100 1 Odds Meaning
So 100-1 means you will profit 100 if you wager 1. Keep in mind that you also get back the 1 you wagered, so you would now have a total of 101. So 2-7 means you will profit only 2 if you wager 7. Keep in mind that you also get back the 7 you wagered, so you would now have a total of 9. 100-1 would be the odds for a VERY, VERY unlikely event. The odds for favorites are accompanied by a minus (-) sign, indicating the amount you need to stake to win $100. Meanwhile, the odds for underdogs are accompanied by a positive (+) sign, indicating.
Calculator Use
Convert stated odds to a decimal value of probability and a percentage value of winning and losing. This calculator will convert 'odds for winning' an event or 'odds against winning' an event into percentage chances of both winning and losing.
For instance, if you wager $100 on a horse with 20:1 odds against him, this doesn't mean that there are 20 outcomes where your horse loses and 1 where he wins. Rather, it means that you'll be paid 20 times your original wager - in this case, $2,000! To add to the confusion, the format for expressing these odds sometimes varies regionally.
Be careful if you are using sports teams odds or betting odds. If you see that the Patriots super bowl odds are 9/2, that is most likely 'odds against' and should be entered in the calculator with 'Odds are: against winning.'
When playing a lottery or other games of chance be sure you understand the odds or probability that is reported by the game organizer. A 1 in 500 chance of winning, or probability of winning, is entered into this calculator as '1 to 500 Odds are for winning'. You may also see odds reported simply as chance of winning as 500:1. This most likely means '500 to 1 Odds are against winning' which is exactly the same as '1 to 500 Odds are for winning.'
Probability Formulas:
This calculator will convert 'odds of winning' for an event into a probability percentage chance of success.
Odds, are given as (chances for success) : (chances against success) or vice versa.
If odds are stated as an A to B chance of winning then the probability of winning is given as PW = A / (A + B) while the probability of losing is given as PL = B / (A + B).
What Does 100-1 Odds Mean
For example, you win a game if you pull an ace out of a full deck of 52 cards. Pulling any other card you lose. The chance of winning is 4 out of 52, while the chance against winning is 48 out of 52 (52-4=48). Entering A=4 and B=48 into the calculator as 4:48 odds are for winning you get
100/1 Odds Meaning
For 4 to 48 odds for winning;
Probability of:
Winning = (0.0769) or 7.6923%
Losing = (0.9231) or 92.3077%
'Odds for' winning: 1:12 (reduced from 4:48)
'Odds against' winning: 12:1 (reduced from 48:4)