Betting Odds & Probability
To comprehend betting odds and convert odds from one format to another, we must first comprehend the concept of chance.
The probability of an event occurring is defined as chance. It is frequently stated in percentages, also known as the probability.
Let’s throw the dice.
Each outcome has a probability of 1 out of 6 when a die is rolled.
The odds of the dice landing on any of the six numbers are the same. In percentage terms, this means that any of the six numbers has a 16.66% chance of appearing.
How Is This Determined?
Divide 100% by the six potential possibilities.
Quick Reference Guide for Converting Odds in 1Win Id
The formulas for translating popular odds formats to probability and probability to popular odds formats are provided below by 1Win Id. Each is detailed in greater detail below.
| Probability Formula Conversion | Formula |
|---|---|
| How to convert decimal odds to probability | 1 / decimal odds |
| How to convert fractional odds to probability | denominator / (denominator + numerator) |
| How to convert minus moneyline to probability | minus moneyline / (minus moneyline – 100) |
| Converting plus moneyline to probability | 100 / ( plus moneyline odds + 100 ) |
| Convert To Odds Formula | Formula |
|---|---|
| How to convert probability to decimal odds | 1 / probability percentage |
| How to convert probability to fractional odds | (1 / probability percentage ) -1 |
| How to convert probability to minus moneyline odds | – ( implied probability / (1 – implied probability)) x 100 |
| How to convert probability to plus moneyline odds | (1 – implied probability) / implied probability x 100 |
Explanation of Betting Odds
Knowing how to convert odds to probability and other odds types can be extremely beneficial. Indeed, if you don't understand how to translate betting odds into implied probabilities, you're hurting your prospects in the competitive world of sports betting. Understanding the implied probability underlying the odds-on offer is critical for determining potential value in a certain betting market.
It is also crucial for determining the value associated with specific probabilities on a specific event. If the indicated chance of a given outcome is lower than your own assessed probability of that outcome occurring, that outcome constitutes a value betting opportunity.
A Guide to the Three Most Common Odds Formats of 1Win Id
Please continue reading if you want to learn how to convert odds to probability and how to transform implied probability to various odds formats. This article discusses in detail how to convert the world's three most used odds formats – decimal, fractional, and American – into implied probabilities, as well as how to convert an implied probability into either of these odds types.
If you see odds in fractions, decimals, or American format, you can change them using easy math formulas. To convert decimal odds to fractions, subtract 1 and simplify. To convert fractions to decimals, divide the top number by the bottom and add 1. To convert American odds to decimals, divide the positive number by 100 and add 1, or divide 100 by the negative number and add 1. Different bookmakers may use different formats, so make sure you know which format your bookmaker is using.