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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, 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.
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]
A quick rundown of how UK bookmakers’ odds work, as well as how to read them and how to use them when placing bets
Since ,, =,, the probability of obtaining the score of 2 and the bonus ball is , = = %, approximate decimal odds of 1 in 81.2. The general formula for B {\displaystyle B} matching balls in a N {\displaystyle N} choose K {\displaystyle K} lottery with one bonus ball from the N {\displaystyle N} pool of balls is:
A £5 each-way single on a 10-1 selection in golf and paying 1 ⁄ 5 the odds a place 1, 2, 3, or 4 would cost £10. Returns on the win part of the bet would be £5 × (10/1 × 1) + stake = £55 (£50 winnings + £5 stake) Returns on the place part of the bet would be £5 × (10/5 × 1) + stake = £10 (£5 winnings + £5 stake)
If you win in California, at least, you won’t be taxed on the state level.
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.