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Converting Moneyline Odds to Probability in 22Bet Id

Moneyline odds in 22Bet Id, sometimes known as 'American odds,' are the most foreign odds format to those of us who live outside of North America. And they appear to be a little perplexing at first. However, understanding what these odds imply is beneficial, especially when listening to Americans discussing gambling odds in sports broadcasts or podcasts. So, let's look at how we can turn Moneyline odds into implied probabilities.

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Moneyline Odds Come In Two Varieties:

  • 'minus' moneylines
  • 'plus' moneylines
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The First Are Moneylines with a 'minus' Sign

This is stated as -120, for example.

What precisely does this mean? Assume a bookmaker is giving the Los Angeles Lakers -120 odds to win a game. This simply means that if you want to win $100, you must bet $120. In other words, if you bet $120 on such event, you will profit $100.

The Second Are Moneylines with a 'plus' Sign.

This is represented as +180, for example.

In this scenario, suppose a bookmaker has given the New York Yankees +180 odds to win a game. Simply said, if you stake $100, you will win $180.

Converting 'Minus' And 'Plus' Moneyline Odds to Implied Probabilities?

Let us begin with the 'minus' moneyline conversion:

Using an implied probability calculation to convert'minus' moneyline odds:

Implied probability

 (minus moneyline 100) / (minus moneyline).

As an example, suppose a bookmaker proposes the following wager:

The New York Jets are favored by -120 points against the New England Patriots.

Converting'minus' moneyline odds to implied probability -120 (-120 - 100) = -120 / -220 = 0.545 = 54.5%

The implied likelihood percentage is 54.5% when multiplied by 100.

So, based on the odds of -120, the Jets have a 54.5% chance of winning the game.

Let us begin with the 'plus' moneyline conversion:

Converting a 'positive' moneyline is a little more complicated. The implied probabilities on these are calculated as follows:

Taking 'plus' moneyline odds and converting them to an implied probability formula:

Implied probability

100 divided by (plus moneyline odds multiplied by 100).

As an example, suppose a bookmaker provides odds of +180 for the Los Angeles Lakers to defeat the Miami Heat.

Example: How to calculate the implied probability of a 'plus' moneyline bet: 100 / (180 + 100) = 100 / 280 = 0.357 = 35.7%

The implied likelihood percentage is 35.7% when multiplied by 100.

Again, according to these odds, the Lakers have a 35.7% chance of winning the game.

How to Determine Odds on 22Bet Id Based on Probability?

Knowing how to convert one type of odds to another can be useful, especially if you have a big volume of betting data with odds formatted in an unusual manner.

To begin, we must convert any odds format to their implied probability. After that, the computations are quite straightforward.

Have You Ever Wondered What the Odds-on Cricket Mean?

Let's look at an example to see what I mean: India is due to play England in an ODI, with India having 1.67 odds of winning. So, what does this number represent? Betting odds are essentially a measure of the likelihood of an event occurring, sometimes known as "implied probability." In this scenario, the odds of 1.67 for India to win the match reflect the bookmaker's assessment of India's chances of winning.