Calculating Average Odds

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Wasn't sure where to put this. Seems like a stupid question, but I can't figure it out. I want to calculate my average odds (in American format) for some of my bets. So let's say I make 3 bets. 2 at -150, the other at +120. What's the average? Is there a formula I can use to calculate it?

[ChuckDee]

Covert the odds to decimal. So -150 would be 1.67 and +120 would be 2.20.You have two wagers at 1.67 and one at 2.20. So add the three together 1.67 + 1.67 + 2.20 = 5.54 / by the three wagers gives you 1.84 now convert that back to american odds which is roughly -120 avg.

[ChuckDee]

http://www.sbrforum.com/betting-tools/odds-converter/

[bink]

Covert the odds to decimal. So -150 would be 1.67 and +120 would be 2.20.You have two wagers at 1.67 and one at 2.20. So add the three together 1.67 + 1.67 + 2.20 = 5.54 / by the three wagers gives you 1.84 now convert that back to american odds which is roughly -120 avg.

Yeah, that's what I figured. Was hoping there was a way to save the trouble of having to convert them. Thanks.

[matekus]

Harmonic Mean

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For a more complete description of the alternative meanings of average odds, see the following posting: Average Odds

matekus

[RickySteve]

Wrong forum.