Typical Odds
- NBA basketball odds and basketball betting lines updated multiple times daily. Includes updated point spreads, money lines, and totals lines.
- Updated November 04, 2020. More than a third of Americans believe winning the lottery is the only way they will ever retire comfortably. But the odds of winning either the Powerball or Mega Millions are roughly 1 in 292.2 million and 1 in 302.5 million, respectively.
Spoken: 6 to 5 odds; Meaning: You will get $6 in profit for every $5 you wager; Actual Payout: 6 divided by 5 plus 1 = 2.2 times original $5 wager = $11.00 Payout; 20. For example, you win a game if you pull an ace out of a full deck of 52 cards. Pulling any other card you lose. The chance of winning is 4 out of 52, while the chance against winning is 48 out of 52 (52-4=48). Entering A=4 and B=48 into the calculator as 4:48 odds are for.
Sometimes it is necessary to figure out the average odds from a set of betting odds which can then be used as the basis for further calculations. For example, computing deviation and variance.
When using odds in European format (decimal) you can be forgiven for thinking that average betting odds are simply computed by building the arithmetic mean of the data to be analysed. Unfortunately, this is the wrong approach and leads to a deceptive result.
As a reminder, European odds are calculated as the reciprocal of the statistical probabilities of each event:
and vice versa … The implied probabilities are the reciprocals of the odds:
In effect, European odds are ratios/relations representing the likelihood of an event happening in comparison to each other event (e.g. a bet priced at odds of 4.0 is half as likely to win as a bet with odds of 2.0).
If these ratios are averaged using arithmetic mean (a common error), high data points are given greater weights than low data points. (e.g. working out the arithmetic mean of a set of 20 odds, 19 of them between 2.0 and 2.4, would be skewed if the 20th figure was, say, 15.0).
The correct approach is to calculate average odds by forming the harmonic mean!
The harmonic mean is defined as the reciprocal of the arithmetic mean of the reciprocals of x1, x2, …, xn (the odds):
As the reciprocals of betting odds are the implied probabilities of the events, one can calculate the harmonic mean as a reciprocal of the average probability of the respective bets:
The above equations rearranged facilitates the harmonic mean calculation by dividing n (the number of matches) by the sum of the reciprocals of the odds:
Or alternatively… dividing n (the number of matches) by the sum of their individual probabilities:
The Result (Harmonic Mean) is the Accurate Average of the Betting Odds.
Excel users employ the following formula: =HARMEAN(number1,number2,…)
Below you’ll find typical odds you’ll get on parlays. We’ve also compared those odds to 5Dimes, both for typical days and for their Friday expanded odds on parlays. At the very bottom of the page you’ll find a calculator that you can use to see what your payout would be on any amount for a parlay of up to six teams (note that the odds used for the calculator are “typical” and not adjusted for the 5Dimes Friday Special).
Typical Parlay Odds
2 Team Parlay: 13-5 odds
3 Team Parlay: 6-1
4 Team Parlay: 10-1
5 Team Parlay: 20 to 1
6 Team Parlay: 40 to 1
7 Team Parlay: 75-1
8 Team Parlay: 100-1
Typical Odds Meaning
9 Team Parlay: 150-1
10 Team Parlay: 300-1
11 Team Parlay: 450-1
12 Team Parlay: 600-1 Odds
13 Team Parlay: 750-1
14 Team Parlay: 900-1
15 Team Parlay: 1500-1
Typical Odds Compared to 5Dimes & 5Dimes Friday Special
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Typical Slot Machine Odds
Progressive Parlays
Tired of missing a parlay by one game?! 5Dimes Progressive Parlays mean that one or more of your bets can lose (depending on how many teams are in the parlay) and you still win money! Here are the payouts for 5Dimes when you bet a progressive parlay.
Typical Parlay Odds
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