How to read betting odds: fractions, decimals and margins

Every price on England Expects is shown in fractional odds, the traditional UK format. Knowing what a price means helps you read a market, whether or not you choose to bet. Betting is for adults aged 18 and over only.

Betting note (18+)

Information, not advice

We show odds so that you can understand a market. England Expects never tips, and nothing on this page is a recommendation to place a bet.

18+ · Gamble responsibly · Free help: GambleAware.org (opens in a new tab)

Fractional odds

A price of 5/1 means that for every £1 staked, a winning bet returns £5 profit plus the £1 stake. 1/2 means you would need to stake £2 to win £1 profit. Evens (1/1) doubles your stake.

Decimal odds

Decimal odds include the stake in the number. 5/1 becomes 6.00, 1/2 becomes 1.50 and Evens becomes 2.00. Multiply your stake by the decimal price to get the total return.

Common prices compared

1/2: 1.50 decimal · 66.7% implied chance
4/6: 1.67 decimal · 60.0% implied chance
Evens (1/1): 2.00 decimal · 50.0% implied chance
2/1: 3.00 decimal · 33.3% implied chance
5/1: 6.00 decimal · 16.7% implied chance
10/1: 11.00 decimal · 9.1% implied chance

Implied probability

Any price can be turned into a percentage chance. For fractional odds, divide the right-hand number by the sum of both numbers: 5/1 implies 1 ÷ 6, roughly 17%. A shorter price means the market thinks an outcome is more likely, not that it is guaranteed.

The bookmaker's margin

Add up the implied probabilities of every outcome in a market and the total comes to more than 100%. The excess is the bookmaker's margin, and it is why, over time, bookmakers expect to profit. Here is how that looks in an illustrative three-way football market.

An illustrative match market

England at 4/6: 60.0%
Draw at 3/1: 25.0%
Opponent at 9/2: 18.2%
Book total: 103.2%; A 3.2% margin

Stay in control

Set a budget before you start, never chase losses, and treat betting as entertainment rather than a way to make money. If gambling stops being fun, free, confidential support is available from BeGambleAware (opens in a new tab) and GamCare (opens in a new tab).