Decimal odds are one of the most popular formats available at online sports betting sites in the Philippines. Learn how to use them with our full guide.
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How to Bet with Decimal Odds
Odds formats are an important part of online sports betting and knowing about them is crucial to understanding your stakes. There are many types of odds out there, like fractional, Moneyline, and decimal odds for instance. So, of course, anyone planning to start betting online should have a clear picture of the different options.
Decimal odds are one of the most common formats in online sportsbooks in the Philippines. They are also called European odds and are pretty straightforward. Hence why they have found favor with sports bettors and bookmarkers both in Europe and worldwide. In this full guide, we’ll walk you through everything you need to know about decimal odds and how to use them.
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What Are Decimal Odds?
Decimal odds are a simple numerical way of displaying the probability of a certain outcome. There are many different types of odds but these odds are very common, especially on European platforms. Hence why they are sometimes also called European odds. Many sports bettors online prefer them because of their simplicity. In fact, they provide more betting opts and are much easier to grasp than fractions.
In a nutshell, the decimal odds value represents the amount of money you win for each currency unit you wager. And just like with other formats, the odds value also includes the money you risked in the return. This represents the total payout in decimal odds instead of the profit. Simply put, your state is part of the decimal number – you won’t need to add your stake to it, making it easier to calculate the total payout.
Decimal Odds in Sports Betting
Decimal odds are very easy to grasp and it only takes a moment to work out your potential payout. For those who are just getting started, this is a great choice. With this format, the odds value is a decimal number that expresses the size of your return. Moreover, since the odds value, in this case, is always larger than 1, your initial stake is also included in the final calculation. To work the payout out on your own, simply multiply the odds value by your stake.
An Example
For instance, coin tosses normally have a 50/50 probability to land on either side. However, a bookmarker may offer something like odds of 49/50 instead. That is because if you bet the same on both outcomes with 50/50 odds, then either way you’ll get a small profit which bookies don’t want. Of course, this probability is expressed as a fraction. In the decimal format, this value would be 1.98. In other words, if you stake $20 on this bet and it is successful, then you would receive $39.6 back. Thus, making a profit of 98 percent. Alternatively, if the decimal odds were 4.0 and your stake $100, then your total return would be $400.
Implied Probability
All odds from bookmarkers are based on the implied probability of a certain outcome. For instance, a bet with 10.00 odds has a chance of 10% to succeed. In other words, such a bet will be a winning one once every ten times. So, naturally, the implied probability is worth keeping in mind when assessing the odds in your sportsbook. This way you can know what is the chance of succeeding.
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How to Calculate Payouts with Decimal Odds
Although calculating your payouts with decimal odds couldn’t be simpler, let’s look at a more detailed example. The basic formula you will need is as follows:
- Total Payout = Decimal Odd Number x Stake
So let’s say there is a football game with Manchester City vs. Tottenham Hotspurs. The decimal odds for Manchester are 2.92 while Tottenham has 3.82. Both of these values represent the amount you can win against each $1 you wager. If you bet $100 on Manchester City, you could get a total payout of $292:
- Payout = 2.92 (Decimal Odds) x $100 (Original Bet) = $292 (potential win)
This amount includes the initial stake of $100. So, your net profit is actually $192, i.e., $292 – $100 = $192. Keep in mind that 2.0 is the breakeven odds for the decimal format because it simply doubles your stake. Of course, any value below 2.0 is less than even money and thus your potential returns are less than your stake. However, odds above 2.0 are plus odds, i.e. the potential return is more than the stake.
Converting Decimals to Fractional Odds
Sometimes you may need or want to convert decimal odds into fractions. Especially when you are betting live, knowing how to do this can come in handy. Although there are conversion tables you could check out, even without one the calculations are quick. Simply take the decimal odds value and then subtract 1.00. However, this method is not always 100% precise if the decimal value isn’t .00 or .000. Normally, the value obtained after calculation can give a rough conversion estimate of what to expect.
Conversion in Practice
Let’s say the odds of winning a race are 5.00. Here things couldn’t be easier – just subtract 1.00 from the decimal odds value. So, 5.00 – 1.00 = 4/1. But maybe you have decimal odds of 4.50. Here, 4.5 – 1.00 = 3.5/1. Multiply by two to remove the decimal and you’ll get 7/2.
When you have a decimal value other than 0 you should always strive to remove it. You can begin by adding the decimal odd value to itself until the decimal disappears. The number of times you’ve added it then gives you the denominator. So, we try with 4.50 + 4.50 = 9.00 and the decimal value disappears after two additions. Now, we take the outcome and subtract the number of additions. Our outcome was 9, minus the 2 times we added the value: 9 – 2 = 7. Thus, 7/2.
Conclusion
The decimal odds format is a simple tool to help you understand your chances of winning when betting on various sports. This is a pretty straightforward method and it uses one value to represent the total payout, not just the profit. This way everything is simpler and easier. Hence, you can find decimal odds at virtually any online sportsbook but especially those based in Europe and Canada. Check out our sportsbook reviews to find a great platform where you can use this odds format, which is also occasionally called continental or digital odds.
FAQ
Decimal odds are highly intuitive and easy to convert to other formats. Moreover, there is only one value worry about, which represents the total payout.
To calculate the total payout using decimal odds, simply multiply your stake by the odds value. Alternatively, you can use a decimal odds payout chart.
Virtually any online sportsbook offers this format since it’s so popular. European bookies in particular will definitely have it.
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