What 20/21 means
With fractional odds, the first number is what you win and the second is what you stake. At 20/21, you stake £21 to win £20, 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 "twenty to twenty-one", but bookmakers often turn odds-on prices round, so you'll also hear 20/21 called "twenty-one to twenty on" or "21/20 on". Both mean the same thing.
20/21 is the last odds-on price before evens. You win £20 for every £21 staked, so a winning bet only just fails to double your money.
20/21 in decimal and American odds
| Format | 20/21 as | How it's worked out |
|---|---|---|
| Decimal | 1.95 | 20 ÷ 21 + 1 |
| American | -105 | 100 ÷ (1.95 − 1) |
| Implied probability | 51.2% | 1 ÷ 1.95 |
What 20/21 pays
| Stake | Profit | Total return |
|---|---|---|
| £1.00 | £0.95 | £1.95 |
| £2.00 | £1.90 | £3.90 |
| £5.00 | £4.76 | £9.76 |
| £10.00 | £9.52 | £19.52 |
| £20.00 | £19.05 | £39.05 |
| £50.00 | £47.62 | £97.62 |
| £100.00 | £95.24 | £195.24 |
How likely is 20/21 to win?
20/21 implies a 51.2% chance, or just over 1 in 2. 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.
20/21 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 20/21. For a £5 each way bet (£10 in total):
| Place terms | Place odds | Returns if it wins | Returns if it places |
|---|---|---|---|
| 1/4 odds | 5/21 | £15.95 | £6.19 |
| 1/5 odds | 4/21 | £15.71 | £5.95 |
At 1/5 terms, a placed finish returns £5.95 from the £10 total stake, so it still loses £4.05 overall. Each way needs bigger prices than 20/21 for the place part to cover the bet. Work out any each way bet.
If a horse at 20/21 is withdrawn
When a horse priced at 20/21 is withdrawn after you've bet on another runner in the same race, Rule 4 takes 50p from every £1 of your winnings.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 20/21
See every common price explained, or convert any price with the odds converter.