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Probability Formula:
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The betting odds to probability conversion calculates the implied probability of an outcome based on given decimal odds. This helps bettors understand the true likelihood of an event occurring according to the odds offered.
The calculator uses the probability formula:
Where:
Explanation: This formula converts decimal betting odds into their implied probability equivalent, showing the percentage chance of an outcome occurring according to the odds.
Details: Understanding implied probability is crucial for value betting, bankroll management, and making informed betting decisions. It helps identify when odds may be overvalued or undervalued.
Tips: Enter decimal odds (must be greater than 0). The calculator will return the implied probability as a percentage.
Q1: What are decimal odds?
A: Decimal odds represent the total return for a winning bet, including the original stake. For example, odds of 3.00 mean a $1 bet would return $3 ($2 profit + $1 stake).
Q2: How does this differ from fractional odds?
A: Decimal odds are simpler to calculate with as they represent the total return, while fractional odds show the profit relative to stake. The conversion formula differs for fractional odds.
Q3: What does a 50% probability mean in betting?
A: A 50% implied probability suggests the event is equally likely to happen or not happen, which would typically correspond to decimal odds of 2.00.
Q4: Why is the probability always less than 100%?
A: Bookmakers build a margin into their odds (overround), so the sum of probabilities for all outcomes in an event will exceed 100%, ensuring profit for the bookmaker.
Q5: How can I use this for value betting?
A: Compare the implied probability from bookmakers' odds with your own assessment of the true probability. If your probability is higher, you may have found a value bet.