Being able to use the odds converter tool can be very important to successful betting. If you don’t know what betting odds are or what they represent, you are reducing your chances for the cross-market comparison to place smart bets. Using an odds converter tool can help you convert fractional to decimal odds or fractional to American odds. The best part about using a converter tool is that it is easy to use, all you have to do is just to insert odds that you want to be converted in the boxes and click the calculate button. As you are done, click on the clear button and start again.
Three Ways of Stating Odds
Basically, there are three ways of stating odds that a lot of bookmakers and sites support. Implied probability is useful too when evaluating some bet or when checking how likely the outcome is.
Decimals quote the potential return that the bet succeeds, as per the stake. For instance, if £5 is the bet at odds of 3, the total return will be £15, potential profit being £10. (I.e. £5 * 3 minus £5 stake)
Used mainly in Ireland and UK, fractions quote potential profit should the bet succeed, relative to stake. For instance, if £5 is the bet at odds of 2/1 potential profit is £10, and the total returned is £15. (I.e. £10 plus £5 stake)
Positive figures- when the odds state winnings on £100 bet (for American odds of 110 will win £110 on £100 bet)
Negative figures- when the odds state how much should be bet to win £100 profit (for American odds of -90 would win £100 on £90 bet)
What is Implied Probability?
The odds correlated to probability. For example, a 3/1 bet expected to win 1 in every four chances, thus the probability is 25 percent.
Benefits of an odds converter tool
Thus using the odds converter tool is very easy, and it ensures that you always know odds in the preferred format. All you need to do is to take odds that you wish to quote on the betting site- whether fractional, decimal or American and place it in the table. Hit the calculate button and the equivalent odds will show up in other fields- it cannot get simpler than this. It may be easy, but it is invaluable if your struggle with working out different odds.
Like, if you enter American odds -170, the tool will convert these odds in decimal as well as fractional formats while at the same time displaying the implied probability of the odds. In sports betting, odds come in various types, but they express the same thing. Your preference in odds is related to your first betting experience and the location. For instance, bettors in Europe are exposed to the fractional odds mostly as that is the most popular way of expressing betting odds in that region. But if you are betting on the US sports betting site, you might be more familiar with the -110 kind of odds.
Odds converter tool is great for beginners who are learning how to use types of betting odds. It is even a useful tool to show you how much you need to be winning the bets at certain odds to break even. Many beginners will take the big underdogs and will not realize how often they need to win the bets to break even. For instance, if you bet -200 favorites, you will have to win 67 percent of the bets to break even.
As the odds calculator is a simple tool to use, it even requires very less knowledge of how bets work and all you have to do is to follow an easy process and get the results. There are boxes in the tool where you have to fill the bets, and profit calculation will be presented to you in no time. When you follow the right steps, you can’t go wrong and will be an expert at using the converter tool.
Summing it up
The benefits of using the odds calculator tool are innumerable. It extols the virtues of what a tool should be like. You can easily use it to your benefit in many ways, and the best of all is that it is simple, meaning that even the least tech-savvy person will be able to use it without any fuss. You can compare the prices; check the profit you will be making and that too within a few seconds.
So here are a few benefits that you can enjoy with the odds converter tool:
- Calculations take place in a timely and quick manner, and you can see the results instantly
- Workout totals of the bet automatically and you don’t have to get lost in the tool
- Adjust the odds to changing market within no time to easily compare the prices
In the odds converter tool you wish to use, the implied odds box will show the winning probability percentage from the odds you enter. So what are you waiting for? Go ahead and use the most useful converter tool to your advantage.