Understanding fractional odds

In Australia, odds are almost always displayed in decimal format. For example, odds of 1.68 and 2.25 on a State of Origin match mean that a $1 bet on the favourite returns $1.68 if successful ($1 stake plus $0.68 profit), and a $1 bet on the underdog returns $2.25 ($1 stake plus $1.25 profit).

Occasionally you may come across fractional odds, which are common in the UK. Fractional odds are written in the format 2/1 (pronounced "two to one") or 9/4 ("nine to four"). When odds are below 2.00 you might see something like 1/2, which is pronounced "two to one on."

With fractional odds, the first number represents the profit and the second number represents the stake. A $1 bet at 2/1 returns $2 profit plus your $1 stake back, which is the equivalent of decimal odds of 3.00.

To convert fractional odds to decimal, divide the first number by the second and add 1.

• 2/1 = (2 ÷ 1) + 1 = 3.00
• 1/2 = (1 ÷ 2) + 1 = 1.50
• 9/4 = (9 ÷ 4) + 1 = 3.25

Fractional odds come up rarely in Australian matched betting, but it is useful to know how they work when you do encounter them.