What 1/2 means
With fractional odds, the first number is what you win and the second is what you stake. At 1/2, you stake £2 to win £1, so your profit is smaller than your stake. That's what makes it odds-on: the bookmaker rates this outcome as more likely to happen than not.
It's read as "one to two", but bookmakers often turn odds-on prices round, so you'll also hear 1/2 called "two to one on" or "2/1 on". Both mean the same thing.
1/2 in decimal and American odds
| Format | 1/2 as | How it's worked out |
|---|---|---|
| Decimal | 1.50 | 1 ÷ 2 + 1 |
| American | -200 | 100 ÷ (1.50 − 1) |
| Implied probability | 66.7% | 1 ÷ 1.50 |
What 1/2 pays
| Stake | Profit | Total return |
|---|---|---|
| £1.00 | £0.50 | £1.50 |
| £2.00 | £1.00 | £3.00 |
| £5.00 | £2.50 | £7.50 |
| £10.00 | £5.00 | £15.00 |
| £20.00 | £10.00 | £30.00 |
| £50.00 | £25.00 | £75.00 |
| £100.00 | £50.00 | £150.00 |
How likely is 1/2 to win?
1/2 implies a 66.7% chance, or about 2 in 3. The bookmaker expects this outcome more often than not. The true chance is usually a little lower than this, because bookmakers build a margin into every price.
1/2 each way
An each way bet splits your stake between a win bet and a place bet, with the place part paid at a fraction of 1/2. For a £5 each way bet (£10 in total):
| Place terms | Place odds | Returns if it wins | Returns if it places |
|---|---|---|---|
| 1/4 odds | 1/8 | £13.13 | £5.63 |
| 1/5 odds | 1/10 | £13.00 | £5.50 |
At 1/5 terms, a placed finish returns £5.50 from the £10 total stake, so it still loses £4.50 overall. Each way needs bigger prices than 1/2 for the place part to cover the bet. Work out any each way bet.
If a horse at 1/2 is withdrawn
When a horse priced at 1/2 is withdrawn after you've bet on another runner in the same race, Rule 4 takes 65p from every £1 of your winnings. It applies to bets struck at a fixed price before the withdrawal. Work out a Rule 4 deduction.
Prices either side of 1/2
See every common price explained, or convert any price with the odds converter.