What 1/8 means
With fractional odds, the first number is what you win and the second is what you stake. At 1/8, you stake £8 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 eight", but bookmakers often turn odds-on prices round, so you'll also hear 1/8 called "eight to one on" or "8/1 on". Both mean the same thing.
1/8 in decimal and American odds
| Format | 1/8 as | How it's worked out |
|---|---|---|
| Decimal | 1.13 | 1 ÷ 8 + 1 |
| American | -800 | 100 ÷ (1.13 − 1) |
| Implied probability | 88.9% | 1 ÷ 1.13 |
What 1/8 pays
| Stake | Profit | Total return |
|---|---|---|
| £1.00 | £0.13 | £1.13 |
| £2.00 | £0.25 | £2.25 |
| £5.00 | £0.63 | £5.63 |
| £10.00 | £1.25 | £11.25 |
| £20.00 | £2.50 | £22.50 |
| £50.00 | £6.25 | £56.25 |
| £100.00 | £12.50 | £112.50 |
How likely is 1/8 to win?
1/8 implies a 88.9% chance, or about 8 in 9. 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.
1/8 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 1/8. For a £5 each way bet (£10 in total):
| Place terms | Place odds | Returns if it wins | Returns if it places |
|---|---|---|---|
| 1/4 odds | 1/32 | £10.78 | £5.16 |
| 1/5 odds | 1/40 | £10.75 | £5.13 |
At 1/5 terms, a placed finish returns £5.13 from the £10 total stake, so it still loses £4.88 overall. Each way needs bigger prices than 1/8 for the place part to cover the bet. Work out any each way bet.
If a horse at 1/8 is withdrawn
When a horse priced at 1/8 is withdrawn after you've bet on another runner in the same race, Rule 4 takes 85p from every £1 of your winnings.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 1/8
| Price | Decimal | Implied probability |
|---|---|---|
| 1/9 | 1.11 | 90.0% |
| 1/8 | 1.13 | 88.9% |
| 2/15 | 1.13 | 88.2% |
See every common price explained, or convert any price with the odds converter.