Fractional odds show what a winning bet makes in profit against what you stake: in 5/2, the 5 is the profit and the 2 is the stake, so every $2 bet wins $5 and gets its own $2 back. To turn a fraction into the decimal prices Australian bookmakers quote, add 1: 5/2 is 2.5 + 1 = $3.50.
Fractions are the traditional British and Irish format, as American odds are the US one. The odds converter turns either into a decimal price, and how betting odds work covers the maths.
How to read 5/2 and 2/5
Read the first number as the win and the second as the stake. With an illustrative $8 bet:
| Price | Said as | $8 wins | $8 returns | Decimal | Implied chance |
|---|---|---|---|---|---|
| 5/2 | Five to two | $20.00 | $28.00 | $3.50 | 28.6% |
| 2/5 | Five to two on | $3.20 | $11.20 | $1.40 | 71.4% |
Working: 8 x 5 / 2 = $20 at 5/2, and 8 x 2 / 5 = $3.20 at 2/5. Bigger number first is odds against; smaller first is odds-on, said in reverse with "on" added. The implied chance is the stake number over the two numbers added: 2 / (5 + 2) = 28.6%.
Converting fractional odds to decimal
decimal odds = first number / second number + 1, the decimal price an Australian bookmaker shows. Going the other way, take 1 off and write the rest in lowest terms: $4.20 leaves 3.20, which is 16/5. With illustrative prices:
| Fraction | Decimal | Implied chance |
|---|---|---|
| 1/5 | $1.20 | 83.3% |
| 6/5 | $2.20 | 45.5% |
| 11/4 | $3.75 | 26.7% |
| 6/1 | $7.00 | 14.3% |
| 50/1 | $51.00 | 2.0% |
Where Australians still see fractions
Each way terms are fractions. For NSW on-course bookmakers, BR 17 of the Racing NSW Rules of Betting pays the place part at a quarter of the win odds for the first three with 8 or more starters, and a third for the first two with 5 to 7. The fraction applies to the profit: a quarter of 16/1 is 4/1, a $5.00 place price. Online bookmakers write their own each way terms, so check yours before you bet.
Golf each way terms work the same way: each bookmaker sets a fraction of the odds and a number of places, and the each way calculator takes both. On illustrative terms of a fifth of the odds for the first eight, $5 each way on a 50/1 golfer costs $10, and the place part pays 50/1 / 5 = 10/1, which is $11.00:
| Result | Win part | Place part | Total return |
|---|---|---|---|
| Wins | $255.00 | $55.00 | $310.00 |
| Finishes 2nd to 8th | $0.00 | $55.00 | $55.00 |
| Finishes 9th or worse | $0.00 | $0.00 | $0.00 |
A tie for 8th is settled under the bookmaker's dead heat rules. Fractions also live on in British and Irish racing coverage and in spoken racing talk.
Mistakes with fractional odds
| Mistake | What it costs | The fix |
|---|---|---|
| Taking an each way fraction of the decimal price | A fifth of $51.00 gives $10.20, so a $5 place part looks like $51 when it returns $55 | Take the fraction of the profit, then add 1 |
| Reading 2/5 as a long price | $8 at 2/5 wins $3.20, not $20 | Smaller number first means odds-on |
Checking a fraction against the Terminal
Convert a fraction to a decimal price before you compare it with the prices on B337's Terminal. The Terminal lines up prices from 40+ bookmakers across racing and sports, with the best available price picked out. Because prices are collected on a repeating cycle, one on screen can lag the bookmaker's own, so check it in your account first. A free account opens a limited view of the Terminal with live odds.
Risk: Betting involves risk. A conversion shows what a price pays and implies, not what will happen, and an each way bet costs twice the stake you name, so a short-priced placing can return less than the outlay. See responsible gambling for limits and support.