When I look at the odds for a football match they are presented as (for example):

Liverpool: 5/6

Draw: 5/2

Spurs: 10/3

How could I work out the % chances of a win based on the odds??

ie Liverpool 70%

Draw 20%

Spurs 10%

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- August 14th 2009, 09:01 AMmikebyrneBetting Question
When I look at the odds for a football match they are presented as (for example):

Liverpool: 5/6

Draw: 5/2

Spurs: 10/3

How could I work out the % chances of a win based on the odds??

ie Liverpool 70%

Draw 20%

Spurs 10% - August 14th 2009, 09:08 AMgarymarkhov
Wikipedia has a good discussion of this issue: Odds - Wikipedia, the free encyclopedia

- August 14th 2009, 09:13 AMmikebyrne
Nice Link!

But just wondering how I would convert the given odds into a percentage chance?? - August 14th 2009, 09:33 AMgarymarkhov
I think the most common way odds are quoted is "odds against". You haven't specified whether, e.g., Liverpool 5/6 means odds for or odds against, so I'm going to assume the latter. But if you want to be sure, you have to find out from the bookie/betting site.

Also, odds don't translate directly into chances of winning. They reflect what most bettors think of a match plus the way bookies set their odds so that they win a bit more than they lose. But close enough.

So, assuming n/m odds against, your chances of winning are 1-n/(n+m). So 5/6 means your chances of winning are 1-5/11 = 54.5%. If you are quoted odds against of 9/1, your chances of winning are 1-9/10 = 10%. - August 14th 2009, 10:30 AMmikebyrne
Does the 1-n/(n+m) formla still apply for odds against??

- August 14th 2009, 11:12 AMmikebyrne
How did you get 54.5% for Liverpool??

When I use that formula I get:

1-5/11 = -4/11 = -0.36 or 36%

The way I've been playing around with is to first reverse the odds, since the more chance of an outcome, then lower the payout, then get them on equat "footing":

Liverpool: 6/5 -> 12/10

Draw: 2/5 -> 4/10

Spurs: 3/10

Total: 19/10

Of course the total is greater than one, but that's the reverse payout. Now, you take each occurence on the total. (Results rounded to the unit.)

Liverpool: 12/19 -> 63%

Draw: 4/19 -> 21%

Spurs: 3/19 -> 16%

I'd rather find a formula that worked because I'd ultimatly like to use this in a database or excel spreadsheet

- August 14th 2009, 04:51 PMmikebyrne
Sorry, I see where I was going wrong!

Thanks for the help