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Decimal odds are a single value, greater than 1, representing the amount to be paid out for each unit bet. 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.
Sports betting is the activity of predicting sports results and placing a wager on the outcome. Sports bettors place their wagers either legally, through a bookmaker/sportsbook, or illegally through privately run enterprises referred to as "bookies". The term "book" is a reference to the books used by wage brokers to track wagers, payouts, and ...
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]
Decimal: The standard Hindu–Arabic numeral system using base ten. Binary: The base-two numeral system used by computers, with digits 0 and 1. Ternary: The base-three numeral system with 0, 1, and 2 as digits. Quaternary: The base-four numeral system with 0, 1, 2, and 3 as digits.
An example of a numeral system is the predominantly used Indo-Arabic numeral system (0 to 9), which uses a decimal positional notation. [3] Other numeral systems include the Kaktovik system (often used in the Eskimo-Aleut languages of Alaska , Canada , and Greenland ), and is a vigesimal positional notation system. [ 4 ]
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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.
Books like Sabermetrics by Bill James, and Basketball on Paper by Dean Oliver, have begun to bring detailed statistical analysis to the forefront of sports betting systems. Blogs are now being written more frequently about the topic and sports handicapping services have made claims of great success using sports betting systems from advanced ...