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Math Help - Betting Question

  1. #1
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    Betting 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%
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  2. #2
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    Quote Originally Posted by mikebyrne View Post
    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%
    Wikipedia has a good discussion of this issue: Odds - Wikipedia, the free encyclopedia
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  3. #3
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    Nice Link!

    But just wondering how I would convert the given odds into a percentage chance??
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  4. #4
    Member garymarkhov's Avatar
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    Quote Originally Posted by mikebyrne View Post
    Nice Link!

    But just wondering how I would convert the given odds into a percentage chance??
    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%.
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  5. #5
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    Does the 1-n/(n+m) formla still apply for odds against??
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  6. #6
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    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
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  7. #7
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    Sorry, I see where I was going wrong!

    Thanks for the help
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