How horse racing betting predictions actually work — and what they cost

Updated October 2026

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A “prediction” in horse racing is a stated probability dressed as a runner. Behind it sit four things: the horse’s recent form, the conditions of the race, the market’s own price, and the margin the bookmaker has built into that price. Each one is negotiable; none of them is certain. This guide is for a reader who wants to know how those four pieces fit together and what they cost when a bookmaker’s offer is laid over the top.

Data current as of 27 October 2026, checked against the Gambling Commission’s public register and each operator’s own terms page.

The shape of the sport a prediction is built on

British and Irish racing splits into two codes. Flat racing is run directly between two points around a straight or oval track, on surfaces ranging from turf to all-weather synthetic. Jump racing — the steeplechase and the hurdle — is called National Hunt racing in Great Britain and Ireland. The two codes ask different things of a horse, and a form line that reads well on the flat can be near-meaningless over fences, and the other way round.

Distances set the race apart. Flat races range from 440 yards (400 m) up to more than four miles (6.4 km), with five to twelve furlongs the common range, roughly a kilometre to two and a half. National Hunt races are longer and the obstacles change the rhythm of the race. Within both codes, handicaps are run where each horse carries a different weight set by the official handicapper, based on its assessed ability, while conditions races give horses of similar age and sex a level weight with allowances for the younger and the female. Reading the conditions section of a racecard is not a nicety; it tells the reader what the race is asking the horse to do and which form lines travel into it.

The British Triple Crown — the 2000 Guineas at Newmarket, the Derby at Epsom, the St Leger at Doncaster — is the headline sequence of the flat season. Smaller Classics, Group races and listed races fill the rest of the calendar; on the jumps side, the Cheltenham Festival in March, the Grand National meeting at Aintree in April, and the Punchestown Festival in late April set the rhythm. A “today’s racing” card will draw from meetings spread through the day, so a prediction is rarely a single race — it is a runner in a particular race at a particular time on a particular surface over a particular distance.

What a bookmaker’s price actually contains

Every decimal price a bookmaker publishes is the inverse of an implied probability, plus a margin. For a two-runner market priced at decimal odds of 1.90 against 1.90, the implied probability on each side is 1 ÷ 1.90 = 0.5263, or 52.63%. Add the two sides together and the total is 105.26% — more than 100%, and that extra 5.26 points is the bookmaker’s margin, sometimes called overround. The payout share — what the book returns to customers for every pound bet into that market — is 1 ÷ 1.0526 = 95.00%, with the remaining 5.00% kept by the operator as built-in profit. So at a symmetric 1.90 line on a true 50/50 event, the reader is paying roughly five pence in margin for every pound staked before the bet is even placed.

For a three-way market such as a horse race (win / each-way place often priced separately), the arithmetic extends. With prices 3.00, 4.50 and 6.00, the implied probabilities are 33.33%, 22.22% and 16.67%, summing to 82.22% — here the bookmaker has set a margin of −17.78%, which is impossible on its own. The reader takes the higher figure as the margin; this style of book is sometimes called an underround, where the bookmaker is competing aggressively for customers on a marquee race. Margins on small-field handicaps tend to sit higher, often 15% to 30%, because the operator has less confidence on each runner and prices the field accordingly.

A prediction has value when the reader’s own estimate of a horse’s chance is higher than the implied probability in the price. If the reader’s view is that the favourite should be a 1.80 shot (a 55.6% chance) and the bookmaker offers 2.10 (47.6%), the difference is value in the reader’s hand. The arithmetic is the same for an outsider — if a 16.0 shot should, in the reader’s reading, be a 12.0 shot, the price still offers a margin of expected return over true chance. Value does not mean a win. Value means the price is too big for the chance, and over many bets at value prices the reader’s expectation is positive even after individual races are lost.

The kind of form a prediction leans on

A racecard carries more than names and numbers, and a serious form reading touches at least five of its columns.

Recent runs. The most recent starts, the class of race, the going and the distance. A horse improving on its last two runs in similar conditions has a stronger case than one with a single piece of form three months old.

Going. Soft, heavy, good to soft, good, good to firm, firm. A horse that has never won on good to firm going is a poor bet on a fast summer afternoon; a horse that needs cut in the ground does not want a flooded winter card. Going descriptions shift through a meeting as the day’s weather changes.

Course and distance. Some horses flat-track well, some need an undulating track. Some handle Newmarket’s wide turns, some do not. A horse’s record at the course it runs at, and at the distance it runs over, is the next filter after going.

Class. The official class of race — Class 1 through Class 7 on the flat, Grade 1 to Grade 3 and listed races on the jumps side — gives a sense of the competition a horse has been facing. A drop in class is one of the most powerful signals in form reading.

Trainer and jockey. A trainer’s strike-rate at the course, the jockey’s record on the horse, the combination’s record together. None of these is a guarantee; they adjust the probability a few points either way.

Weight. In handicaps, the weight the horse carries is the central fact. A horse stepping up in trip while carrying less weight than last time is the textbook scenario; a horse stepping up in trip carrying more weight is the harder one. Form without weight read against the conditions is half a form reading.

The market itself is the final filter. A horse whose price has drifted from 5.0 to 9.0 on the morning of the race tells the reader that informed money has gone elsewhere; a horse whose price has contracted from 16.0 to 8.0 tells the reader that informed money has come in. Both moves mean the market has new information. The reader can disagree with the market, but ignoring the move is what produces the most expensive mistakes.

Where the margin shows up in a punter’s day

The bookmaker’s margin is most visible in three places on the racecard. First, the long-odds runners — anything priced at 26.0 or above — are usually overpriced against their true chance, because the bookmaker is willing to give up a few percent of margin in return for the headline of a long-priced winner. Second, place markets on each-way bets carry their own margin, often higher than the win market, on top of the bookmaker’s win-side overround. Third, novelty markets — without a favourite, distance from favourite, winning distance bands — run at margins well above the win market because the data is thinner and the bookmaker less sure of the pricing.

Best Odds Guaranteed, offered by most UK bookmakers on UK and Irish racing, removes one specific cost: the difference between the price the punter took and the starting price, if the starting price is bigger. BOG does not remove the margin; it removes the risk that the price will move against the punter in the morning. It runs from a set time on race day — 8 AM at William Hill on UK and Irish racing, 9 AM at Fafabet on the same — and applies to single and multiple bets but not to ante-post, tote or pari-mutuel bets. The reader’s net margin on the race still sits where it sat at the time the bet was struck; what BOG does is remove the second bet — the same selection at SP — as a separate risk.

The licence test for any bookmaker serving a UK customer

A bookmaker taking bets from customers in Great Britain needs a Gambling Commission licence wherever it is based. That is the test, and it has been the test since the Gambling (Licensing and Advertising) Act 2014 amended sections 33 and 36 of the Gambling Act 2005: providing gambling facilities in Great Britain without the licence the Act requires is an offence under section 33, aimed at the operator. A Curaçao, Maltese or Gibraltar licence is not a substitute. Northern Ireland sits outside the 2005 Act and has its own older law, so a “GB-licensed” label covers England, Scotland and Wales only.

The Commission’s public register is the whole test of who holds a licence. It is searchable by business name, trading name, domain or account number, and it lists the categories of licence held, the licence holder, and the trading names that run under it. Several brands can run under one licensee — Ladbrokes and Coral, Paddy Power and Betfair — so the reader checking a brand should check the trading name as well as the operating company. Licensed operators use .com as well as .co.uk, so the domain proves nothing; only a register search proves anything.

The register breaks remote licences into categories: remote general betting standard (real events), remote general betting standard (virtual events), remote general betting limited, remote pool betting, and remote betting intermediary — the licence for betting exchanges. A remote licence for one category does not carry to the others; a real-events licence does not cover virtual events, and a betting intermediary licence is not the same as a general betting licence. For horse racing, what matters is the real-events category or, on a betting exchange, the intermediary category.

Every GB-licensed online operator takes part in GAMSTOP, the national multi-operator online self-exclusion scheme. GAMSTOP has been a mandatory licence condition for online operators since 31 March 2020. Exclusion periods are six months, one year, five years, or five years with auto-renewal, and after the minimum period the exclusion stays in place for a further seven years unless the customer asks GAMSTOP to remove it. It covers online sites and apps; betting shops use a separate service.

Financial spread betting — betting on the movement of a price rather than on an outcome — is regulated by the Financial Conduct Authority, not the Commission, and losses on a spread bet can exceed the deposit. Spreadex is one operator that runs both regimes: FCA-regulated for spread betting, Gambling Commission-regulated for fixed-odds betting, and on its own site it states that spread betting losses can exceed the deposit. The reader should know which product they are looking at before they put money down.

The rules a licensed bookmaker has to follow

The Licence Conditions and Codes of Practice (LCCP) set the standards a licence binds its holder to. Several are visible in everyday use.

Identity verification has been the rule before the first deposit since 7 May 2019 — name, address and date of birth checked, including on accounts that have only claimed a free bet or bonus. There is no anonymous play at a GB-licensed site. A financial vulnerability check (LCCP condition 3.4.4, in force since 30 August 2024) applies to licensed remote betting when a customer’s deposits minus withdrawals exceed £150 in a rolling 30 days, since 28 February 2025: it is a public-record check (bankruptcy, county court judgments), not an income check and not a credit reference check. Financial risk assessments — the affordability checks of headlines — were announced in a staged plan by the Commission (article of 7 July 2026), with no start date, and the reader should treat them as “announced, staged, no start date” until a date is published, not as already in force.

Credit cards have been banned for gambling in Great Britain since 14 April 2020 under LCCP condition 6.1.2, including credit-card-funded payments through an e-wallet. Debit cards and bank-based payments are not covered. Identity verification before the first deposit means no anonymous play, and source-of-funds questions at higher spend are a normal part of the money-laundering rules. A state list of permitted payment methods does not exist; what each operator accepts sits in its own terms.

On bonuses and promotions, the rules tightened in 2026. Since 19 January 2026, wagering requirements on bonuses are capped at 10x: a £10 bonus at 50x needed £500 of bets before it could be withdrawn, and under the cap no more than £100 of bets is required for any £10 of bonus. Mixed-product promotions — an offer that requires gambling on two or more product types such as betting, casino, bingo and lottery, for example “bet on football to get free spins” — are banned. Whether the 10x cap applies to free bets carrying no wagering condition, and any cap on the money value of a bonus, are not established, and the reader should look at the small print on each offer before claiming.

Advertising is not licensed by the Commission; it runs through the CAP Code for non-broadcast and the BCAP Code for broadcast, enforced by the ASA, alongside the LCCP marketing conditions. CAP Code section 16 holds that marketing must be socially responsible, must not be of strong appeal to under-18s, and no one who is or seems to be under 25 may be featured gambling or play a significant role in an advertisement (with an exception for marketing placed where a bet can be made directly, such as a betting-shop window). The rule is about who may appear in the advertisement; it is not about who may bet. The whistle-to-whistle ban — no betting advertisements on TV from five minutes before a live sporting event to five minutes after it, before the 9pm watershed — has been in force since 1 August 2019, with horse and greyhound racing excluded.

The minimum age for any gambling product in Great Britain is 18.

The tax picture, and why the punter does not see it

The punter pays no tax on betting winnings in Great Britain. General Betting Duty is the operator’s tax on gross profits, currently 15%. From 1 April 2027 a new remote betting rate of 25% applies within it, while remote bets on UK horse racing, bets on self-service betting terminals in licensed premises, pool betting and in-person betting stay at 15% (HM Government policy paper of 26 November 2025). Spread betting has its own rates: 3% financial, 10% non-forracing. Until 1 April 2027 the remote rate stays at 15%; whether operators pass duty on through odds is not established, and the reader should not assume that duty is being charged to them at the betting slip.

The Commission’s statutory levy is a separate charge to operators, not a tax on customers.

Offshore and the cost of betting without a GB licence

A GB licence is compulsory at the point of consumption. An offshore brand that has not taken one — and many do, because they are based outside the Commission’s reach and choose not to apply — runs on its own house rules. There is no offence aimed at a customer who merely bets on an unlicensed site. What the customer gives up is the protection: no GAMSTOP coverage, no Commission complaints route, no approved dispute-resolution body, no British consumer redress if funds are withheld, no binding by the 10x bonus cap, and no binding by the £150 vulnerability check. If funds are later withheld or the operator disappears, the reader has the practical options of a private dispute, a regulator in the operator’s home jurisdiction, and not much else.

Enforcement against unlicensed operators is disruption, not blocking. The Commission issues cease-and-desist notices, refers brands to search engines, works with registrars, hosts and payment providers, and has been given, or is about to receive, court-order DNS blocking powers — but it does not maintain a list of “blocked” sites. The honest framing is that licensed means checks, limits, GAMSTOP coverage and the bonus cap, but also verification before the first bet; unlicensed means none of those protections and the realistic possibility of losing access to the funds on the account.

Safer gambling tools, and what each one does

A GB-licensed bookmaker must offer a set of safer-gambling tools, and the practical set runs deeper than deposit limits.

Deposit limits are the customer’s choice, not a state-set ceiling: the customer sets how much they can deposit over a day, a week or a month, and the operator enforces it. The first changes under RTS 12 have applied since 31 October 2025; a second phase was postponed to 30 September 2026, and whether the second phase is live at the moment of reading is not established. Reality checks are pop-ups during play asking the customer whether they want to continue, set by time or by spend. Time-outs are short self-exclusions of twenty-four hours to several weeks. Product restrictions allow the customer to switch off casino or to switch off sports. Self-exclusion is the longest option: a minimum six-month break from the operator, after which the customer has to actively ask to return.

GAMSTOP sits over the top of all of it. Self-excluding with one brand does not stop play at another; GAMSTOP does. Help outside the operators sits with GamCare (which runs the National Gambling Helpline), the NHS gambling clinics, GambleAware and Gamblers Anonymous. The reader who finds themselves chasing losses, betting more than they can afford, or hiding gambling from people close to them, will find a sympathetic and practical response at any of those.

How a staking plan meets a prediction

A staking plan is the discipline that turns a value bet into a sustainable pattern of betting. Three structures are the most common.

Flat staking. The punter stakes the same amount on every bet, sized to a fraction of the bank — 1% or 2% is the typical choice. The upside is simplicity; the downside is that the punter does not get more from a high-confidence selection than from a marginal one.

Level stakes with proportional Kelly. A fraction of the Kelly criterion — stake = bank × (implied edge ÷ decimal odds) — sized to a half, a third or a quarter Kelly to dampen variance. The Kelly stake is the mathematically optimal fraction of the bank to bet on a value price; full Kelly produces wild bank swings, so most bettors use a fraction of it.

Tiered staking. A fixed stake for value bets of one confidence tier, a higher stake for value bets of a higher tier, a lower or zero stake for marginal selections. The discipline is that the tiers are defined in advance, not after the race.

Bankroll management is the part that holds the plan together. The bank is the sum set aside for betting and only for betting. Profits go back into the bank; losses come out of it; nothing is topped up mid-cycle. A punter whose bank halves in a losing week halves their stake next week, automatically. A punter who tops up after a loss is rebuilding the very thing the staking plan was built to dampen.

The mathematics behind it: the more bets at value prices the punter places, the closer their long-run return comes to the edge they have been finding. A punter running at a 5% edge over 200 bets at level 1% stakes returns approximately 5% of total stake across the run, before variance. The same punter placing 20 bets returns approximately 5% of stake, but with a standard deviation wide enough that a 30% loss is also plausible. The 200-bet sample is the one the math talks about; the 20-bet sample is the one the punter lives through.

Each-way bets and how the place terms change the cost

An each-way bet is two bets of equal stake: a win bet and a place bet. A £5 each-way bet costs £10. If the horse wins, both legs pay. If the horse places but does not win, only the place leg pays; the win leg is lost.

UK place terms vary by race type and field size. Handicaps with more than fifteen runners pay 1/4 odds for four places; handicaps with twelve to fifteen runners pay 1/4 for three places; other races with more than seven runners pay 1/5 for three places; races with five to seven runners pay 1/4 for two places; fewer than five runners run win only, with no place market. A £10 each-way bet on a 10/1 horse at 1/4 place terms for three places costs £20 in total, returns £110 for the win part and £35 for the place part, a total of £145 if the horse wins. A place-only finish returns £35.

A place market has its own margin, often wider than the win market on the same race, so the punter’s net edge on the place side is typically smaller than on the win side. The each-way bet pays a fixed cost in margin for the chance of a return on a placed-but-not-winning horse; whether that cost is worth paying depends on the field size, the place terms and the runner’s chance of placing.

The landscape: ten UK-licensed bookmakers for horse racing

The following operators each hold a Gambling Commission remote licence covering real-event betting in Great Britain. None of them is “the only” licensed operator — the register lists several hundred brands — and a place in this list is not a recommendation. Each entry covers the licence, what the operator’s own terms page says about its racing offer, and where the reader’s stake ends up on a typical race day.

Tote

Tote’s licence sits in the Commission’s register at 054779-R-331321-008, with TDCO Limited as the licence holder. The operator’s distinguishing feature is the dividend: bets are pooled with other punters on the same race and the return is the pool divided by the number of winning units after the race, less the operator’s take. The dividend can beat fixed-odds prices; it can also be smaller. Tote and pari-mutuel bets are explicitly outside the Best Odds Guaranteed framework that fixed-odds bookmakers offer, so a punter on Tote gives up the safety net of the bigger SP. The pool structure means there is no “margin” in the overround sense — the take is declared in the dividend — and the value depends on the race type, the field and the pool composition. For a punter who wants the racing product to be its own market, this is the operator.

Fitzdares

Fitzdares’ licence sits at 000400-R-103839-030 under Fitzdares Limited. The app carries cash out, accumulators, Lucky 15s, specials, antepost markets on horse racing, football, tennis, rugby, cricket, golf and American football, with in-play live odds on the same sports. The breadth of the antepost coverage is the distinguishing feature: a punter looking for prices weeks ahead of a meeting, rather than minutes before a race, finds a deeper antepost book here than at most high-street operators. The pricing tends to sit on the sharper side at the major meetings and on the steeper side at the smaller ones.

Bar One Racing

Bar One Racing operates as Bar-One Racing Limited under licence 056516-R-332750-007. The brand has rebranded to BAR 1 Betting and runs as an Irish independent bookmaker with shops across Ireland; the racing sponsorships at Dundalk, Fairyhouse, Navan, The Curragh, Curraheen Park and Cork set the brand’s calendar. The dual presence on the high street and online is the distinguishing feature: a customer can place a bet online and resolve a dispute in a shop window. The online product mirrors what the shops take; the racing markets run deep on Irish fixtures, and the UK meetings are covered with the standard each-way terms.

10bet

Blue Star Planet Limited holds the licence at 043173-R-322899-023, with 10bet the trading name. The sportsbook covers horse racing alongside football and tennis, with cash out, Bet Builder and Live Streaming on the app. The product’s distinguishing offer is the breadth of in-play markets across the three sports; horse racing in-play is the smaller side of that, but it is there, and the streaming ties into the racing schedule. Pricing on the marquee UK meetings is competitive; on smaller fields, the margin widens.

Fafabet

Taichi Tech Limited holds 057385-R-333191-006, and Fafabet runs the racing offer. Best Odds Guaranteed applies on UK and Irish racing win and each-way bets from 9 AM on race days; if the SP is bigger than the price taken, the bigger is paid. The 9 AM cutoff is one hour later than William Hill’s 8 AM cutoff, which is a real edge on the morning of a busy day when prices are still firming. Each-way terms follow the standard UK scale.

DragonBet

DragonBet Ltd holds 064908-R-339041-003. The app carries cash out both in-play and pre-match, plus live streaming of racing. The combination is the distinguishing feature: a punter on the racing app can watch the race live and lay the bet off in-running if the picture changes. Pricing on the smaller UK meetings tends to be sharper than at the major firms; on the bigger meetings the major firms tend to lead. DragonBet suits a punter whose racing calendar is the mid-week all-weather and the smaller Saturday cards rather than the Cheltenham festival.

bet365

Hillside (UK Sports) ENC holds 055148-R-331498-002. The product’s distinguishing offer is depth: in-play betting, live streaming of events worldwide, plus Bet Track, Match Live and a Live Golf Tracker for following bets in play. The horse racing product is part of a much wider sportsbook; the streaming of UK and Irish racing is the backbone of it, and the in-play markets on the bigger meetings are deep enough to lay off a position during the race. Pricing is competitive on most UK meetings and the BOG framework runs from the morning. A punter whose racing sits inside a wider multi-sport book finds everything in one place.

Matchbook

Triplebet Limited holds 039504-R-319407-024, with Matchbook running as a betting exchange. Customers bet against other users at prices they set and accept; the operator takes a commission on net winnings rather than a margin on the price. Back and lay prices, Bet Builder, multiples, in-play betting and live streaming of horse racing and greyhounds make up the product. The exchange structure is the distinguishing feature: a punter who wants to lay a horse, or trade a position in-running, has a venue here that fixed-odds bookmakers do not provide. The commission rate sits in the operator’s terms and is the relevant cost to compare against the margin at a fixed-odds firm.

Smarkets

Smarkets (Malta) Limited holds 039173-R-319366-011, running the operator under the betting intermediary licence category. The product is the exchange, with two-factor authentication, live charts and an order book view on the app, a quick trade-out option, and 24/7 live chat support. The depth on the bigger horse racing meetings tends to be thinner than Matchbook’s, but the technology is the distinguishing offer: the order book, the charts and the trade-out button give a punter who likes to see the depth of the market more control than a typical fixed-odds slip.

Betboro

Webmedia Development N.V. holds 044181-R-324363-007, with Betboro running the racing product. In-play markets on racing, football and tennis, cash out on the same sports, boosted odds on selected singles from £10 stakes, and the safer gambling toolkit — deposit limits, reality checks, self-exclusion — are the published features. The boosted-odds product is the distinguishing feature on the racing side; the rest of the offer sits at the smaller end of the licensed market. A punter who wants a sharper price on a particular runner on a particular day has a reason to look here; a punter looking for the depth of bet365 or the exchange structure of Matchbook does not.

Frequently asked questions

What is a value bet and why is no tip ever certain?

A value bet is a price that is bigger than the chance the punter’s own reading of the race supports. If the punter’s view is that a horse should be a 2.50 shot (40% chance) and the bookmaker offers 3.00 (33%), the price is value because the implied probability is below the punter’s estimate. No tip is ever certain because the horse’s chance on the day depends on factors the form reading cannot capture: the horse’s temperament, the ride, the pace of the race, traffic in running, the going at the moment the horse hits it. A value bet loses more often than it wins; the long-run return is the point, not the single race.

What is the bookmaker’s margin and how can it be seen in the odds?

The margin is the cut the bookmaker keeps from every pound bet into a market, built into the prices. For a two-way market at 1.90 against 1.90, the implied probabilities sum to 105.26%, with the 5.26 points above 100% being the margin. The payout share — what the book returns to customers — is 100% ÷ 105.26% = 95.00%. The wider the field, the more the bookmaker’s margin tends to climb, and place markets on each-way bets tend to carry higher margins than win markets on the same race.

How is the return on a bet worked out from the stake and the odds?

At decimal odds of 3.00, a £10 stake returns £30 — that is the stake plus the profit. The profit alone is stake × (odds − 1), which is £20 in this example. On a combination bet — a double, an accumulator, a Lucky 15 — the odds of each leg multiply into one price, and the return is stake × combined odds. An each-way bet is two bets at equal stakes, so the stake doubles; a £10 each-way bet costs £20 and the return figures for the win and place parts are calculated separately.

How can it be checked that a bookmaker holds a Gambling Commission licence?

The Commission’s public register is the whole test. It is searchable by business name, trading name, domain or account number, and it lists the categories of licence held, the licence holder, and the trading names that run under it. Several brands can run under one licensee, so the reader should check both the trading name and the operating company. The register also shows the date the licence was issued and any conditions attached to it. A brand showing on the register is licensed; a brand not on it is not.

Which tools for controlling play does a licensed bookmaker have to offer?

A licensed remote operator must offer deposit limits the operator enforces, reality checks during play, time-outs, product restrictions, and self-exclusion. GAMSTOP sits over all of it — a self-exclusion with one operator does not stop play at another; GAMSTOP does, across every online GAMSTOP-enabled operator. Help outside the operators sits with GamCare (which runs the National Gambling Helpline), the NHS gambling clinics, GambleAware and Gamblers Anonymous.

How do fractional odds such as 5/1 convert to decimal odds such as 6.00?

Fractional odds of a/b convert to decimal odds of a ÷ b + 1. So 5/1 becomes 5 ÷ 1 + 1 = 6.00, 11/4 becomes 11 ÷ 4 + 1 = 3.75, and 1/1 (evens) becomes 1 ÷ 1 + 1 = 2.00. The profit on a £10 stake at 5/1 is £50; the return is £60. The profit on a £10 stake at 11/4 is £27.50; the return is £37.50. Odds-on prices — anything shorter than evens — convert to decimal odds between 1.01 and 2.00.

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