Decimal odds are one of the most common ways to show betting lines in Australia. These odds are fairly simple, but we thought we’d put together a guide for beginners just in case. After all, it never hurts to learn how to convert decimal odds. When reading these odds, we recommend looking for larger numbers, because these will pay out more. However, the lines aren’t guaranteed to pay out every time.
Before we get started, we’d like to note that knowing the odds doesn’t always guarantee a fair price. We recommend using a convertor or odds calculator for accurate pay out calculations. Converting to other prices can also ensure that the decimal odds represented are fair. Should you prefer to get down to betting, we’ve listed our most popular betting sites below.
Top Decimal Odds Websites
How to Read Decimal Odds
When reading decimal odds, keep in mind the fact that one is added to all lines. This means that your bet is included in the probability of the outcome. So, taking an example of a major AFL match, we’ll project some odds for the teams. These are fairly standard lines, but they will differ between sportsbooks online.
Team A – 3.5
Team B – 1.4
In the example, Team B is the favourite to win. However, you’ll have to bet $100 to win $40 for a total of $140. Thus, punters would be tempted to take Team A and get a $350 pay out for a $100 bet. Unfortunately, decimals are worked out based on the implied probability to win. If you know anything about Aussie Rules football, this means that the underdog must be pretty bad.
Converting the Odds
When converting to fractions, you’ll take off one as the initial bet. Then, you’ll have the direct fraction.
Team A – 3.5 equals 3.5-1 equals 2.5 equals 5/2
Team B – 1.4 equals 1.4-1 equals 0.4 equals 2/5
When betting on a sporting event based on teams or two players, the money lines will be similar. All that differs is the negative and the positive number.
Team A – 3.5 is +250
Team B – 1.4 is -250
To get the implied probability, AU bettors will take off the initial bet (one) and divide 100% by the leftover.
Team A –100% divided by (3.5-1) equals 28.57% probability
Team B – 100% divided by (1.4-1) equals 71.43% probability