Click on infographic to see full size.
When you are trying to work out if the odds available on a bet are value it is helpful to know what percentage chance the odds are implying. Sometimes this is obvious e.g. in the case of 2.0 (50%) or 3.0 (33.33%) but at other prices it’s hard to know the real percentage without doing the calculations.
It’s amazing how many people will say that they think for example, that Man Utd are a value bet this weekend but then when ask them how many times they think United would win out of 100 and the figure they give is less than what the odds they thought were value are suggesting! Thus making the odds not value at all.
So here at BettingTools.co.uk we’ve created a handy infographic which shows what percentage each of the main decimal and fractional version of the odds equates to. The handy lookup should make it easy for you to quickly determine whether a bet is really of value to you. You can see the image above but it is also be located on our odds conversion page.
If you’d like to include our betting infographic on your website you can by copying and pasting the following code into a page of your website:
<p><strong>Please include attribution to BettingTools.co.uk with this graphic.</strong><br /><br /><a href=’http://www.bettingtools.co.uk/blog/odds-conversion-infographic’><img src=’http://www.bettingtools.co.uk/img/odds-conversion-infographic.jpg’ alt=’Odds Conversion Infographic’ width=’540px’ border=’0′ /></a></p>
The infographic also contains some handy calculations to help you convert odds yourself. This includes how to convert back odds to lay odds equivalents so you can see whether laying team a is better than backing team b and vice versa.
Also listed is the Kelly Criterion Formula which is a renowned staking formula that works out the optimal amount of you betting bank to place on a bet based on your estimated edge. Using this formula should in theory allow you to grow your betting balance at the fastest rate. Your estimates need to be very accurate however and some people prefer to divide the percentage given by 2 or 4 to allow for some margin of error.
Don’t worry if you don’t understand or can’t follow the formula because we have a handy Kelly Criterion Calculator of our own.