Knowing how to convert betting odds can be of great help. If you do not know how to convert betting odds to their respective counterparts, you are actually not helping your chances of becoming a long-term winner in the competitive world of sports betting. Understanding the likelihood behind the odds offered is the key to assessing the potential value of a particular gaming market. And it is equally important when assessing the value that exists with regard to specific odds on a particular outcome. If the probability is less than your own estimated probability of a certain outcome occurring, than this result represents a value for betting opportunity.However, if you want to learn how to convert odds into probability and how to hide probability for different odds formats, read on. This article explains in detail how to convert the three most popular odds formats worldwide – American, decimal, and traditional to their probabilities and how to convert a probability to any of these odds formats. Our Odds Conversion Calculator will also convert probability to odds. Do you want to know what 60% probability is represented in “Decimal Odds”? Our odds conversion tool will show you. Just enter the probability as a percentage and our odds conversion tool does the rest.
Understand the odds format by answering the following question:
For example, a “Decimal Odd” of 3.00 will have a probability of 33.3% which can then be converted to traditional odds of 2/1. This article will look in detail in the process of odds conversion by using step-by- step real-world examples. If you are a newbie to the betting odds and probability market, the table below presents a good introduction and overview.
“Decimal Odds” is simply the return you get for each individual unit. For example, let's say that the betting company Bethard offers odds of 1.65 for Liverpool to win. What this means is that for every $100 you bet on the specific result you get a profit of 0.65 if the team wins.
To convert these odds to their respective counterparts, we use a simple calculation.
|Implied probability||=||1 / “Decimal Odds”|
Let's look at an example, in which the odds that a particular player gets a yellow card are 1.65.
|1 / 1.65||=||0.606||=||60.6%|
The number is then multiplied by 100 to express as an implied probability percentage of exactly 60.6%.
Traditional / British odds are generally the most traditional form of expressing betting odds. They are a simple reflection ofthe return you will get for a certain amount, So for example, let's say the gaming company Ladbrokes offers odds of 5/2 for a particular horse to win a race.
The odds are 5/2 (expressed as “5 to 2”) which means that for every 2 units you bet you get 5 back as a win, So if you bet $ 200 on that horse you would have received $ 500 profit plus your original bet of $ 200 back.
|Implied probability||=||denominator / (denominator + numerator)|
Let's look at an example, in which the odds that the player gets a yellow card is 5/2.
|5 / 2||=||2 / (2 + 5)||=||2 / 7||=||0.2857||=||28.57%|
Then multiply by 100 to express a probability percentage of 28.57%.
Moneyline odds, also known as “American odds” are the least popular outside of the U.S. At first, they might seem a little confusing. To understanding what these odds actually mean, you have to understand how this type of bet works. Let's see how to convert Moneyline odds to their respective probabilities. There are two types of Moneyline odds: a “minus” moneyline and a “plus” moneyline.
The first is the “minus” moneyline. This is written in the following form: ” -120″. But what does this mean? Say the betting company offers odds of-120 for the Los Angeles Lakers to win a match. This basically says that in order to win $100 you have to bet $120. In other words, if you spend $120 on that result you get a profit of $100. The second type is the “plus” moneyline. This is written as “+180”, for example. In this case, we find that the gaming company Winner Sports offered odds of +180 for the New York Yankees to win a match.
This means that if you bet $100, you will win $180. So how do we convert these moneyline odds to their probabilities? Let's start with the “minus” moneyline conversion:
|Implied probability||=||( – ( ‘minus' moneyline odds ) ) / ( – ( ‘minus' moneyline odds ) ) + 100|
For example, let's take the following bet: San Diego Chargers has odds of -120 to win a game.
|(- (-120) / ( (- (-120) ) + 100)||=||120 / 220||=||0.545||=||54.5%|
Multiply by 100, and we will get the implied probability percentage of 54.5%.
Converting a ‘plus' Moneyline is a bit different, however. Calculate the implied probability by following this method: on these look like this:
|Implied probability||=||100 / ( ‘plus' moneyline odds + 100 )|
Here is one example: Mr. Green offers odds +180 for Los Angeles Lakers to beat Washington Wizards.
|( 100 / 180 + 100 )||=||100 / 280||=||0.357||=||35.7%|
You can multiply the bet by 100, and get the implied probability percentage of 35.7%.