Type a price in any format — decimal, fractional, American or as a percentage — and see it in all the others, plus what it implies and what L$1,000 returns.
1.85 means L$85 profit on every L$100 staked, or L$1,850 returned on L$1,000. The implied chance is 1 ÷ 1.85 = 54.05%.
Fractional odds show profit only. 5/2 means you win L$5 for every L$2 staked, so a L$10 stake returns L$35 — which is 3.50 in decimal.
No. A better price is only value if it is higher than the true chance of the outcome. The implied probability column shows what the book is claiming.