The Odds Converter is a helpful tool for converting the percentage chance of
an event occurring into bookmaking odds.
For instance, if the chances are 65 to 35 in favour of an event occurring,
by consulting the first column in the Odds Converter
we can look up the closest approximation to that (65.22%) and by looking directly
across into the second column we learn that the
odds for that figure are 8/15, or "eight to fifteen on". (That means that for
every fifteen units bet, you would get back the fifteen units plus another eight.)
To make it still more useful, by looking opposite again into the third
column, it shows how much your return would be if your initial bet was $1.00c.
(The amount in the table includes getting your initial dollar back and adds
it to the extra amount won.)
After 3 columns the table starts again.
Using our previous example, we can see from the table that if an event has
a 65.22 percent chance of occurring, it equates to odds of 8/15, which in turn
pays $1.53c for every dollar wagered. As an alternative example, if a tennis
player has only a 1.64% chance of winning a tournament, their odds should be
60/1, which should pay $61.00c. (Remember, you get your original bet back.)
Naturally, these conversions can be reversed, for example if a bookie is offering
15-8 (a 34.78% chance of winning) you can work backwards to see that the payout
should be $2.88c.