10000 Odds

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Calculator Use

1 In 10000 Odds

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.

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 P_W = A / (A + B) while the probability of losing is given as P_L = B / (A + B).

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

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)

Further Reading

10000 To 1 Odds Kevin Malone

Action: A bet of any kind.

ATS: Abbreviation for Above the Spread

Back-door Cover: This term refers to meaningless points scored late in the game by the underdog team to cover the spread.

Book: A sportsbook or a betting establishment that offers odds and accepts wagers.

Bookie: A person (or establishment) that takes bets on the outcome of sporting events.

Cover: If you beat the spread by the required number of points, you’ve ‘covered’ the spread.

Edge: This is the advantage in any wager.

Favorite: This is the team that is expected to win.

Front-door Cover: This is the opposite of Back-door cover. It is used in reference to the favored team scoring meaningless points late in the game to cover the spread.

Futures bet: This refers to placing a bet on any future event in the season. For example, putting down a bet early in the football season for who will win a bowl game.

Handicapper: This is a person who studies and rates sporting events.

Handicapping: This is when someone tries to predict the outcome of any given game.

Home field advantage: The edge a team is supposed to have when they play on their home field. Since the home field is a familiar turf and in front of the home crowd, teams are expected to perform better than they would if they were travelling thus giving them an edge.

Hook: This is a half point added to football odds.

Line: This is the odds, points, money line, or point spread offered on football games.

Linemaker: This is someone that sets the odds, points, money lines, or point spreads for football games.

Lock: This term is used to refer to an easy win.

Longshot: This is a term used to refer to an extreme underdog.

Moneyline: This refers to the amount of money a player must wager in order to win $100, or the amount of money a player wins if they put $100 on the underdog.

Oddsmaker: This is another term for the Linemaker. It is the person who sets the odds, moneyline, or point spread for football games.

Over/Under Bets: This refers to a bet on whether the combined total of the points scored by both teams will be more or less than a set number.

Overlay: This is a term to refer to odds that are higher than they should be. These odds favor the bettor not the house.

Parlay: This is a wager on two or more teams or outcomes where the selections must win in order for the bettor to win.

Past performance: This refers to any given team’s results in past seasons. This is particularly important when betting on NCAA football.

Player: This is a term that refers to any person that puts down a bet on any given sports event.

Point Spread: This is a number of points given to the underdog by the Linemaker in order to handicap the favorite. It can also be thought of in terms of the scoring differential between the two teams. The point spread is used to even the playing field.

Proposition Bet or Props: This is a bet placed on a specific aspect of the game, such as who will score first or how long the longest touch down pass will be.

Soft line: This refers to a line that has been adjusted because of the result of an action. It is not the true posted line.

Underdog: This is a term that refers to the team that is expected to lose.

Underlay: This is a term that refers to odds that lower than they should be. These odds favor the house and not the bettor.