Australian bookmakers show prices as decimal odds. Understanding them makes it easier to compare prices and judge value.
Decimal odds and returns
Decimal odds show the total return for each dollar bet, including your stake. A $10 bet at $3.00 returns $30 if it wins, which is your $10 stake plus $20.
What odds say about a chance
You can turn decimal odds into an implied chance by dividing 1 by the odds. A price of $2.00 implies a 50 per cent chance, and $4.00 implies 25 per cent.
If you add up the implied chances of every runner in a market, the total is usually above 100 per cent. The amount above 100 per cent is the bookmaker's margin.
Why prices move
Prices change as money comes in and as new information arrives, such as scratchings, track upgrades or late jockey changes. A price that shortens is said to have firmed, and one that lengthens has drifted.
Comparing prices
Different bookmakers often offer different prices on the same runner or team. Our NRL tips and AFL tips pages compare head to head prices across the major Australian bookmakers.
See today's horse racing tips or compare Australian betting sites.