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Rolling a dice yields a probability of 1 out of 6 for each outcome. The chance of the dice landing on any of the 6 numbers is equal. In percentages this means a How is this calculated? Having a basic understanding on how to convert betting odds can be very helpful. 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.

Understanding the implied probability behind the odds shown to you is key to assessing the potential value in a particular betting market. And it is just as important when assessing the value that exists with regards to specific odds on a particular outcome.

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. 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.

Implied probability is the probability of the outcome if you assume the odds are correctly priced. It's up to you to decide if the bookie's assigned probability is good or bad for you to bet. First subtract 1 from the odd, then convert to a fraction with the odd as numerator and 1 as denominator. Then reduce this fraction to the simplest from. For example, to convert 1. Before placing a bet you should always compare odds. A pro knows that when you place a bet you must have an advantage.

Betting on the "feeling" is the strategy used by most amateurs and that's the reason why they keep loosing money. Ofcourse not! That's why having the best odd available is a key principle for making money with sports bets. Keep in mind that when rounding values on odds converter you might see some discrepancies. For example, when you use an odds converter to convert decimal 1. While this conversion to So if you're betting on the Packers at against the Vikings, that means Green Bay is a slight favorite.

And the number represents the total return , not just the profit like American and fractional odds. The Packers would be 1. The Vikings would be 2. Fractional Odds are used primarily in the UK and Ireland. Few bettors use fractional odds for betting sports other than horse racing , because the conversions to understand return are difficult.

To calculate winnings on fractional odds, multiply your bet by the top number numerator , then divide the result by the bottom denominator. Odds correlate to the probability of a team winning, which is the implied probability. A favorite has about a To calculate implied probability, use the following formulas:. As a responsible bettor, it is important to understand proper bankroll management.


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