What 20/1 means
With fractional odds, the first number is what you win and the second is what you stake. At 20/1, every £1 you stake wins £20 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 "twenty to one".
20/1 in decimal and American odds
| Format | 20/1 as | How it's worked out |
|---|---|---|
| Decimal | 21.00 | 20 ÷ 1 + 1 |
| American | +2000 | (21.00 − 1) × 100 |
| Implied probability | 4.8% | 1 ÷ 21.00 |
What 20/1 pays
| Stake | Profit | Total return |
|---|---|---|
| £1.00 | £20.00 | £21.00 |
| £2.00 | £40.00 | £42.00 |
| £5.00 | £100.00 | £105.00 |
| £10.00 | £200.00 | £210.00 |
| £20.00 | £400.00 | £420.00 |
| £50.00 | £1,000.00 | £1,050.00 |
| £100.00 | £2,000.00 | £2,100.00 |
How likely is 20/1 to win?
20/1 implies a 4.8% chance, or about 1 in 21. In other words, the bookmaker expects it to win about once in every 21 attempts. The true chance is usually a little lower than this, because bookmakers build a margin into every price.
20/1 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 20/1. For a £5 each way bet (£10 in total):
| Place terms | Place odds | Returns if it wins | Returns if it places |
|---|---|---|---|
| 1/4 odds | 5/1 | £135.00 | £30.00 |
| 1/5 odds | 4/1 | £130.00 | £25.00 |
At 1/5 terms, a placed finish alone returns £25.00 from the £10 total stake, so the place part covers the whole bet with £15.00 to spare. Work out any each way bet.
If a horse at 20/1 is withdrawn
A horse priced at 20/1 being withdrawn doesn't trigger a Rule 4 deduction. The scale only applies when the non-runner was 14/1 or shorter. Work out a Rule 4 deduction.
Prices either side of 20/1
See every common price explained, or convert any price with the odds converter.