Take mutual exclusivity into account. Sometimes, certain outcomes can overlap - the odds you calculate should reflect this. For instance, if you're playing poker and you have a nine, ten, jack, and queen of diamonds in your hand, you want your next card either to be a king or eight of any suit to make a straight , or, alternatively, any diamond to make a flush.
Let's say the dealer is dealing your next card from a standard fifty-two card deck. There are thirteen diamonds in the deck, four kings, and four eights. The thirteen diamonds already includes the king and eight of diamonds - we don't want to count them twice. Thus, the odds of being dealt a card that will give you a straight or flush are In real life, of course, if you already have cards in your hand, you're rarely being dealt cards from a complete fifty-two card deck.
Keep in mind that the number of cards in the deck decreases as cards are dealt. Also, if you're playing with other people, you'll have to guess what cards they have when you're estimating your odds. This is part of the fun of poker. Know common formats for expressing gambling odds. If you're venturing into the world of gambling, it's important to know that betting odds don't usually reflect the true mathematical "odds" of a certain event happening.
Instead, gambling odds, especially in games like horse racing and sports betting, reflect the payout that a bookmaker will give on a successful bet. To add to the confusion, the format for expressing these odds sometimes varies regionally. Here are a few non-standard ways that gambling odds are expressed: Decimal or "European format" odds. These are fairly easy to understand. Decimal odds are simply expressed as a decimal number, like 2.
This number is the ratio of the payout to the original stake. For instance, with odds of 2. Fractional or "UK format" odds. This represents the ratio of the profit not total payout from a successful bet to the stake. Moneyline or "US format" odds. These can be difficult to understand.
Remember this subtle distinction! In moneyline odds, a simple "" no plus or minus represents an even bet - whatever money you stake, you'll earn as profit if you win. Understand how gambling odds are set. The odds that bookmakers and casinos set aren't usually calculated from the mathematical probability that certain events will occur.
Rather, they're carefully set so that, in the long run, the bookie or casino will make money, regardless of any short-term outcomes! Take this into account when making your bets - remember, eventually, the house always wins. Let's look at an example. A standard roulette wheel has 38 numbers - 1 through 36, plus 0 and If you bet on one space let's say 11 , you have 1: However, the casino sets the payout odds at Notice that the payout odds are slightly lower than the odds against you winning.
If casinos weren't interested in making money, you would be paid out at However, by setting the payout odds slightly below the actual odds of you winning, the casino will gradually make money over time, even if it has to make the occasional large payout when the ball lands on Don't fall prey to common gambling fallacies. Gambling can be fun - even addictive. However, certain widely-circulated gambling strategies that at first appear to be "common sense" are, in fact, mathematically false.
Below are just a few things you should keep in mind when you go gambling - don't lose more money than you have to! You're never "due" to win. If you've been at the Texas Hold 'Em table for an hour and you haven't been dealt a single good hand, you may want to stay in the game in the hopes that a winning straight or flush is "right around the corner. The cards are randomly shuffled before every deal, so if you've had ten bad hands in a row, you're just as likely to get another bad hand as you are if you've had a hundred bad hands in a row.
This extends to most other games of chance - roulette, slots, etc. Sticking with one specific bet won't increase your odds. You may know someone who has "lucky" lotto numbers - though it can be fun to bet money on numbers that have special personal meaning, in random games of chance, you're never more likely to win by betting on the same thing every time than you are by betting on a different thing every time. Lottery numbers, slots, and roulette wheels are completely random.
In roulette, for example, it's just as likely that you'll roll "9" three times in a row as it is that you'll roll any specific three numbers in order. If you're one away from the winning number, you weren't "close. You weren't even close. Two numbers that are close together, like 41 and 42, aren't mathematically connected in any way in random games of chance.
What is my chance to win once in three draws of a one-in-five chance to win? The chance of losing all three is. Thus, the chance of not losing all three is 1 -. So the probability of winning at least once is Not Helpful 7 Helpful There are two possible outcomes and one "right" outcome. One out of two is 50 out of , or Not Helpful 0 Helpful 3. Give the odds in simplest form. Not Helpful 6 Helpful 8.
Now, it depends on what you mean by "better". Not Helpful 3 Helpful 3. Assuming the event which is being predicted has only 2 outcomes, and is random, and each prediction is one of these 2 outcomes, the chance of all ten predictions being accurate would be 0. Not Helpful 3 Helpful 2. If I have a 1 in 5, chance of winning on a given day, and I play every day, how many times am I likely to win in a year? You are not likely to win in a year. If you divide by days in a year you get Not Helpful 5 Helpful 2.
Not Helpful 59 Helpful 6. A total of raffle tickets were sold. One person purchased 5 tickets. What are the odds of one of his tickets being drawn? It depends on how many tickets are drawn. If only one ticket is drawn, the odds are 5 out of , or roughly 1 in Not Helpful 0 Helpful 0. Is there a formula to use in soccer betting to win? Answer this question Flag as I have a game that has 46 balls. What is the probability all 6 red balls will pop up at once? And what are the odds of winning if people play each drawing?
With a random draw, you have 12 entries out of 80 total entries. What is the probability that none of your entries will be in the first 25 picks? Does that match the online bookies' pricing? On this page you'll be able to convert sports betting odds using our sports betting calculator across the three different formats, or convert chance of winning percentages to each of the different formats, hassle-free and in a flash.
Here's how our betting calculator works. To use, simply input your known odds in either Moneyline American , Fractional UK or Decimal European odds into one of the boxes in the gambling odds calculator and click the convert button. The odds equivalent in all other formats will then be shown, as well as your expected profit, odds, and payout. Remember that you would also have your original bet returned to you, so add that value to the profit for your total payout figure.
The odds equivalent in all other formats will then be shown, as well as your expected profit. When betting on the moneyline in American odds, the team that you are betting on just needs to win the game. The fractional odds displayed shows how much you can win on a bet compared to how much you put on it. The first number will show how much you can win, when you place the second amount as a wager. With decimal odds, you will multiply your wager by the decimal shown, with the answer being what you will receive in winnings, including your original wager.
We hope you make good use of our sportsbetting odds calculator and our odds converter app on this page. Now, put your knowledge to the test and sign up with one of our great sports betting sites. Whether you're into baseball, football, basketball, or racing, you will find odds in all three formats and a great range of markets to wager on and with our handy sports betting calculator, things couldn't be easier!
From there, you divide the right-hand side — one — by the total figure — three — giving the answer of When looking to make a bet, speed is key, something that our sports betting calculator can help with. Input your type of odds, given odds, and total bet, and the betting calculator will handle the rest.
Moneyline odds sometimes listed as US or American odds probably rank as the most confusing odds format out there, largely as it appears to be used exclusively in North America.
Yes, it is a bit complicated to understand, but that is the nature of the beast when it comes to moneyline odds. Finally, on European shores, decimal odds are often the preferred choice.