This is essentially saying that to win $100 you have to bet $120. What does this mean exactly? Well, let’s say bookmaker is offering odds of -120 for the Los Angeles Lakers to win a game. There are two instances of Moneyline odds: ‘minus’ moneylines and ‘plus’ moneylines. So, let’s see how we can convert Moneyline odds into their respective implied probabilities. But it is helpful to understand what these odds represent especially when listening to Americans speaking about gambling odds in sports broadcasts or podcasts. And at first they appear a little confusing. Moneyline odds, also known as ‘American odds’ are probably the most foreign odds format to those of us outside of North America. How To Convert Moneyline Odds To Probability So given the odds of 5/2, Chelsea are considered a 28.57% chance to win the game. Multiplied then by 100 to express as a implied probability percentage of 28.57% To convert these odds to their respective implied probabilities we make a simple calculation. This means that for every 1.00 you bet on that particular outcome, you will receive a profit of 0.65 should Manchester United win. How To Convert Decimal Odds To Probabilityĭecimal Odds are a simple reflection of the return you will receive for each single unit placed.įor example, let’s say bookmaker bet365 is offering odds of 1.65 for Manchester United to win. Or you can do it by hand by applying the formulas provided below the calculator. To convert your odds to implied probabilities or an implied probability to odds you can use an odds conversion calculator. They all reflect the same thing – the return you will receive as a ratio of the sum of money placed on a bet. Moneyline odds: represented as -120 or +140 etc. Fractional odds: represented as 5/2 or 3 to 2 ‘on’ etc.Decimal Odds: represented as 1.65 or 2.95 etc.How To Convert Odds To Probability Typically, there are three kinds of odds you will come across in the sports betting landscape. 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 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 value betting opportunity. Understanding the implied probability behind the odds on offer is key to assessing the potential value in a particular betting market.Īnd 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 in the competitive world of sports betting. Knowing how to convert odds to probability and alternative odds formats 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 understand betting odds and how to convert odds from one format to another, we have to first understand the concept of chance.Ĭhance is the likelihood of an event happening. (1 – implied probability) / implied probability x 100 How to convert probability to plus moneyline odds – ( implied probability / (1 – implied probability)) x 100 How to convert probability to minus moneyline odds How to convert probability to fractional odds How to convert probability to decimal odds Minus moneyline / (minus moneyline – 100) How to convert minus moneyline to probability How to convert fractional odds to probability How to convert decimal odds to probability You will find each further explained below. How To Convert Odds – Quick Reference Guideīelow you will find the formulas for converting popular odds formats to probability and the formulas for converting probability to popular odds formats.
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