Open a betting slip in Canada and you will almost always see decimal odds – something like 2.40 or 1.65. Switch to an offshore sportsbook, a US-facing platform, or a horse racing card, and the exact same price might show up as +140 or 8/5 instead. Same bet, same payout, completely different-looking number.
This guide puts decimal, fractional and American odds side by side, shows how to read each format, and gives you a quick way to convert between them so none of the three ever looks unfamiliar again.
Decimal Odds – the Format Used Across Canada
Ontario-licensed sportsbooks default to decimal odds. A decimal price shows your total return – stake included – for every $1 wagered.
- Odds of 2.40 on a $20 bet → $20 × 2.40 = $48 total return ($28 profit)
- Odds of 1.65 on a $20 bet → $20 × 1.65 = $33 total return ($13 profit)
If you want the fuller breakdown of what a decimal price actually communicates about probability and payout, see What Do Betting Odds Mean?
Fractional Odds – Still Common in Racing and on UK-Facing Sites
Fractional odds (5/2, 6/4, 1/1) show your profit relative to your stake, not your total return. The number on the left is what you win, the number on the right is what you stake to win it.
- 5/2 → stake $2, win $5 profit → $7 total return
- 6/4 → stake $4, win $6 profit → $10 total return
- 1/1, also called “evens” → stake $10, win $10 profit → $20 total return
You will run into fractional odds mainly on horse racing cards and some UK-licensed betting sites. Most Canadian sportsbooks do not display fractions by default, but the format still shows up often enough that recognising it is worth the two minutes it takes.
American Odds – What the Plus and Minus Signs Mean
American odds (also called moneyline odds) use a plus or minus sign in front of a three-digit number. They are common on US sportsbooks and on some offshore platforms Canadians used before Ontario’s regulated market opened.
- Positive number (+150): profit on a $100 stake. Bet $100, win $150 profit, $250 total return.
- Negative number (-150): stake needed to profit $100. Bet $150, win $100 profit, $250 total return.
A minus sign does not mean a worse bet – it means a favourite, exactly like a decimal price under 2.00. It just needs a larger stake to return the same $100 profit.
Same Price, Three Formats
Here is how five common prices look across all three formats, with the implied probability each one represents:
- Decimal 1.50 = Fractional 1/2 = American -200 → 66.7% implied probability
- Decimal 2.00 = Fractional 1/1 (evens) = American +100 → 50% implied probability
- Decimal 2.50 = Fractional 3/2 = American +150 → 40% implied probability
- Decimal 3.00 = Fractional 2/1 = American +200 → 33.3% implied probability
- Decimal 4.00 = Fractional 3/1 = American +300 → 25% implied probability
Every row above pays out exactly the same amount on the same stake. The format is just the label – the price underneath does not change.
Converting Between Formats
You rarely need to do this by hand, but it helps to know the logic:
- American to decimal: positive odds ÷ 100, then + 1. Negative odds: 100 ÷ the number (ignore the minus), then + 1.
- Decimal to American: if decimal ≥ 2.00, (decimal − 1) × 100. If decimal < 2.00, −100 ÷ (decimal − 1).
- Decimal to fractional: subtract 1, then express the result as a fraction (2.50 − 1 = 1.50 = 3/2).
Decimal 2.50, fractional 3/2 and American +150 are the same price written three ways. A $10 bet returns $25 total under any of them. If you would rather skip the maths, the site’s own Odds Converter switches between all three formats instantly.
Common Mistakes When Reading an Unfamiliar Format
Bettors who normally see decimal odds sometimes misread the other two formats:
- Assuming a minus sign in American odds means a bad bet, rather than simply a favourite
- Reading a fractional price as the total return instead of the profit, and forgetting to add the stake back
- Assuming one format pays more than another for the exact same listed price – it never does
- Not checking which format a site is set to before comparing it against a different sportsbook that uses another one
Once you can convert between formats, comparing prices across different sportsbooks – including ones that default to different odds displays – becomes a lot less confusing. That skill matters more once you start comparing odds across sportsbooks for the same market.
Frequently Asked Questions
Which odds format do Ontario sportsbooks use by default?
Decimal odds. Most licensed platforms also let you switch the display to American odds in your account settings, and a smaller number offer fractional as an option too.
Is one format better value than another?
No. Decimal, fractional and American odds are three ways of writing the same price. Switching the display format on your sportsbook never changes your payout.
How do I convert American odds to decimal quickly?
For a positive number, divide by 100 and add 1. For a negative number, divide 100 by the number (ignoring the minus sign) and add 1. Or use the site’s Odds Converter to skip the maths entirely.
Do I need to understand fractional odds if I only bet in Canada?
Not urgently. Canadian sportsbooks lead with decimal odds, but fractional prices still turn up on horse racing cards and some UK-facing sites, so it is worth being able to read one at a glance.
