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Decimal odds are favoured by betting exchanges because they are the easiest to work with for trading, as they reflect the inverse of the probability of an outcome. [13] For example, a quoted odds of 5.00 equals to a probability of 1 / 5.00, that is 0.20 or 20%. Decimal odds are also known as European odds, digital odds or continental odds. [9]
For example, the 4-to-1 fractional odds shown above is the same as 5 in decimal odds, while 1-to-4 would be quoted as 1.25. The method for converting moneyline to decimal odds depends on whether the moneyline value is positive or negative. If the moneyline is positive, it is divided by 100 and add 1.
Another example of such a game is Mega Millions, albeit with different jackpot odds. Where more than 1 powerball is drawn from a separate pool of balls to the main lottery (for example, in the EuroMillions game), the odds of the different possible powerball matching scores are calculated using the method shown in the "other scores" section ...
They are the ratio of the full payout to the stake, in a decimal format. Decimal odds of 2.00 are an even bet. UK format (fractional odds) are used by British bookmakers. They are the ratio of the amount won to the stake – the solidus "/" is pronounced "to"; for example, 7/1 is "seven to one". Fractional odds of 1/1 are an even bet. US format ...
For example, a bet of £40 at 6 − 4 (fractional odds) will pay out £40 + £60 = £100. The equivalent decimal odds are 2.5; £40 × 2.5 = £100. We can convert fractional to decimal odds by the formula D = (b + a) ⁄ b. Hence, fractional odds of a − 1 (ie. b = 1) can be obtained from decimal odds by a = D − 1.
Mathematics – Poker: The odds of being dealt a royal flush in poker are 649,739 to 1 against, for a probability of 1.5 × 10 −6 (0.000 15%). [9] Mathematics – Poker: The odds of being dealt a straight flush (other than a royal flush) in poker are 72,192 to 1 against, for a probability of 1.4 × 10 −5 (0.0014%).
In statistics, this is called odds against. For instance, with a royal flush, there are 4 ways to draw one, and 2,598,956 ways to draw something else, so the odds against drawing a royal flush are 2,598,956 : 4, or 649,739 : 1. The formula for establishing the odds can also be stated as (1/p) - 1 : 1, where p is the aforementioned probability.
A Dutch or an arb is profitable if the sum of the reciprocals of the decimal odds of each selection is less than 1, and each bet is sized such that the payout in each outcome are the same. Additionally, the profitability of a Dutch/arb can be expressed as 1-R, where R is the sum of the reciprocals. [2]