Odds types

There are three widely-used types of odds.

Decimal odds - European style:
Favoured in continental Europe, Australia and Canada, decimal odds differ from fractional odds in that the bettor must first part with their stake in order to make a bet, the figure quoted is the winning amount that would be paid out to the bettor.
For example, odds of 3.50 mean that the pay-out will be three and a half times the stake, or for each euro wagered, the pay-out will be €3.50.
Payout: €150 * 2.30 =€345
Profit: €345 - €150 =€195
Very easy to calculate! That is why decimal profit is most common format at online bookmakers.

Fraction odds - UK style:
Favoured by bookmakers in the United Kingdom and Ireland, fractional odds type the net total that will be paid out to the bettor, should he win, relative to his stake.
For example, odds of 6/10 mean that 6 units will be won with a stake of 10 units, or for every £10 wagered, the winning will be £6.
Payout: £100 * (1+ 7/8) =£187,5
PROFIT: £100 * 7/8 =£87,5

American odds - US style:
American odds are favoured by American bookmakers. There are two types of American odds, positive (E.g 220) or negative (E.g -220)

Positive American odds
The positive odds show you how much you will profit from a stake of $100. If your stake is $100 then it is easy to calculate the winnings. But since we don't place that kind of bets all the time, let's see how to calculate the payout and profit with normal stake.
Payout: Stake x (1 + US odds/100)
Profit: Stake x US odds/100

Example: 150$ bet on draw at odds +220
Payout: 150$ x (1 + 220/100) =480$
Profit: 150$ x 220/100 =330$

Negative American odds

Payout: Stake x (1 + 100/US odds)
Profit: Stake x 100/US odds

Example: 150$ bet on Home win at odds -220
Payout: 150$ x (1 + 100/220) =218$
Profit: 150$ x 100/220 =68$