When betting on rugby (or any sport), bookmakers can display prices in different formats depending on region or preference. The three most common are decimal odds, fractional odds, and American odds, with some operators also using net decimal odds. While the formats look different, they all express the same thing: how much you stand to win for your stake.
To illustrate, let’s take a hypothetical Test match between New Zealand and South Africa. Bookmakers might price New Zealand at 1.44 (decimal) to win at home, while South Africa are offered at 2.90.
Decimal Odds (Common in Europe & South Africa)
Decimal odds are the simplest to understand and are widely used in South Africa, Europe, and Australia.
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Formula: Stake × Odds = Total Payout (includes your stake back)
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Example: New Zealand at 1.44
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R100 bet × 1.44 = R144 total return (R44 profit + R100 stake).
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South Africa at 2.90
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R100 bet × 2.90 = R290 total return (R190 profit + R100 stake).
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Net Decimal Odds (Older Style)
Net decimal odds are similar to decimal odds but show only the profit, not the total return. This format is less common nowadays but still appears in some places.
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To convert: Net Decimal = (Decimal Odds – 1)
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Example:
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New Zealand 1.44 decimal → 0.44 net decimal (44c profit for every R1 staked).
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South Africa 2.90 decimal → 1.90 net decimal (R1.90 profit for every R1 staked).
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Fractional Odds (Traditional UK Format)
Fractional odds are common in the UK and Ireland, often seen in horse racing but also used in rugby markets. They show the profit relative to the stake.
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Example:
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New Zealand at 4/9 (meaning R4 profit for every R9 staked).
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R90 bet → R40 profit + R90 stake = R130 total return.
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South Africa at 19/10 (meaning R19 profit for every R10 staked).
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R100 bet → R190 profit + R100 stake = R290 total return.
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American Odds (Common in the USA)
American odds work differently and are based around winning or staking $100. Favourites are shown with a minus sign (how much you must stake to win $100), while underdogs are shown with a plus sign (how much you win from a $100 bet).
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Example:
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New Zealand at -225 (you need to stake $225 to win $100 profit).
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Equivalent to 1.44 decimal.
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South Africa at +190 (you win $190 profit for a $100 stake).
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Equivalent to 2.90 decimal.
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Converting Between Formats
All formats can be converted into one another:
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Decimal ↔ Fractional: Decimal = (Fractional + 1)
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Decimal ↔ American: Positive American = (Decimal – 1) × 100; Negative American = -100 / (Decimal – 1)
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Net Decimal: Decimal – 1
Final Word
Although the numbers look different, all formats describe the same underlying probabilities and payouts. A New Zealand price of 1.44 (decimal) is the same as 0.44 net decimal, 4/9 fractional, or -225 American. Likewise, South Africa at 2.90 decimal is the same as 1.90 net decimal, 19/10 fractional, or +190 American.
Understanding the different formats ensures you won’t be confused when comparing odds across bookmakers or betting in different regions.