You’re sports betting to win, so you need to know when you’re getting the best of it.
Percentage odds is one way of letting us know when we have an edge.
Percentage odds allow us to compare what the odds being offered are and the real chance of winning.
Percentage odds represent the number by which a team is favored to win shown as a percentage. The closer that number is to 100% the greater the chance that team has of winning the game. The closer to 0% that number is, the more risk involved with the bet and the more money you make if you win.
In order to figure out how much money we will make off a bet on a certain percentage, the first thing we do is turn the percentage into a decimal and divide the bet by that number. You also get your original bet back so add that into the mix as well.
Here are some real life scenarios. The New England Patriots have odds of 63% to win in week 3 of the NFL season against the Buffalo Bills. If you went on a long shot and bet $20 on Buffalo, you will be betting on a 37% probability that the Bills will win. So, let’s do the math. The formula would be $20/ .37=$54.05, which is a total of $74.05 for the win $54.05 for the 37% percentage bet plus your $20 bet.
Let’s take a soccer game as another example and let‘s pick a winning bet on a tie. In the 2012 World Cup Qualifier, Azerbaijan and Austria have a 33% chance of tying. A notional bet of $20 would be represented by a formula of $20/.33= $60.61, then add in the original $20 for a total of $80.61.
Very few bookies display the odds they offer as percentage odds. By convention, odds are displayed differently for different sports. In Britain, soccer odds are usually represented as a ratio or fraction. In the US, football odds are normally represented as money-line odds. Some bookmakers represent odds as decimals.
To be able to compare odds and and your own handicapping, it can be useful to change these odds into percentage odds.