What 1/3 means
With fractional odds, the first number is what you win and the second is what you stake. At 1/3, you stake £3 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 three", but bookmakers often turn odds-on prices round, so you'll also hear 1/3 called "three to one on" or "3/1 on". Both mean the same thing.
1/3 in decimal and American odds
| Format | 1/3 as | How it's worked out |
|---|---|---|
| Decimal | 1.33 | 1 ÷ 3 + 1 |
| American | -300 | 100 ÷ (1.33 − 1) |
| Implied probability | 75.0% | 1 ÷ 1.33 |
What 1/3 pays
| Stake | Profit | Total return |
|---|---|---|
| £1.00 | £0.33 | £1.33 |
| £2.00 | £0.67 | £2.67 |
| £5.00 | £1.67 | £6.67 |
| £10.00 | £3.33 | £13.33 |
| £20.00 | £6.67 | £26.67 |
| £50.00 | £16.67 | £66.67 |
| £100.00 | £33.33 | £133.33 |
How likely is 1/3 to win?
1/3 implies a 75.0% chance, or about 3 in 4. 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.
1/3 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 1/3. For a £5 each way bet (£10 in total):
| Place terms | Place odds | Returns if it wins | Returns if it places |
|---|---|---|---|
| 1/4 odds | 1/12 | £12.08 | £5.42 |
| 1/5 odds | 1/15 | £12.00 | £5.33 |
At 1/5 terms, a placed finish returns £5.33 from the £10 total stake, so it still loses £4.67 overall. Each way needs bigger prices than 1/3 for the place part to cover the bet. Work out any each way bet.
If a horse at 1/3 is withdrawn
When a horse priced at 1/3 is withdrawn after you've bet on another runner in the same race, Rule 4 takes 70p from every £1 of your winnings.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 1/3
See every common price explained, or convert any price with the odds converter.