout using decimal odds
Calculating payout with decimal odds is relatively straight forward, and is determined using the following formula.
Stake * decimal odds
Barcelona vs Real Madrid - Barcelona to win at odds of 1.85 with a £20 stake
20 * 1.85 = 37
Total payout = £37
Converting decimal odds into fractional odds
There is no formula to convert decimal odds into fractional odds, just a little bit of maths to do instead.
Step 1) Convert decimal odds into fractional form by subtracting 1 from the decimal
Step 2) This number becomes the numerator (the first number), and use the number 1 as the denominator (the second number)
Step 3) Convert the fraction into its simplest form by finding the nearest whole number that the numerator divides into.
Step 4) The number by which you times the numerator by to make it into a whole number becomes the denominator.
Atalanta vs Roma - over 2.5 goals at odds of 3.40
Step 1) 3.40 - 1 = 2.40
Step 2) 2.4/1
Step 3) 2.4 * 5 = 12
Step 4) 5/12
Converting fractional odds into decimal odds
(numerator / denominator) + 1
Atletico Madrid vs Real Madrid - both teams to score at odds of 5/6
(5 / 6) + 1 = 1.83
Converting decimal odds into American odds
To convert decimal odds of over 2.00 into American odds, the following formula is used:
(Decimal - 1) * 100
Juventus vs Turin - both teams to score at odds of 3.35
(3.35 - 1) * 100 = +235
To convert decimal odds of under 2.00 into American odds, the following formula is used:
-100 / (decimal - 1)
Roma vs Atalanta - Roma to win at odds of 1.65
-100 / (1.65 - 1) = -154
Converting American odds into decimal odds
In order to convert American odds into decimal odds, the following formulas are used.
For positive odds, the formula for converting American odds into decimal odds is as follows:
Odds / 100 + 1
Atalanta vs Roma - over 2.5 goals at odds of +150
150 / 100 + 1 = 2.50
For negative odds, the formula for converting American odds into decimal odds is:
100 / Odds + 1
Inter Milan vs AC Milan - Inter to win at odds of -250
100 / 250 + 1 = 1.40
Converting decimal odds into implied probability
Implied probability is the conversion of odds into a percentage to show the expected probability of an outcome.
To convert decimal odds into implied probability, the following formula is used:
(1 / decimal odds) * 100 = implied probability
Manchester United vs Chelsea - under 2.5 goals at odds of 1.50
(1 / 1.5) * 100 = 66.7%