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Multiply your wager by this result to determine payment for negative moneylines. Fractional odds require a single equation to determine your winnings, unlike American odds, which have different calculations according to plus and minus symbols.
In order to calculate fractional winnings, divide the first number of the fraction with the second number, and add one to the result. Multiply this number with the amount of money wagered to determine the winnings. Sports betting odds feature different formats around the world, including three main types utilized in most North American and Euro markets. American moneylines feature a plus to denote the underdog and a minus for the favorite, while British and European standards feature decimals or fractions.
Odds converters allow you to plug one type of odds format into the system, which converts this figure into other formats. The best odds converters offer all the different formats around the globe, including Malay, Indonesian and Hong Kong styles. Moneylines and spreads tend to be the more popular types of wager, but it can be difficult to select between the two when determining which has more value.
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Freeplay Value Calculator Similar to arbitrage calculators, freeplay calculators give you an opportunity of setting up a risk-free hedge. Half-Point Calculator This type of sports odds calculator deals with points spreads and totals, usually for basketball, football and college competitions.
Poisson Calculator One of the more complex type of calculations, Poisson probabilities are most often used in sports to approximate the strength of offensive and defensive capabilities of a team, compared to the rest of the competition. Reverse Bets Calculator Reverse bets are similar to parleys because both types of wagering involve two or more events.
Round Robin Calculator A round robin calculator informs you of the potential profit and peril of creating a series of multi-team parley bets. Streak Calculator A streak calculator provides a rough approximation of the chances of winning a series of bets given a specific set of odds. Related content for you. Best Sports Betting App. Interac e Transfer. Political Betting. Ontario Sports Betting. Alberta Sports Betting. Raptors Betting Odds. Menu Quick Access. Canada Sports Betting favorites.
You can see my mathematical workings in an Appendix at the bottom of this post. I would have been comfortable making the above response. However, after playing with the numbers and developing a better understanding of the paper, I would say that the above response is not strictly true. That fatal blow does come, just not solely from here.
Suppose further that you would reject this bet no matter what your wealth this is an assumption we will turn to in more detail later. What can you infer about your response to other bets? This leads Rabin to argue that risk aversion or the diminishing value of money has nothing to do with rejection of the low value bets.
They are an expected utility maximiser with a weakly concave utility curve: that is, they are risk neutral or risk averse at all levels of wealth. We have assumed that they will reject the bet at all levels of wealth, so they will also reject at this wealth. Keep iterating in this way and you end up with some ridiculous results.
This is an absurd rate of discounting. Those numbers are from the Rabin and Thaler paper. This degree of discounting could be justified and reflects the equations provided in the Appendix to his paper, but it requires a slightly different intuition than the one relating to the comparison between every 21st dollar. This argument sounds compelling, but we need to examine the assumption that you will reject the bet at all levels of wealth.
If someone rejects the bet at all levels of wealth, what is the least risk averse they could be? They would be close to indifferent to the bet at all levels of wealth. If that was the case across the whole utility curve, their absolute level of risk aversion is constant. A feature of the exponential utility function is that, for a risk averse person, utility caps out at a maximum.
The need for utility to cap out is also apparent from the fact that someone might reject a bet that involves the potential for infinite gain. The utility of infinite wealth cannot be infinite, as any bet involving that the potential for infinite utility would be accepted. In the paper, Rabin brings the constant absolute risk aversion function into his argument more explicitly when he examines what proportion of their portfolio a person with an exponential utility function would invest in stocks under some particular return assumptions.
However, this effective or explicit assumption of constant absolute risk aversion is not particularly well grounded. Most empirical evidence is that people exhibit decreasing absolute risk aversion, not constant. Exponential utility functions are used more for mathematical tractability than for realistically reflecting the decision making processes that people use.
This generates less extreme, but still clearly problematic bets that the bettor can be inferred to also reject. Again, this person would be out of their mind. It is possible to make this scenario more realistic. If we empirically tested this, we would also need to examine liquid wealth and cash flow, but the example does provide a sense that we could find some people whose rejection of low value bets would generate absurd results under expected utility maximisation.
Log utility has decreasing absolute risk aversion and constant relative risk aversion , so is both more empirically defensible and does not generate utility that asymptotes to a maximum like the exponential utility function. Beyond that, they would accept the bet.
So, for log utility we should see most people accept this bet. Rejection only occurs when a loss is near ruinous. The result is that log utility does not generate the types of rejected bets that Rabin labels as ridiculous, but would also fail to provide much of an explanation for the rejection of low-value bets with positive expected value. Most examinations of loss aversion examine symmetric bets where the potential gain and the loss are the same.
They compare a bet centred around 0 e.
This money goes to pay state and local taxes, payment for the horsemen, expenses at the track, and the track's profit. To calculate the exact odds on your horse, just subtract the take from the total pool, then subtract the amount bet on your horse to give you the amount of cash to be paid out. Divide that figure by the amount bet on your horse to get the exact odds. This figure will always be rounded off to the nearest dime usually or nickel, as mentioned previously, before the payoffs are calculated.
Here is a simple example of win odds calculation:. Remember, your actual payoff may differ from this chart, as the odds on the tote board are rounded off, so odds on the tote board may actually be 1. Cindy Pierson Dulay. Cindy Pierson Dulay is a horse-racing expert, journalist and award-winning photographer. She is the owner and editor of Horse-Races. Tampa Bay Buccaneers. Sportsbook offers refunds after Reed controversy.
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