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Odds to Probability Conversion:
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Odds to probability conversion is the process of translating betting odds into their implied probability. This helps bettors understand the likelihood of an outcome as suggested by the odds.
The calculator uses different formulas based on the odds format:
Decimal Odds: \[ p = \frac{1}{\text{decimal odds}} \]
American Odds:
Positive: \[ p = \frac{100}{\text{odds} + 100} \]
Negative: \[ p = \frac{|\text{odds}|}{|\text{odds}| + 100} \]
Where:
Details: Understanding implied probability helps bettors identify value bets by comparing the bookmaker's assessment with their own probability estimates.
Tips: Select your odds format (decimal or American), enter the odds value, and click calculate. The calculator will show the implied probability percentage.
Q1: What's the difference between decimal and American odds?
A: Decimal odds represent total payout per unit bet (2.50 means you get 2.50 for every 1 bet). American odds show how much you need to bet to win 100 (+) or how much you win for a 100 bet (-).
Q2: Why is probability important in betting?
A: It helps determine if a bet has value. If your calculated probability is higher than the implied probability from the odds, it may be a good bet.
Q3: What does 50% probability mean in odds?
A: In decimal odds: 2.00, in American odds: +100 (even money).
Q4: How do bookmakers set odds?
A: Bookmakers use statistical models, expert knowledge, and adjust for market factors to set odds that reflect probabilities plus their margin.
Q5: What's a good probability for betting?
A: There's no universal answer, but generally you want bets where your estimated probability is higher than the implied probability from the odds.