Odds, explained
What a price means, the fair chance behind it, what it pays, and how parlays add up.
What a price means
Type it any way: −125, +105, 1.91, 11/10 or 55%.
American−125Decimal1.80Fraction4/5Needs to win55.6%
Risk $125 to win $100. Over time it pays off only if it wins more than 55.6% of the time.
Fair chance
Both sides of one bet, in American odds. Every price carries a margin; this takes it out.
Side A fair chance53.2%Side B fair chance46.8%Margin built in4.3%
Without the margin, side A is −114 and side B is +114. A price better than that is worth more than the market thinks.
What it pays
Wins$30Comes back$50
Parlay
Every leg has to win. Each one you add makes it longer.
Price+600Decimal7.00Needs to win14.3%Wins$60
These prices say all 3 legs win together about 14 times in 100, and a little less once each leg’s margin is taken out.