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Probability Formula:
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The odds to probability conversion transforms betting odds into their implied probability, representing the likelihood of an event occurring according to the odds. This helps bettors understand the true value and risk associated with different betting options.
The calculator uses the probability formula:
Where:
Explanation: This formula converts decimal odds into their implied probability, showing the percentage chance of an outcome occurring as suggested by the odds.
Details: Understanding implied probability is crucial for successful betting. It helps identify value bets where the bookmaker's odds might be higher than the actual probability, potentially leading to profitable opportunities.
Tips: Enter decimal odds (must be greater than 0). The calculator will provide both decimal and percentage probability values.
Q1: What are decimal odds?
A: Decimal odds represent the total return for a winning bet, including the original stake. For example, odds of 2.50 mean you would receive $2.50 for every $1 wagered.
Q2: How does probability relate to betting value?
A: If your calculated probability is higher than the implied probability from the odds, you may have found a value bet with positive expected value.
Q3: What is a good probability percentage?
A: There's no universal "good" percentage - it depends on the specific event and your risk tolerance. Generally, probabilities above 50% indicate a favorite, while below 50% indicate an underdog.
Q4: Can this calculator handle fractional odds?
A: No, this calculator is designed for decimal odds only. Convert fractional odds to decimal first (divide numerator by denominator and add 1).
Q5: Why is the probability always less than 1?
A: Because the formula accounts for the bookmaker's margin or "vig," which ensures the total probability of all outcomes exceeds 100%, guaranteeing the bookmaker a profit.