23/1 Fractional Odds Explained
- Decimal
- 24.00
- American
- +2,300
- Fractional
- 23/1
- Implied probability
- 4.17%
- Polymarket
- 4¢
- $100 wins
- 2,300.00
- American
- +2,300
- Fractional
- 23/1
- Implied probability
- 4.17%
- Polymarket
- 4¢
- Profit
- 2,300.00
- Total return
- 2,400.00
24.000 decimal, +2,300 American, 4.17% implied probability
23/1 is a traditional bookmaker price. Read it as "win the top number for every bottom number staked". That is the same as 24.00 decimal odds and +2,300 American odds, with an implied probability of 4.17%.
What 23/1 pays
Profit is stake multiplied by the fraction; add the stake back for the total return. A 100 stake wins 2,300.00 and returns 2,400.00.
| Stake | Profit | Total return |
|---|---|---|
| 10 | 230.00 | 240.00 |
| 25 | 575.00 | 600.00 |
| 50 | 1,150.00 | 1,200.00 |
| 100 | 2,300.00 | 2,400.00 |
| 500 | 11,500.00 | 12,000.00 |
| 1,000 | 23,000.00 | 24,000.00 |
Break-even and long-run results
The implied probability of 23/1 is bottom divided by top-plus-bottom, which is 4.17%. Win more often than that and you profit over time.
| Win rate | Return on stake |
|---|---|
| 4% | -4.0% |
| 50% | 1,100.0% |
| 55% | 1,220.0% |
| 60% | 1,340.0% |
| 65% | 1,460.0% |
23/1 is a longshot implying 4.17%. Long fractional prices move in big steps (16/1, 20/1, 25/1, 33/1), and bookmakers shade them heavily, so the fair price is usually longer than the quoted one suggests.
Converting 23/1 by hand
Divide the top of the fraction by the bottom and add one for the decimal price, 24.00. For the implied probability, divide the bottom by the sum of top and bottom: 4.17%. American odds follow from the decimal price: odds-against, so (24.00 − 1) × 100 gives +2,300. The same chance on a prediction market is a 4¢ share.
The vig at 23/1
With both sides of a two-way market at 23/1, implied probabilities would sum to -91.67% above 100%: a -1,100.00% margin on stakes. The fair price would be 2.00 decimal each side. Try other markets in the devig calculator.
23/1 on a betting exchange
On an exchange 23/1 is worth 23.540 decimal after 2% commission and 22.850 after 5%. Compare with the bookmaker before choosing where to bet.
| Commission | Effective decimal | Effective American | Break-even |
|---|---|---|---|
| 2% | 23.540 | +2,254 | 4.25% |
| 5% | 22.850 | +2,185 | 4.38% |
Neighbouring rungs on the ladder
Fractional prices move in fixed rungs rather than smooth steps, so a bookmaker who wants to shorten 23/1 slightly has to jump to the next rung down, and the size of that jump depends on where you are on the ladder. The nearby prices listed below are the rungs on either side of 23/1; each link opens the same set of facts for that price, which is the quickest way to see how much a one-rung move changes the implied probability and the payout.
Same price in other formats
Same price in other formats
Nearby prices
Nearby prices
Frequently asked questions
What does 23/1 mean in betting?
Fractional odds of 23/1 pay the top number in profit for every bottom number staked. A 100 stake wins 2,300.00 and returns 2,400.00. The implied probability is 4.17%.
What is 23/1 in decimal odds?
23/1 is 24.00 in decimal odds: divide the top by the bottom and add 1.
What is 23/1 in American odds?
23/1 converts to +2,300 in American odds.
Is 23/1 a good price?
A price is good only relative to the true chance. 23/1 implies 4.17%; if you believe the outcome is more likely than that, the price has value. Compare it with a devigged market to check.
Why do bookmakers use a ladder of fractions?
Tradition and readability: prices such as 6/4, 100/30 and 11/10 are quoted instead of their reduced forms because they are what racecourse bookmakers have always used. Decimal odds show the same prices with finer steps.