Football Betting Odds Formats Explained
Understanding football betting odds is like learning to read a new language. At first, the numbers look confusing, but once you see what they really mean, everything becomes much clearer.
This guide will walk you through the main odds formats you’ll see:
- Fractional odds (e.g., 5/2)
- Decimal odds (e.g., 3.50)
- American odds (e.g., +250 / -150)
- Plus a quick look at implied probability
We’ll use simple examples, analogies, and step-by-step explanations, so even if you’re completely new to betting, you’ll be able to follow along.
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1. What Are Betting Odds, Really?
Before we talk formats, let’s answer a basic question:
What do odds represent?
Odds show two things:
- How much you can win relative to your stake
- How likely the bookmaker thinks an outcome is (e.g., Team A to win)
Think of odds as:
- A price tag on risk
- A ratio between reward and probability
If a team is very likely to win:
- The odds will be low (you win less money)
If a team is unlikely to win:
- The odds will be high (you win more money if they do)
Same reality, different ways of writing it: that’s what odds formats are.
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2. Fractional Odds (British Style)
Fractional odds look like this: 5/1, 2/1, 4/7, 11/4, 13/8
They’re common in the UK and Ireland and are often used in horse racing, but you’ll still see them in football too.
2.1 What Fractional Odds Mean
Think of fractional odds as:
Profit : Stake
So:
- 5/1 (“five to one”) means
You win £5 profit for every £1 staked.
- 2/1 (“two to one”) means
You win £2 profit for every £1 staked.
- 4/7 (“four to seven”) means
You win £4 profit for every £7 staked.
Key point: Fractional odds show your profit only, not the total return.
2.2 Examples with Fractional Odds
Example 1: 5/1 odds
You bet £10 on a team at 5/1.
- Profit = stake × (numerator / denominator)
= £10 × (5 / 1) = £50
- Total return = profit + stake
= £50 + £10 = £60
So if your team wins, you get £60 back (of which £50 is profit).
Example 2: 4/7 odds (odds-on favourite)
These are called “odds-on” because the numerator is smaller than the denominator.
You bet £7 at 4/7:
- Profit = £7 × (4 / 7) = £4
- Total return = £4 + £7 = £11
You risk more than you win in profit; this usually means the team is considered very likely to win.
2.3 Common Misconceptions about Fractional Odds
Misconception 1: “5/1 means there’s a 1 in 5 chance.” Not exactly. It’s not a direct “1 out of 5” probability. It’s a profit ratio, though you can convert it to a probability (we’ll cover that later).
Misconception 2: “4/7 means you lose more often than you win.” Again, fractional odds say nothing directly about how often you’ll win or lose. They’re just the bookmaker’s way of pricing the risk. 4/7 simply means: bet 7 units to win 4 units of profit.
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3. Decimal Odds (European Style)
Decimal odds look like this: 1.50, 2.00, 3.25, 10.00
They are standard in Europe, Asia, Australia, and widely used on most online sportsbooks.
3.1 What Decimal Odds Mean
Decimal odds are:
Total return = stake × decimal odds
So they already include your stake in the number.
- Decimal odds of 2.00:
For every £1 you bet, you get £2 total back (if you win). That’s £1 profit + £1 stake.
- Decimal odds of 3.50:
For every £1 you bet, you get £3.50 total back. That’s £2.50 profit + £1 stake.
3.2 Examples with Decimal Odds
Example 1: 2.50 odds
You bet £10 at odds of 2.50.
- Total return = £10 × 2.50 = £25
- Profit = £25 - £10 = £15
Example 2: 1.40 odds (strong favourite)
You bet £20 at odds of 1.40.
- Total return = £20 × 1.40 = £28
- Profit = £28 - £20 = £8
Lower decimal odds = lower potential profit = higher perceived chance of winning.
3.3 Why Many Bettors Prefer Decimal Odds
Decimal odds are often considered the easiest format for beginners because:
- The calculation is straightforward: stake × odds
- You can easily compare value between bets
- Converting to probability is very simple (we’ll show you later)
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4. American Odds (Moneyline)
American odds look like this:
- Positive: +150, +200, +350
- Negative: -110, -150, -300
They are mainly used in the United States.
4.1 What American Odds Mean
American odds are based around a $100 reference point, but you can use any stake to calculate.
There are two types of American odds:
A. Positive American Odds (e.g. +200)
How much profit you win on a $100 stake.
Example: +200 means:
- Bet $100 → profit $200 (total return $300)
In general:
Profit = Stake × (American odds / 100)
(for positive odds)
So if odds are +150 and you stake $20:
- Profit = $20 × (150 / 100) = $30
- Total return = $20 + $30 = $50
B. Negative American Odds (e.g. -150)
How much you must stake to win $100 profit.
Example: -150 means:
- You must bet $150 to make $100 profit (total return $250)
In general:
Profit = Stake × (100 / |American odds|)
(for negative odds)
So if odds are -200 and you stake $40:
- Profit = $40 × (100 / 200) = $20
- Total return = $40 + $20 = $60
4.2 Interpreting American Odds
- Positive odds (e.g. +250) = underdog
Bigger number → less likely to win → higher profit if they do.
- Negative odds (e.g. -300) = favourite
Bigger number (in absolute terms) → more likely to win → you must risk more to win less.
4.3 Common Misconceptions about American Odds
Misconception 1: “+200 means the team will win one out of two times.” No. +200 is a price, not a direct frequency. It just says “if you bet 100, you win 200 profit.”
Misconception 2: “Negative odds are bad value.” Not necessarily. Negative odds just mean the team is favoured. Whether they’re good value depends on whether you think the true chance of winning is higher than the odds imply.
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5. Comparing the Three Main Formats
Here’s a quick comparison table for the same underlying price in different formats:
| Outcome | Fractional | Decimal | American | |--------------------------|-----------:|--------:|---------:| | Strong favourite | 1/4 | 1.25 | -400 | | Moderate favourite | 4/6 | 1.67 | -150 | | Even matchup | 1/1 | 2.00 | +100 | | Moderate underdog | 2/1 | 3.00 | +200 | | Big underdog | 5/1 | 6.00 | +500 |
Notice:
- All three describe the same risk–reward relationship.
- They’re just different ways of writing that relationship.
Think of it like temperature:
- 0°C = 32°F = 273.15K
Different units, same temperature.
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6. Converting Between Odds Formats
You don’t have to memorise these, but understanding them helps you see that it’s all the same thing underneath.
6.1 Fractional → Decimal
Fractional odds: A/B
Decimal = 1 + (A / B)
Example: Fractional 5/2:
- A = 5, B = 2
- Decimal = 1 + (5/2) = 1 + 2.5 = 3.50
Check with a quick thought: At 5/2, you win 2.5 units profit for every 1 unit stake → total 3.5 units back → 3.50 decimal.
6.2 Decimal → Fractional
Decimal odds: D
Fractional = (D - 1) expressed as a fraction
Example: Decimal 2.75:
- D - 1 = 1.75
- 1.75 = 7/4
- Fractional odds = 7/4
Bookmakers will usually simplify to common fractions (e.g., 2.50 becomes 6/4 or 3/2).
6.3 American → Decimal
A. For positive odds (e.g. +X)
Decimal = 1 + (X / 100)
Example: +200 → Decimal = 1 + (200 / 100) = 1 + 2 = 3.00
B. For negative odds (e.g. -X)
Decimal = 1 + (100 / X) (with X as positive)
Example: -150 → X = 150 Decimal = 1 + (100 / 150) = 1 + 0.6667 ≈ 1.67
6.4 Decimal → American
A. If decimal ≥ 2.00 (underdog)
American = (Decimal - 1) × 100, then add “+”
Example: Decimal 3.50 → (3.50 - 1) × 100 = 2.50 × 100 = 250 → +250
B. If decimal < 2.00 (favourite)
American = -100 / (Decimal - 1)
Example: Decimal 1.50 → American = -100 / (1.50 - 1) = -100 / 0.5 = -200
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7. Implied Probability: What Odds Say About Chances
Odds don’t just tell you what you can win; they also hint at what the bookmaker thinks the chance of an outcome is. This is called implied probability.
7.1 Implied Probability from Decimal Odds
This is the simplest formula:
Implied probability (%) = 100 / Decimal odds
Example: Decimal odds = 2.50
- Implied probability = 100 / 2.50 = 40%
So the bookmaker is pricing it as if the outcome has a 40% chance of happening.
Another example: Decimal odds = 1.25
- Implied probability = 100 / 1.25 = 80%
So that team is considered highly likely (about 80%) to win.
7.2 Implied Probability from Fractional Odds
Fractional odds: A/B
Decimal = 1 + (A / B)
Then use: 100 / Decimal
Or directly:
Implied probability (%) = B / (A + B) × 100
Example 1: 5/1
- Probability = 1 / (5 + 1) × 100 = 1/6 × 100 ≈ 16.67%
Example 2: 4/6
- Probability = 6 / (4 + 6) × 100 = 6/10 × 100 = 60%
7.3 Implied Probability from American Odds
A. For positive odds (+X)
Implied probability (%) = 100 / (X + 100) × 100
Example: +200
- = 100 / (200 + 100) × 100
- = 100 / 300 × 100 ≈ 33.33%
B. For negative odds (-X)
Implied probability (%) = X / (X + 100) × 100
Example: -150
- = 150 / (150 + 100) × 100
- = 150 / 250 × 100 = 60%
7.4 Important Note: The Bookmaker’s Margin
If you convert all possible outcomes in a match (home–draw–away) to implied probabilities and then add them up, you’ll usually get more than 100%.
For example:
- Home: 50%
- Draw: 28%
- Away: 26%
Total = 104% (just as an example)
That extra 4% is roughly the bookmaker’s margin (overround) — their built-in profit. So implied probabilities from odds are not pure true chances, but prices with margin added.
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8. Common Misconceptions About Odds and Value
8.1 “Higher odds are always better”
Not necessarily. Higher odds mean:
- Lower implied probability
- Higher potential profit
But that doesn’t mean better value.
Value depends on whether the odds are higher than they should be, based on true probability.
Example: You think a team has a 50% (1 in 2) chance of winning.
- Fair odds (no margin) would be 2.00 decimal, 1/1 fractional, or +100 American.
- If you can bet at 2.50 decimal, the bookmaker is implying a 40% chance — lower than your estimate. That might be a value bet.
- If odds are 1.80 (implied 55.6%), you’re getting a bad deal vs your estimate.
8.2 “Short odds (like 1.20) are risk-free”
No bet is risk-free. 1.20 decimal odds still imply about a 83.3% chance (100 / 1.20 ≈ 83.33%). That means:
- You’ll still lose about 1 in 6 of these bets in the long run, if the odds are accurate.
Low odds = lower return, not zero risk.
8.3 “If I combine lots of favourites in an accumulator, I can’t lose”
Accumulators (parlays) multiply odds together. They also multiply risks together.
Even if each leg is “very likely,” their combined probability can drop much lower than you think.
Example:
- Each favourite is 1.30 decimal (≈ 76.9% implied)
- 5-leg accumulator probability ≈ 0.769⁵ ≈ 0.268 (26.8%)
So your 5-leg “banker” acca actually has less than a 30% chance of all winning.
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9. Practical Examples in Football Betting
Let’s walk through a typical Premier League match:
9.1 Full-Time Result Odds
Say we see:
- Manchester City to win: 1.40 (decimal)
- Draw: 5.00
- Opponent to win: 8.00
Example Bet 1: £20 on Man City at 1.40
- Total return = £20 × 1.40 = £28
- Profit = £8
Implied probability:
- 100 / 1.40 ≈ 71.43%
So the bookmaker is pricing City as about 71% likely to win.
Example Bet 2: £10 on Draw at 5.00
- Total return = £10 × 5.00 = £50
- Profit = £40
Implied probability:
- 100 / 5.00 = 20%
Example Bet 3: £10 on Opponent at 8.00
- Total return = £10 × 8.00 = £80
- Profit = £70
Implied probability:
- 100 / 8.00 = 12.5%
If you convert these odds to fractional:
- 1.40 ≈ 2/5 (or 2/5.0 roughly)
- 5.00 = 4/1
- 8.00 = 7/1
And to American:
- 1.40 ≈ -250
- 5.00 = +400
- 8.00 = +700
Different expressions, same relationships.
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10. Tips for Beginners Learning Odds
10.1 Pick One Format to Start With
If you’re new, choose decimal odds first:
- Easiest to calculate
- Simple to tie to probability
- Common on most websites and apps
Once you’re comfortable, then learn fractional and American for versatility.
10.2 Always Separate “Return” from “Profit”
A frequent beginner mistake is to confuse:
- Total return = stake + profit
- Profit = total return – stake
With decimal odds, the number already includes the stake. With fractional and American, the way they’re presented focuses on profit relative to a base stake.
When in doubt:
- Write it down:
Total return = Stake × Decimal odds
Profit = Total return – Stake
10.3 Think in Probabilities, Not Just Odds
Whenever you see odds, mentally translate them into rough probabilities:
- 1.20 → about 83%
- 1.50 → about 67%
- 2.00 → 50%
- 3.00 → about 33%
- 5.00 → 20%
- 10.00 → 10%
This helps you ask: “Do I believe this outcome is more or less likely than that?”
That’s the foundation of value betting.
10.4 Understand That Bookmakers Build in a Margin
If something looks “too short” or “too big,” remember:
- Odds include profit margin for the bookmaker.
- Implied probability is not the true chance — just the priced chance.
Your edge comes from situations where your estimate of true probability is more accurate than the market’s.
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11. Summary
Let’s recap the key points:
- Odds are just prices on outcomes.
They tell you how much you stand to win and roughly how likely the event is, according to the bookmaker.
- Fractional odds (e.g., 5/1, 4/7):
Show profit : stake. Profit only, stake not included.
- Decimal odds (e.g., 2.50, 1.75):
Show total return per 1 unit stake (stake included).
Total return = Stake × Decimal odds
- American odds:
- Positive (+X): profit on a $100 stake
- Negative (-X): stake needed to win $100 profit
- All formats can be converted, because they describe the same underlying reality.
- You can derive implied probability from any odds format. This tells you what chance the bookmaker is pricing in (before margin).
- Common misconceptions:
- Higher odds are not automatically better.
- Low odds do not mean no risk.
- Accumulators with lots of favourites are not safe; their combined probability can be quite low.
- As a beginner, start with decimal odds, learn to:
- Calculate return and profit
- Convert odds to implied probabilities
- Compare your own view of a match to what the odds are saying
Once you understand odds formats, you’ve taken a big first step toward betting more informed and responsibly. From here, you can start exploring concepts like value, bankroll management, and different markets (over/under goals, handicaps, both teams to score, etc.) — all built on the foundation of reading odds correctly.
