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A $10 free bet on the odds of -400 is likely to succeed 80% of the time and will get you a $2.5 profit, so the expected value is just $2 (80% * $2.50). On the other hand, the same $10 bet on the odds of +1000 pays out $100 profit with the probability of 9.09%, meaning the expected value is $9.09 (9.09% * $100).
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So if you bet $100 at -200 odds, here would be the steps to calculate your winnings: $100 X (1/ ( abs (-200) /100)) $100 X (1/ ( 200/100 )) $100 X (1/2) = $50. If you are betting $100 on an underdog, the formula to calculate winnings is much simpler: $100 X (odds / 100). An example of betting $100 at +200 odds: $100 X (200 / 100) $100 X 2.
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