# How do you read fractional and decimal odds?

> Read 5/1, 6.0, evens and odds-on prices, convert between formats with one rule, and see how a place fraction changes the odds of the place part.

Source: https://eachwayatlas.uk/each-way/how-to-read-odds/
Updated: 2026-11-07

Fractional odds such as 5/1 show the profit for each £1 staked, while decimal odds such as 6.0 show the total return for each £1, stake included. Evens is 1/1, or 2.0 in decimals, and odds-on means shorter than evens. Subtract 1 from a decimal price to get the fractional profit, and add 1 to go back.

## Facts: eight prices in both formats

**Odds conversion table · derived by formula (decimal = fraction + 1; probability = 1 ÷ decimal) · checked 7 November 2026**

| Fractional | Decimal | Profit on £1 | Implied probability |
|---|---|---|---|
| 1/5 (odds-on) | 1.2 | £0.20 | 83.3% |
| 1/2 (odds-on) | 1.5 | £0.50 | 66.7% |
| 1/1 (evens) | 2.0 | £1.00 | 50.0% |
| 6/4 | 2.5 | £1.50 | 40.0% |
| 5/2 | 3.5 | £2.50 | 28.6% |
| 5/1 | 6.0 | £5.00 | 16.7% |
| 9/1 | 10.0 | £9.00 | 10.0% |
| 20/1 | 21.0 | £20.00 | 4.8% |

**The short version:** the same price can be written two ways, and the table above converts either one.

## How do you read a fractional price?

The first number is the profit, and the second is the stake that earns it. At 5/2 you win £5 for every £2 staked, so £1 earns £2.50.

This matters because the stake comes back on top of the profit. Our entry on [return versus profit](https://eachwayatlas.uk/glossary/return-vs-profit/) keeps the two apart. See also [fractional odds](https://eachwayatlas.uk/glossary/fractional-odds/) and [odds-on and evens](https://eachwayatlas.uk/glossary/odds-on-and-evens/).

**The short version:** the fraction describes profit, not the total paid out.

## How do you read a decimal price?

A decimal price is the total return for £1, stake included. At 3.5 a £1 bet returns £3.50, which is £2.50 profit plus the £1 stake.

To convert, subtract 1 and write the result as a fraction: 3.5 minus 1 is 2.5, which is 5/2. The reverse adds 1. See [decimal odds](https://eachwayatlas.uk/glossary/decimal-odds/) and [implied probability](https://eachwayatlas.uk/glossary/implied-probability/) for the last column of the table.

**The short version:** decimal minus 1 gives the fractional profit per £1.

## Example: £10 at 5/2

At 5/2 the profit is £10 × 5/2 = £25.00. The return is £25.00 plus the £10 stake, which is £35.00, and it equals £10 × 3.5 in decimals.

The same price works for the place part of an each-way bet.

A place fraction of 1/4 multiplies the profit: 5/2 × 1/4 = 5/8, so the place part pays at 5/8, or 1.625 in decimals. The fraction is invented here to show the step; real terms are on [places and fractions](https://eachwayatlas.uk/each-way/places-and-fractions/).

**The short version:** the place fraction shrinks the profit, never the stake.

## How we checked

Every figure on this page is produced by the formulas shown, and we checked the table by hand.

We have not yet recorded a regulator or race-organiser source for the definitions of the formats, so that source is marked Not verified until we add it with a date. See [how we check](https://eachwayatlas.uk/about/how-we-check/).

18+ only. Gambling can be harmful.

**The short version:** the arithmetic is ours and the definition source is still to be added.

## What changed

7 November 2026: first version. The next step is [each-way places and fractions](https://eachwayatlas.uk/each-way/places-and-fractions/), or return to the [each-way hub](https://eachwayatlas.uk/each-way/).