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Racing odds expressed as percentage

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  • #21169
    Nathan Hughes
    Participant
    • Total Posts 25460

    Can anyone tell me how to calcuate the percentage for odds on shots?

    For example 4/11.

    Member since March 2008
    #395258
    Getzippy
    Participant
    • Total Posts 1152
    #395263
    KINGFISHER
    Member
    • Total Posts 1508

    Ginge will tell you its a 75% Chance Nath by working to Evens as a 50% chance, 1/10 as a 90% chance, so 10/1 is a 10% chance,5/1 is a 20% chance,4/1 is a 25% chance, 3/1 is a 33.3% chance,6/4 is a 40% chance,2/1 is a 50% chance,No how can 2/1 and Evens both be 50% chances,1/100 is a 100% chance so 100/1 is a 1% chance,so 1/50 is a 50% chance,nah that cant be right either…how the **** can evens be 50%,2/1 be 50% and 1/50 be 50%! :twisted: :twisted: :twisted: :twisted: :twisted: :twisted: :twisted: :twisted: Stupid bloody question at this time of night am a goin to bed! :lol:

    #395264
    KINGFISHER
    Member
    • Total Posts 1508

    This may be of assistance:

    http://www.sbrforum.com/betting-tools/odds-converter/

    Zip

    Exactly what I was saying! :oops: :oops: :oops: :oops:

    #395265
    Eclipse First
    Member
    • Total Posts 1569

    You divide 100 by the basic factor;

    100/1.36363636= 73.33%

    #395266
    yorkiedips
    Member
    • Total Posts 95

    So KF will you lay me 2/1 on a 50% chance, 3/1 on a 33.33% chance, 4/1 on a 25% chance and 5/1 on a 20% chance. If so I’m all in!!!!

    As GT would indicate that’s "value" not to be missed!!!!

    yorkiedips

    #395268
    Lone Wolf
    Member
    • Total Posts 614

    To calculate the winnings you just divide the 11 into 100 and multiply it by you stake

    100 @ 4/11 = 100 divided by 11 = 9.11

    then multiply that by 4 to get your winnings

    =4 x 9 = 36 plus your original outlay = 136

    #395275
    Zarkava
    Participant
    • Total Posts 4704

    That’s the exact opposite of what Nathan asked, Superman.

    #395276
    Gingertipster
    Participant
    • Total Posts 28409

    You could do it another way.
    First figure + Second figure = Resultant figure
    Second Figure ‘/, Resultant figure = Decimal
    Decimal X 100 = Percentage

    So:
    4/11 =
    4 + 11 = 15
    11 ‘/, 15 = 0.733
    Therefore 4/11 = 73.3%

    By knowing the odds against percentages off by heart, what I usually do is switch the figures around and then subtract the odds against equivalent from 100.

    ie 11/4 = 26.7%
    Therefore 4/11 = 100 – 26.7 = 73.3

    Value Is Everything
    #395277
    quadrilla
    Member
    • Total Posts 468

    The confusion is that the equation for odds-on is not the same as odds-against. :roll: Perhaps, may even be the opposite.

    #395298
    Eclipse First
    Member
    • Total Posts 1569

    You divide 100 by the basic factor;

    100/1.36363636= 73.33%

    To find out the basic factor, the returns to a pound given by any ready reckoner will tell you the figure you need to use.

    I cannot help thinking that some people on here give answers that are intended to confuse the OP more than help them.

    #395305
    betlarge
    Participant
    • Total Posts 2789

    100 / ((a/b) +1)

    Mike

    #395308
    Nathan Hughes
    Participant
    • Total Posts 25460

    Thanks everyone, think I’ve sussed it. Seeing how I can work out odds against I like gingers 2nd option. So if 6/5 is 45.5% then 5/6 would be 100 – 45.5 = 54.5%.

    Member since March 2008
    #395310
    Marginal Value
    Participant
    • Total Posts 686

    Odd Against and Odds On use exactly the same method to calculate percentage.

    If odds are expressed as A/B (like 11/4 or 4/11 or 6/1 etc) the equation for percentage is always:

    B divided by A+B, then that answer is multiplied by 100. Usually expressed as B/(A+B)x100.

    So 11/4 is: 4 divided by (11+4) multiplied 100. That is 4 divided by 15 then multiplied by 100. That is 0.2666666 multiplied by 100. That is 26.66666

    And 4/11 is: 11 divided by (4+11) multiplied 100. That is 11 divided by 15 then multiplied by 100. That is 0.7333333 multiplied by 100. That is 73.33333

    And Even Money (1/1) is: 1 divided by (1+1) multiplied 100. That is 1 divided by 2 then multiplied by 100. That is 0.500000 multiplied by 100. That is 50.00000

    And 6/1 is: 1 divided by (6+1) multiplied 100. That is 1 divided by 7 then multiplied by 100. That is 0.1428571 multiplied by 100. That is 14.28571

    And 1/6 is: 6 divided by (1+6) multiplied 100. That is 6 divided by 7 then multiplied by 100. That is 0.85714285 multiplied by 100. That is 85.71428

    #395329
    Gingertipster
    Participant
    • Total Posts 28409

    Thanks everyone, think I’ve sussed it. Seeing how I can work out odds against I like gingers 2nd option. So if 6/5 is 45.5% then 5/6 would be 100 – 45.5 = 54.5%.

    Correct Nathan.

    Value Is Everything
    #395493
    ricky lake
    Blocked
    • Total Posts 2999

    Nice one GT , your way is the best , dont use percentages much for the horses , however cash poker is another matter :shock: :shock: :shock:

    cheers

    a good Cheltenham to all , Im away to the sand ….

    Ricky

    #403827
    ivanjica
    Participant
    • Total Posts 817

    Did anyone see Chris Dixon’s extremely unsatisfactory explanation of how to arrive at the odds percentages this evening on RUK?

    Supposedly aimed at betting novices he said, verbatim: "Just take the decimal odds divide a hundred by your decimal price and there you have it".

    What a load of garbage. He used 3/1 as his example but following his absurdly poor description you would arrive at a decimal price of 3.00 (ie. 3 divided by 1) and ergo an incorrect % of 33.33%.

    The key ommission by Dixon, bearing in mind his item was aimed at novices, was the fact you include your stake by, in his example, adding the 3 to the 1 prior to dividing 100 by the result (4).

    I had hoped this RUK piece would be illuminating but neither Dixon nor his guest were able to shed any light on the art of creating tissues and identifying "value".

    Its no skin off my nose, but Dixon’s career is on a steep upward curve and yet on this evidence he is winging it.

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