odds and the percentage to win

All That Glitters - Part Two

Cyril's Betting Advice
Cyril's Betting Advice

I found an article a while ago that set me thinking about betting percentages. How many punters actually view their bets in terms of percentages? Not many, I’ll wager, yet it’s the one thing the bookmaker does above all else. Every bet he accepts is added to those already in his possession for a particular event and the stake of all the bets on that event is turned into a percentage. Hopefully that percentage figure will be over 100. If not the layer must alter his prices and try to procure more bets before the event starts. Whichever genre of betting you are involved with, percentages are the be all and end all. Whether you use them or not. It would be a good idea if every punter had on hand a table of percentages for odds being offered. Preferably compared in fractional odds and also decimal odds. It’s quite easy to convert odds into percentages. If you don’t want to take the time required to make such a listing, There are plenty of sites which will offer you one.

Joe and Bill were in the pub having a pint. They were chatting about different forms of betting. Bill then asked Joe if he would bet £10.00 on horse that only gave him a 20% chance of winning. Joe was a bit indignant that his mate thought that he would be so stupid. However next day Bill met Joe as he came out of the local betting Shop. It transpired that Joe had been in to take an early morning price about a horse he fancied. He had placed £10.00 on a 4/1 shot. When Bill heard this he laughed his head off. He then gave Joe a lesson in percentages.

Percentages are the be all and end all of bookmaking. Every bookmaker, no matter what kind of bets he accepts, bets to a percentage. He achieves his desired percentage by adjusting his prices based on the amount of money he takes for each bet. Percentages are just another way of describing the odds about any occurrence. Every punter who is serious about his betting should have a list of Fractional Odds – Decimal odds – Percentages. For example fractional odds of 2/7 becomes 1.29 as a decimal and percentage wise 77.80. Basically the percentage figure tells you that under normal circumstances your bet should win approximately 78 times out of 100. Plenty to think about. If you realised that the team you’d backed at 2/7 had a theoretical chance of losing on 22 out of 100 occasions, would it instil you with confidence? The odds then look a little less generous.

For those who are not quite into converting odds to percentages or fractional odds to decimal. A few minutes with pen and paper will help you.

Odds 8/11. Add both figures together and divide by the second figure. e.g. 8+11=19. 19 divided by 11= 1.727 (Rounded to) 1.73.

Odds 8/11. Second figure is divided by both figures added together. e.g. 11 divided by 19= 0.5789 multiply by 100= 57.89.%

It is quite easy and become second nature when you practise a little.
Try will whole figures.

odds 2/1 Add together =3 divide by 1. = 3.00 Decimal.

odds 2/1 Second divided by both added together = .33 multiplied by 100 = 33.33.

Odds 7/2 add together = 9 divided by 2 = 4.5 decimal.

Odds 7/2 second divided by both added together = 0.22 multiplied by 100 = 22.22.

Take some time and make a table from 1/5 up to 100/1. It will take some time but it will be worthwhile if you take your punting seriously. The easiest way that I can recommend is to start with a few markers. i.e. fractional odds that we are quite used to using.

Fractional  Decimal Percentage.
      1/4        1.25      80.00
      1/2        1.50      66.66
      1/1        2.00      50.00
      4/1        5.00      20.00

Carry on like this until you reach your highest required odds and then fill between the gaps. The beauty of employing this method of creating your own table is that if you make a mistake it will stand out immediately, as the Decimal Odds will keep rising in value as the Percentages drop in value (the lazy reader can also use a smaller table I published here already a while ago as odds-percentages-table but full table would be even more useful).

Comparing odds to percentages will give a different way of evaluating your bets. It might well make you more selective and hopefully more successful.

Bet with care and with cash you can afford to lose.