If you believe for example that the outcome has a probability of 50% and you find an odd of 5/2, you would get a great deal!įrequently asked questions about how to convert odds It's up to you to decide if the bookie's assigned probability is good or bad for you to bet. For example, with a fraction odd of 5/2, one can assume that the probability of that outcome is 28.57%. Implied probability is the probability of the outcome if you assume the odds are correctly priced. This article explains in detail how to convert the three most popular odds formats in the world - decimal, fractional and American - into their implied probabilities and how to convert an implied probability into either of these odds formats. If, however, you want to learn how to convert odds to implied probability and how to covert implied probability to various odds formats, please read on.
If the implied probability is less than your own assessed probability of a particular outcome occurring, that outcome represents a Understanding the implied probability behind the odds shown to you is key to assessing the potential value in aĪnd it is just as important when assessing the value that exists with regards to specific odds on a particular outcome. In fact, if you don't know how to convert betting odds into their respective implied probabilities, you're not helping your chances of success in the long term in the competitive world of sports betting. Having a basic understanding on how to convert betting odds can be very helpful. Simply by dividing 100% by the 6 possible outcomes. In percentages this means a 16.66% chance (or probability) of any of the six numbers to coming up. The chance of the dice landing on any of the 6 numbers is equal. Rolling a dice yields a probability of 1 out of 6 for each outcome. It is often expressed in percentages, also referred to as the probability. To first understand what betting odds are, we have to first understand the concept of chance.Ĭhance is the likelihood of an event happening. Moneyline odds are also know as American.If it is negative, the amount quoted is what you would need to bet to win $100.If the moneyline is positive, the amount quoted is the amount you would win on a $100 bet.Based on a straight single bet (on a single outcome, without a points spread).
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