Last updated: October 22, 2026
Odds tell you two things: how much a winning wager pays back and how likely the bookmaker thinks the result is. In Australia, odds are shown as decimals, such as 2.50, and the number is the total return for every A$1 you stake, with your stake included. A A$10 wager at 2.50 returns A$25 if it wins, which is A$15 profit plus your A$10 back. The lower the number, the more likely the result is judged to be, and the smaller the payout. This guide covers how to read decimal odds, what odds-on means, implied probability and how odds combine in a multi.
How Do Betting Odds Work?
Odds work as a price: they set how much a winning wager pays and show the bookmaker’s estimate of how likely each result is. A favourite carries short odds, such as 1.40, because it is expected to win, and an outsider carries long odds, such as 6.00, because it is not.
Every possible result in a market has its own price. In a two-team match, both teams get odds, and in markets with a draw, the draw gets its own price as well. Your potential return is fixed by the odds at the moment your wager is accepted, even if the price moves afterwards.
How Do You Read Decimal Odds?
Multiply your stake by the decimal odds to get your total return, then subtract your stake to see the profit. Decimal odds always include your stake, which is why odds of 2.00 double your money rather than paying twice your stake in profit.
Here is what a A$10 stake returns at common prices:
| Decimal odds | Return on A$10 | Profit | Implied probability |
|---|---|---|---|
| 1.20 | A$12.00 | A$2.00 | 83.3% |
| 1.50 | A$15.00 | A$5.00 | 66.7% |
| 2.00 | A$20.00 | A$10.00 | 50.0% |
| 2.50 | A$25.00 | A$15.00 | 40.0% |
| 4.00 | A$40.00 | A$30.00 | 25.0% |
| 10.00 | A$100.00 | A$90.00 | 10.0% |
The formula is the same at any price: return = stake x odds. A A$25 stake at 1.85 returns A$46.25, of which A$21.25 is profit.
What Does Odds-On Mean?
Odds-on means the price is below 2.00, so a winning wager returns less profit than the amount you staked. A selection at 1.50 is odds-on: A$10 returns A$15, a profit of A$5.
Odds of exactly 2.00 are called evens, because the profit equals the stake. Anything above 2.00 is odds-against, where the profit is larger than the stake. Favourites are usually odds-on, and outsiders are usually odds-against.
What Is Implied Probability?
Implied probability is the chance of a result that the odds suggest, worked out as 1 divided by the decimal odds, multiplied by 100. Odds of 2.50 imply a 40% chance, and odds of 1.25 imply an 80% chance.
Add up the implied probabilities across a whole market and the total comes to more than 100%. If both teams in a match are priced at 1.90, each implies 52.6%, a total of 105.3%. The extra 5.3% is the bookmaker’s margin, built into the prices on every side. That margin is why odds are an estimate plus a fee, not a precise forecast.
Why Do Odds Change Before an Event?
Odds move when the bookmaker’s view of the likely result changes or when one side attracts much more money than expected. Team news, injuries, weather and late changes to a line-up can all shift a price in the hours before a match.
A price only matters at the moment you place your wager. If you take a team at 2.20 and the price later drops to 1.90, your wager still pays at 2.20 if it wins. LEON Casino also runs Boosted Odds offers on some events, where the listed price is raised for a set selection. 18+, T&Cs apply.
How Do Odds Work in a Multi?
In a multi, the odds of every selection are multiplied together, and every leg has to win for the wager to pay. Three selections at 1.50, 2.00 and 1.80 combine to 5.40, so a A$10 multi returns A$54 if all three win and nothing if one loses.
Longer combined odds come with a lower chance of every leg landing. LEON Casino’s Multi Bet Bonus adds a winnings bonus to multis of three or more selections at odds of 1.20 or higher, scaling from 3% for three selections up to 20% for twenty, with boosted-odds events excluded. 18+, T&Cs apply. For more on combining selections, see Esports Betting 101.
How Do Decimal Odds Compare With Fractional and American Odds?
Decimal odds include your stake, fractional odds show profit only, and American odds use plus and minus figures based on A$100. Australian bookmakers display decimals, but you will see the other formats on international sites and in sports coverage.
The same price in each format:
- Decimal 2.50 = fractional 3/2 = American +150
- Decimal 1.50 = fractional 1/2 = American -200
- Decimal 3.00 = fractional 2/1 = American +200
To turn fractional odds into decimal, divide the first number by the second and add 1, so 3/2 becomes 1.5 + 1 = 2.50.
Frequently Asked Questions About Odds
What does 1.50 odds mean?
Odds of 1.50 mean a winning wager returns A$1.50 for every A$1 staked, including your stake. A A$10 wager at 1.50 returns A$15, a profit of A$5.
What do odds mean?
Odds are the price a bookmaker puts on a result, showing both how likely it is judged to be and how much a winning wager pays. In decimal form, odds of 3.00 mean a A$1 stake returns A$3 if the result comes in.
What do the plus and minus signs mean in odds?
Plus and minus signs belong to American odds. A plus figure, such as +150, is the profit on a A$100 stake, and a minus figure, such as -200, is the stake needed to win A$100 profit.
What are fixed odds?
Fixed odds mean the price is locked in when your wager is accepted, so your return does not change if the odds move later. A wager taken at 2.20 pays at 2.20 even if the price drifts or shortens before the event.
Do decimal odds include my stake?
Yes. Decimal odds show the total return, so your stake is already included. Subtract your stake from the return to see the profit.
What does evens mean?
Evens means decimal odds of 2.00, where the profit equals the stake. A A$20 wager at evens returns A$40, a profit of A$20.
Are higher odds better?
Higher odds pay more if they win, but they also mean the result is judged less likely. A price of 6.00 implies about a 16.7% chance, compared with 50% for a price of 2.00.
How do I work out the return on a multi?
Multiply the odds of every selection together, then multiply by your stake. Selections at 1.50, 2.00 and 1.80 make 5.40, so A$10 returns A$54 if every leg wins.
How quickly are winning wagers paid at LEON Casino?
Under LEON Casino’s sportsbook rules, wagers typically settle within 20 minutes of an event ending, and up to 24 hours if extra verification is needed.
Putting Decimal Odds to Use at LEON Casino
LEON Casino quotes odds in decimals, including the 1.20 minimum price for Multi Bet Bonus selections, so the return on any selection in LEON Casino’s sportsbook is your stake multiplied by the price shown. New to LEON Casino? Our guide to sports betting sign-up bonuses explains what to check before you claim one, and the Terms and Conditions cover how wagers are settled.
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