What 12/1 means
With fractional odds, the first number is what you win and the second is what you stake. At 12/1, every £1 you stake wins £12 in profit, and your stake is returned on top. Because you win more than you stake, it's an odds-against price: the bookmaker rates this outcome as less likely to happen than not.
It's read as "twelve to one".
12/1 in decimal and American odds
| Format | 12/1 as | How it's worked out |
|---|---|---|
| Decimal | 13.00 | 12 ÷ 1 + 1 |
| American | +1200 | (13.00 − 1) × 100 |
| Implied probability | 7.7% | 1 ÷ 13.00 |
What 12/1 pays
| Stake | Profit | Total return |
|---|---|---|
| £1.00 | £12.00 | £13.00 |
| £2.00 | £24.00 | £26.00 |
| £5.00 | £60.00 | £65.00 |
| £10.00 | £120.00 | £130.00 |
| £20.00 | £240.00 | £260.00 |
| £50.00 | £600.00 | £650.00 |
| £100.00 | £1,200.00 | £1,300.00 |
How likely is 12/1 to win?
12/1 implies a 7.7% chance, or about 1 in 13. In other words, the bookmaker expects it to win roughly once for every thirteen attempts. The true chance is usually a little lower than this, because bookmakers build a margin into every price.
12/1 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 12/1. For a £5 each way bet (£10 in total):
| Place terms | Place odds | Returns if it wins | Returns if it places |
|---|---|---|---|
| 1/4 odds | 3/1 | £85.00 | £20.00 |
| 1/5 odds | 12/5 | £82.00 | £17.00 |
At 1/5 terms, a placed finish alone returns £17.00 from the £10 total stake, so the place part covers the whole bet with £7.00 to spare. Work out any each way bet.
If a horse at 12/1 is withdrawn
When a horse priced at 12/1 is withdrawn after you've bet on another runner in the same race, Rule 4 takes 5p from every £1 of your winnings.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 12/1
See every common price explained, or convert any price with the odds converter.