What fractional and decimal odds mean
Fractional and decimal are the two price formats this guide covers. Coral, for example, lets you choose your preferred display by going into its Betting Settings, where you can switch between fractional and decimal [1].
Fractional odds give you your profit excluding your stake, so your stake needs to be added back [2]. In a price such as 3/1, the number on the right is your stake and the number on the left is your possible winnings: Coral's example returns £4 on a £1 bet, which is £3 profit plus the £1 stake [1]. At 5/2, a £10 stake returns £35.00 in total, which is £25.00 profit plus your £10.00 stake.
Evens means odds that are level at 1 to 1, which is 1/1 or 2.00 [2]. A £10 stake at evens returns £20.00, which is £10.00 profit plus your stake. An odds-on price is one where the odds are less than evens, so the amount you win is smaller than your stake [2], and the right-hand number is the larger one [1]. At 1/4 you stake £4 to win £1, so a £10 stake returns £12.50, which is £2.50 profit plus your stake.
Decimal odds show potential winnings inclusive of your stake, so you find the return by multiplying your stake by the odds [1]. A £10 stake at decimal odds of 3.50 returns £35.00, which includes £25.00 profit.
How to convert between fractions and decimals
To convert fractional odds into decimal odds, divide the top number by the bottom number and add 1. In mathematical terms, decimal price = (numerator ÷ denominator) + 1.
- 5/2 becomes (5 ÷ 2) + 1.00 = 2.50 + 1.00 = 3.50.
- Evens (1/1) becomes (1 ÷ 1) + 1.00 = 1.00 + 1.00 = 2.00.
- 1/4 becomes (1 ÷ 4) + 1.00 = 0.25 + 1.00 = 1.25.
To convert decimal odds back to a fraction, subtract 1 and express the remaining decimal as a simplified fraction. For example, 3.50 minus 1 is 2.50, which simplifies to 5/2. Likewise, 2.00 minus 1 gives 1.00, which is 1/1 (evens), and 1.25 minus 1 gives 0.25, which is 1/4.
| Fractional odds | Arithmetic calculation | Decimal odds | Return on £10 stake | Profit on £10 stake |
|---|---|---|---|---|
| 1/4 | (1 ÷ 4) + 1.00 | 1.25 | £12.50 | £2.50 |
| 1/2 | (1 ÷ 2) + 1.00 | 1.50 | £15.00 | £5.00 |
| Evens (1/1) | (1 ÷ 1) + 1.00 | 2.00 | £20.00 | £10.00 |
| 6/4 | (6 ÷ 4) + 1.00 | 2.50 | £25.00 | £15.00 |
| 5/2 | (5 ÷ 2) + 1.00 | 3.50 | £35.00 | £25.00 |
| 4/1 | (4 ÷ 1) + 1.00 | 5.00 | £50.00 | £40.00 |
| 10/1 | (10 ÷ 1) + 1.00 | 11.00 | £110.00 | £100.00 |
Calculated for this guide using invented prices and round £10 stakes. If a selection loses, the stake is lost and the return is £0.00.
Return and profit on a stake
Return is the amount you receive for winning a bet, including your stake [2]. Profit, which Coral calls winnings, is the gain from a winning bet, excluding the stake [2].
- Total return with decimal odds: return = stake × decimal price.
- Net profit with decimal odds: profit = return − stake.
- Net profit with fractional odds: profit = stake × fraction.
- Total return with fractional odds: return = profit + stake.
For example, £10 on an invented selection at 4/1 (decimal 5.00) returns £50.00 if it wins: £40.00 profit plus your £10.00 stake. If it loses, the return is £0.00 and the £10.00 stake is lost. For one bet across several selections, where the decimal prices multiply, see how accas and other multiple bets settle.
A bet does not have to run to the end. If you settle one early with cash out, how cash out works quotes what three bookmakers say about the offer and the current price.
What implied probability means
Implied probability is the chance of an outcome that a price corresponds to, expressed as a percentage. It is calculated by dividing 1 by the decimal price: implied probability = (1 ÷ decimal price) × 100.
- Evens (2.00): 1 ÷ 2.00 = 50.00% implied probability.
- 6/4 (2.50): 1 ÷ 2.50 = 40.00% implied probability.
- 3/1 (4.00): 1 ÷ 4.00 = 25.00% implied probability.
- 1/4 (1.25): 1 ÷ 1.25 = 80.00% implied probability.
- 5/2 (3.50): 1 ÷ 3.50 = 28.57% implied probability.
- 9/1 (10.00): 1 ÷ 10.00 = 10.00% implied probability.
Implied probability is arithmetic on a price. It is not a forecast of what will happen in a sporting contest, and even an outcome priced at an 80.00% implied probability can lose.
The bookmaker's margin across a complete market
The implied probabilities of every possible outcome in a market can be added together. In the invented market below they total more than 100.00%, and the amount above 100.00% is the overround, the margin built into the prices. A market whose implied probabilities added up to exactly 100.00% would carry no margin.
| Outcome | Fractional price | Decimal price | Return on £10 stake | Implied probability |
|---|---|---|---|---|
| Home win | Evens (1/1) | 2.00 | £20.00 | 50.00% |
| Draw | 9/4 | 3.25 | £32.50 | 30.77% |
| Away win | 3/1 | 4.00 | £40.00 | 25.00% |
| Market total | 105.77% |
Calculated for this guide using invented prices. Implied probability is 1 ÷ decimal price. The overround is 5.77%.
In this invented football match market, the three implied probabilities (50.00%, 30.77% and 25.00%) total 105.77%. The extra 5.77 percentage points are the margin built into the prices across the market.
To see what this margin means in money, suppose you wanted a £100.00 return whichever outcome occurs. The stakes would be £50.00 on the Home win, £30.77 on the Draw and £25.00 on the Away win, because each stake multiplied by its price returns £100.00 when rounded to the penny. The total outlay is £105.77 for a £100.00 return, a gap of £5.77. That gap is the margin at work.
How each-way betting works
An each-way bet is a combination of a win bet and a place bet of equal size [2]. Coral's help page says that by placing an each-way bet you are doubling your stake [3].
A £10 each-way bet costs £20.00 in total: £10.00 to win and £10.00 to place [3]. For the win part to succeed, the selection must finish first. For the place part to succeed, the selection must finish in one of the race's place positions, which can include winning [3]. Coral's page notes that some big races pay out on more places than its standard table, so check the terms shown for the race [3].
| Runners at the off | Race type | Place terms fraction | Places paid |
|---|---|---|---|
| 2 to 4 | All races | None (win only) | Win only |
| 5 to 7 | All races | 1/4 odds | 1st and 2nd |
| 8 to 11 | All races | 1/5 odds | 1st, 2nd and 3rd |
| 12 to 15 | Handicap | 1/4 odds | 1st, 2nd and 3rd |
| 12 or more | Non-handicap | 1/5 odds | 1st, 2nd and 3rd |
| 16 or more | Handicap | 1/4 odds | 1st, 2nd, 3rd and 4th |
Source: Coral sports help, What is Each Way Betting, and how does it work? The table applies to horse racing. Terms for other sports vary.
Take a £10 each-way bet (total stake £20.00) on a horse priced at 20/1 in a handicap race with 16 or more runners. The table gives place terms of 1/4 odds for the first 4 places, and Coral works through the same 20/1 figures in its own example [3].
| Finishing position | Win bet return | Place bet return | Total return | Net profit or loss |
|---|---|---|---|---|
| 1st place (Win) | £210.00 | £60.00 | £270.00 | £250.00 profit |
| 2nd, 3rd or 4th place | £0.00 | £60.00 | £60.00 | £40.00 profit |
| 5th place or lower | £0.00 | £0.00 | £0.00 | £20.00 loss |
Calculated for this guide. Total outlay is £20.00 (£10 win + £10 place). The place bet pays one quarter of the win odds, so 20/1 becomes 5/1.
If the horse finishes first, both bets win. The win bet pays £210.00 (£200.00 profit plus the £10.00 stake) and the place bet pays £60.00 (a quarter of 20/1 is 5/1, so £50.00 profit plus the stake), which is £270.00 in total [3]. After the £20.00 outlay, that is £250.00 profit.
If it finishes second, third or fourth, only the place bet pays, returning £60.00 [3]. After the £20.00 outlay, that is £40.00 profit. If it finishes fifth or lower, both bets lose and the £20.00 outlay is gone. For how place terms are set, dead heats and non-runners, see how each way bets work and settle. Bets that combine several selections, such as accas, Lucky 15s and bet builders, are covered in how multiple bets settle.
What licensed betting businesses must publish
Social Responsibility Code provision 4.2.6 requires general betting licensees to set out the core elements for accepting and settling bets within the full rules they make available [4].
Those core elements include the availability of odds for ante-post, early show or starting price betting, the treatment of place and forecast bets, non-runners, errors and late bets, and maximum payouts [4].
These rules bind businesses that hold a Gambling Commission licence. Before opening an account, check the business's licence on the public register.
If gambling is a problem
Safer gambling and help lists the National Gambling Helpline and other support services. Knowing how prices work does not make any bet more likely to win. If betting is causing harm, you can talk to someone today.
Sources
The numbers in the text point to these pages. Each was opened on the date shown.
- Coral, How Does Betting Work? (Coral sports help). Read 16 October 2026.
- Coral, A to Z of Betting Terminology (Coral sports help). Read 16 October 2026.
- Coral, What is Each Way Betting, and how does it work? (Coral sports help). Read 16 October 2026.
- Gambling Commission, LCCP Social Responsibility Code 4.2.6: Display of rules – betting. Read 16 October 2026.
About this guide
Published by Avenmark Media. A separate pass re-opened every source above and checked each claim against it, on . A second, independent check compared a sample of the claims with the same sources. How we research and correct our pages.
Found a mistake? Email [email protected]. We correct the page, change its updated date and say what changed.