What 4/5 means
With fractional odds, the first number is what you win and the second is what you stake. At 4/5, you stake £5 to win £4, 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 "four to five", but bookmakers often turn odds-on prices round, so you'll also hear 4/5 called "five to four on" or "5/4 on". Both mean the same thing.
4/5 in decimal and American odds
| Format | 4/5 as | How it's worked out |
|---|---|---|
| Decimal | 1.80 | 4 ÷ 5 + 1 |
| American | -125 | 100 ÷ (1.80 − 1) |
| Implied probability | 55.6% | 1 ÷ 1.80 |
What 4/5 pays
| Stake | Profit | Total return |
|---|---|---|
| £1.00 | £0.80 | £1.80 |
| £2.00 | £1.60 | £3.60 |
| £5.00 | £4.00 | £9.00 |
| £10.00 | £8.00 | £18.00 |
| £20.00 | £16.00 | £36.00 |
| £50.00 | £40.00 | £90.00 |
| £100.00 | £80.00 | £180.00 |
How likely is 4/5 to win?
4/5 implies a 55.6% chance, or about 5 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.
4/5 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 4/5. For a £5 each way bet (£10 in total):
| Place terms | Place odds | Returns if it wins | Returns if it places |
|---|---|---|---|
| 1/4 odds | 1/5 | £15.00 | £6.00 |
| 1/5 odds | 4/25 | £14.80 | £5.80 |
At 1/5 terms, a placed finish returns £5.80 from the £10 total stake, so it still loses £4.20 overall. Each way needs bigger prices than 4/5 for the place part to cover the bet. Work out any each way bet.
If a horse at 4/5 is withdrawn
When a horse priced at 4/5 is withdrawn after you've bet on another runner in the same race, Rule 4 takes 55p from every £1 of your winnings.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 4/5
See every common price explained, or convert any price with the odds converter.