Therefore, in terms of odds, this means '1 to 499 odds for winning' which is exactly the same as '499 to 1 odds for losing.'įor example, a Pick 3 lottery has a total of 1000 possible outcomes, from 000 to 999. These all most likely mean 1 chance of winning out of 500 total possible outcomes. A 1 in 500 chance of winning, or probability of winning, may be reported as '1 in 500' or '1 out of 500.' You may also see odds reported simply as chance of winning as 1:500. When playing a lottery or other games of chance be sure you understand the odds or probability that is reported by the game organizer. Implied odds or betting odds which are not true statistical odds. If you are using sports teams odds or betting odds and see the odds are 9/2, this is most likely odds against winning.Įnter 9 to 2 into the calculator and select 'Odds against winning.' It's also important to understand It's important to understand how to read odds especially if wagering is involved. Where A:B is odds for winning How to Read Odds

Where A:B is odds for winning Probability of Losing Formula A:B

This calculator converts odds for winning or odds against winning into percentage chance for winning or losing. Convert odds into probability and percent chance of winning and losing.

Roulette odds payout chart