Fractional odds is one of the most popular odds formats for online sports betting in the Philippines. Learn all about how it works with our complete guide.
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How to Use Fractional Odds
Since fractional odds are especially popular on betting platforms in the United Kingdom and Ireland, they are also often called UK odds. Moreover, this format is one of the oldest and, of course, it has withstood the test of time due to its simplicity. Naturally, fractional odds are available at virtually all online sportsbooks in the Philippines and are often the default setting.
Although they were originally used just for horse racing events, nowadays you can use fractional odds to place wagers on just about any betting sport. Moreover, you can bet with UK odds on mobile platforms as well. As the name suggests, odds are expressed as a fraction, making it easy to understand for novice and skilled gamblers alike. Read our full guide below to learn more about UK odds, how they work and how to use them. In addition, we’ll show you how to convert to decimal odds as well.
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What Are Fractional Odds?
It’s all very simple when it comes to fractional odds. The UK format is very simple and intuitive, hence why we recommend it for novice punters in particular. In a nutshell, the odds here are expressed as a fraction or simply put – two numbers with a slash in between them. For instance – ½, ⅔, or ⅕. These are all an expression of the probability of an event happening and the amount that you could win. So, the denominator indicates the bet size and the numerator – the potential profit size (if your wager is successful).
How Do Fractional Odds Work?
Sports betting online involves knowing about a whole plethora of different odd and bet types. Not to mention the various betting sports options and bonus offers that your bookie may provide. But if you’re just getting started, sticking to a tried and tested format like fractional odds is a great choice. They call them traditional odds for a reason – they’re so simple that everyone loves them and most start out this way. Basically, all you need to know here is that UK odds indicate two things. First, the price or in other words the potential profit if the wager wins. And second – the probability of your bet actually being successful.
Odds Against Prices, Odds On Prices, and Even Odds
Depending on the size of the potential return from a wager, fractional odds can be split into three groups. You can easily determine what kind you’re dealing with by looking at the fraction itself. Since the fraction is simply the ratio between investment and returns – the larger the denominator, the smaller the return. Let’s look at some examples:
- Odds against price. When the odds fraction is improper, i.e. the numerator is larger – the return is also larger. For example, if you have fractional odds of 5/1 you will win 5$ for every 1$ wager. In other words, the odds here are against the price. In addition, you will get your initial investment as well.
- Odds on price. When the numerator is smaller then the return will also be less. For instance, if you wager 1$ on an event with ⅕ fractional odds your pure profit will be one-fifth of that 1$ or 0.20$. Of course, you get your wager back as well and so if the bet is successful you’d get 5.20$. In other words, the odds are on the price, meaning they favor it.
- Even odds. Even odds simply mean you get in profit as much as you wager, plus the actual wager back. In other words, the ratio here is 1/1.
Calculating Implied Probability
In addition to indicating the size of your winnings, fractional odds also show you the probability of winning. Knowing the probability of success for your bet is crucial in decision making and it only takes some basic math. In simple terms, we are converting the fractions to percentages to see how likely an event is to happen. So to calculate the implied probability with fractional odds use the following formula:
- Implied Probability = Denominator/(denominator + numerator) x100
With this in mind, let’s take a look at an example. If we have an event with odds of ⅕, then the probability of said event actually occurring will be 83.3%. The calculation goes as follows: 5/(5+1)x100=0.833×100=83.3%.
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Converting Fractional Odds to Decimal Odds
Sometimes it may be easier to just convert the fractional odds format to decimal values. This is actually a very simple process and it only takes a few seconds. To convert fractions into decimal odds, simply solve the fraction (i.e. divide the numerator by the denominator) and add 1. Here is an example with fractional odds of ¾:
- 3/4=0.75
- 0.75+1=1.75
Summary
Fractional odds are one of the oldest formats used in online sports betting. They are often the default setting on many platforms and you can find them available at most sportsbooks in the Philippines. Using them is easy as calculating the implied probability and potential return is very simple. Hence, they are an all-time favorite for many punters but especially those in the UK. Check out our sportsbook reviews to find the best sites on the market that offer sports betting with fractional odds.
FAQ
The majority of betting sports are available to wager on with fractional odds. Some of the options include but are not limited to football, basketball, and volleyball.
Simply multiply your wager by the numerator of the fraction and then divide that by the denominator.
To convert fractional odds to American odds simply solve the fraction and add 1.
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