What 2/1 means
With fractional odds, the first number is what you win and the second is what you stake. At 2/1, every £1 you stake wins £2 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 "two to one".
2/1 in decimal and American odds
| Format | 2/1 as | How it's worked out |
|---|---|---|
| Decimal | 3.00 | 2 ÷ 1 + 1 |
| American | +200 | (3.00 − 1) × 100 |
| Implied probability | 33.3% | 1 ÷ 3.00 |
What 2/1 pays
| Stake | Profit | Total return |
|---|---|---|
| £1.00 | £2.00 | £3.00 |
| £2.00 | £4.00 | £6.00 |
| £5.00 | £10.00 | £15.00 |
| £10.00 | £20.00 | £30.00 |
| £20.00 | £40.00 | £60.00 |
| £50.00 | £100.00 | £150.00 |
| £100.00 | £200.00 | £300.00 |
How likely is 2/1 to win?
2/1 implies a 33.3% chance, or about 1 in 3. In other words, the bookmaker expects it to win roughly once for every three attempts. The true chance is usually a little lower than this, because bookmakers build a margin into every price.
2/1 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 2/1. For a £5 each way bet (£10 in total):
| Place terms | Place odds | Returns if it wins | Returns if it places |
|---|---|---|---|
| 1/4 odds | 1/2 | £22.50 | £7.50 |
| 1/5 odds | 2/5 | £22.00 | £7.00 |
At 1/5 terms, a placed finish returns £7.00 from the £10 total stake, so it still loses £3.00 overall. Each way needs bigger prices than 2/1 for the place part to cover the bet. Work out any each way bet.
If a horse at 2/1 is withdrawn
When a horse priced at 2/1 is withdrawn after you've bet on another runner in the same race, Rule 4 takes 30p from every £1 of your winnings.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 2/1
See every common price explained, or convert any price with the odds converter.