Below is some information about each format and an odds conversion table to help you understand. We will use the odds below in an Australian soccer match as an example:

Decimal odds (aka European Odds) are calculated by multiplying your stake by the odds quoted. If you staked $100 on Melbourne to win in the match above, your return would be $170 if successful. A $100 stake on the draw would return you $340 and the same stake on a Queensland win would return you $500.

Fraction Odds (aka British Odds) are calculated differently than decimal odds. When calculating fractional odds you must multiply your stake by the odds, the result will be your profit instead of your return. For example, if you staked $100 on Melbourne to win using the fraction odds format, your profit would be $70 (ie. $100 x 2/5 (or 0.7) = $70). Staking $100 on the draw would return you a profit of $240 ($100 x 12/5 = $240) and the same stake on a Queensland win would earn you $400 ($100 x 4/1 = $400).

Whole Odds (aka American Odds) are different again as they are divided into negatives and positives, they are also calculated differently again. Whole odds are split into positives and negatives. Negative odds show how big a stake is needed for winning 100 units when betting on a favourite. Positive odds show what the winnings are if you wager 100 units on the non-favourite.

If you wager $100 on Melbourne with the odds above at -143 and your bet is successful, your earnings would be $70, ie ($100 x (100/143) = $70). If wagering $100 on the draw at odds of 240, the profit would be $240 ($100 x (240/100) = $240). Earnings on a $100 stake on odds of 400 would return a profit of $400 ($100 x (400/100) = $400).

One of the most useful tools in betting is an odds comparison service. Put simply, an odds comparison lists a host of different bookmakers which are offering odds for particular markets. By analysing the different odds provided by multiple bookmakers, you will be able to wager with the bookmaker that offers the best odds and find extra value. For an odds comparison to be successful, you will need to have several bettign accounts opened with different bookmakers, at least 5 or more. To see a list of Australian bookmakers which we recommend, visit our bookmakers list.

Take the following example:

Here we see the Premiership market for the A-League Football for the 8 teams involved. We see that all six bookies are offering $3.50 for Melbourne Victory to win the title, but if you believed that Queensland Roar were good value and wished to wager on them, we see that Global Sportsbet are offering odds of $13.00 which is the highest price offered by the six listed bookmakers.

By having several betting accounts opened with funds in each, using an odds comparison tool as per the example above can be a very powerful tool which can double your profits in the long run. If your betting often, then this can be a huge advantage that will allow you to gain large profits, more than you could gain by just using 1 or 2 bookmakers.

Odds comparisons are such a handy tool because it pits together all the odds from multiple bookmakers in an easy to read format allowing you to see the best value immediately. Could you imagine loading 10 different bookmaker websites individually and trying to compare the odds manually? It would be a very difficult task! It’s a known fact that odds vary a lot between bookmakers on different markets, the odds available on any selection can often vary by 50% in some instances! A small increase in odds will give you a large increase in profits overall, and this is a fact all punters should realise.

Another feature of odds comparison is a tool known as the ‘over round’. The bookmakers overround is how much a bookmaker stands to profit on each particular market. For a detailed analysis to help you understand more about this, click on the following link:

• Overround

If you have been to horse racing tracks, or ever seen odds displayed on teletext etc, you would be well familiar with the term known as ‘betting pools’. A totalisator system pools together all the money wagered for each bet type of a particular race or event, then those punters who picked the winner of a particular event will be paid out with these pools. To learn more about totaliser pools, click on the following link:

• Betting Pools

To help you understand odds conversion, we here at Free Bet Info have provided you with the table printed below. You can use this table as a quick guide for converting decimals odds over to fractions and whole odds, or vice versa: