Odds Converter Probability

[Rosette Allaband]

Bettingodds calculator allows you to insert your odds and automatically convert them to American, Decimal, and Fractional odds. It also calculates the implied probability of the bet and the profit if the bet wins. The default wager is set at $100.

The way sports betting odds are presented can differ between American, Fractional, and Decimal. While they all mean the same thing, understanding how they work with your wager can be tricky. Use our betting odds and moneyline calculator tool above to convert these odds and learn more about them below.

American odds are presented in hundreds and thousands and are defined by the positive (+) or negative (-) value assigned. An easy way to think about American odds calculation is to think of them as currency exchanges in $100 increments.

Instead of using positive and negative values or fractional equations, decimal odds display a simple value that you multiply your bet amount by to calculate your profit (money won) and overall return (profit and original risk amount).

If the larger number is being divided by the smaller number, such as 3/1, then the odds will pay out more than the original bet risked. But if the smaller number is divided by, the larger number, such as 1/3, then the odds will pay out less than the original bet risked.

You can also define your odds conversion to a specific bet amount to see your expected profit if that wager should win. Odds with lower implied probability have larger risk and therefore pay out more compared to odds with higher implied probability and lower risk.

Yes, our odds calculator shows the implied probability of winning your bet outright in an easy to read percentage. For example, a wager at +200 in American odds (2/1 in fractional or 3.00 in decimal) has a 33.33 percent implied winning probability.

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Convert odds into probability and percent chance of winning and losing. This calculator converts odds for winning or odds against winning into percentage chance for winning or losing. It also calculates the fractional odds.

It's important to understand how to read odds especially if wagering is involved. If you are using sports teams odds or betting odds and see the odds are 9/2, this is most likely odds against winning.

When playing a lottery or other games of chance be sure you understand the odds or probability that is reported by the game organizer. A 1 in 500 chance of winning, or probability of winning, may be reported as "1 in 500" or "1 out of 500." You may also see odds reported simply as chance of winning as 1:500.

These all most likely mean 1 chance of winning out of 500 total possible outcomes. Therefore, in terms of odds, this means "1 to 499 odds for winning" which is exactly the same as "499 to 1 odds for losing."

For example, a Pick 3 lottery has a total of 1000 possible outcomes, from 000 to 999. So a single bet, say 123, has a 1 in 1000 chance of winning. The chance of winning is 1 out of 1000, while the chance of losing is 999 out of 1000. Therefore, A:B = 1:999 and that is what you would enter into this calculator to find the probability.

If you win, you get paid as if your chance of winning is 2.778% but, you really only have a chance of winning of 2.632%. This is a disadvantage for you. Putting it another way, you are being paid as if your chance of losing is only 97.22% but in reality, your chance of losing is 0.15% greater at 97.37%. You are not being compensated on the true odds because the house is taking a roughly 0.15% cut on every payout.

The probability over time, if you were paid true odds, is that you would break even. Since with implied odds or betting odds you win less often than the true odds, the probability over time is that you will always lose money.

This odds conversion tool converts between US, decimal, fractional, Hong Kong, Indonesian, Malay odds, and implied probability. Enter any one of the seven and the other six will be computed and displayed.

Fractional odds are still popular in pari-mutuel betting situations like horse racing. Additionally, fractional odds are also popular in sports betting in the U.K.

Fractional odds display the profit you'll make relative to your stake. For example, 3/1 odds indicate that you'll win $3 for every $1 you wager.

Implied Odds take the odds that a sportsbook gives and shows the percentage probability of an outcome occurring, allowing you to make better-informed betting decisions. For example, if the implied odds are 33%, it means there's a 1 in 3 chance of that outcome happening.

Being able to move between different odds formats is important for bettors who may be approaching markets that are displayed in varying odds formats. The Odds Converter will allow you to translate odds between American, fractional or decimal.

The odds converter instantly converts fractional, decimal and moneyline odds into your chosen format and gives you the implied probability of the event occurring. For more information on betting odds and how they work, please see my Betting Odds Explained guide.

With fractional odds, you also get your original stake back. In the 9/1 example, you win 9 plus your original 1 stake you handed over to the bookmaker for a total return of 10. Some more examples are below.

Betting exchanges display their odds in decimal form, whereas online bookmakers favour fractional odds by default. You can change to decimal odds on your bookmaker settings page for ease of comparison.

One of the most popular is a tried and tested technique called matched betting. When bookmakers offer a free bet or promotion, they effectively put the odds in your favour and allow you to make money from them in the hope that you will keep betting and lose money in the long term.

Matched betting exploits this. When a bookmaker offers a free bet, you can cover all outcomes of an event to claim the free bet for an overall loss of just pennies. You then have a free bet to use. You can either hope this wins or repeat the process of covering all outcomes to extract about 80% of the free bet amount. You can make about 16 profit from a 20 free bet, no matter the outcome of your bets. Bookmakers know this opportunity exists but continue to offer free bets and promotions as they know most people will bet casually and go on to lose money.

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Chance can be expressed either as a probability or as odds. In most contexts, there is no particular reason to prefer one over the other. Most scientists tend to feel more comfortable thinking about probabilities than odds, but that is a matter of training and custom, not logic.

Fractional Odds commonly used by bookmakers in the U.K. are notincluded as the transformation of these Odds is not very well definedand Fractional Odds are not used outside of the U.K and have beenlargely replaced by Decimal Odds.

Bookmakers will include a margin to their betting odds that willincrease the total probability of the offered odds above 100%. If abookmaker would offer a coin flip instead of offering 50% for heads and50% for tails the bookmaker would have 51% for heads and 51% for tailsfor example thus guaranteeing that they would make a small profit forevery wager on the coin flip.

As rowwise() slows down the calculation and the calculation of fairvalues for Home and Away odds is a common use case odds.fv() has anoption (Vectorized2wayOutput1stElement = TRUE), which can speed up thecomputation significantly for this specific use case.

An implied probability calculator is a tool used to convert betting odds into a probability percentage. With a range of odds types used by different sportsbooks globally, using an implied probability calculator can allow bettors to transform confusing odds into easily understandable percentages.

Not only can using an implied probability calculator save bettors the time and effort of converting odds manually using a formula, but it can ensure they avoid miscalculations that can (and often do) prove costly.

Bonus Feature: As well as being able to convert all three main odds types into a percentage, our calculator automatically converts your odds into the equivalent across the other two types, should you want to compare.

You type both figures into the implied probability calculator one-by-one. You see that, according to the sportsbook's betting line, the Lions have a 75% chance of winning the game and the Patriots a 34.48% chance of winning the game.

You don't need to read this section to be able to calculate implied probability - our handy calculator does that for you. But if you're curious to know the maths behind how to calculate implied probabilities, this section is for you.

A clever process, matched betting (in a nutshell) involves placing bets to cover every outcome of a game to unlock a sportsbook promo, like a free bet, entirely risk-free. Once this has been unlocked, you repeat the process on another event using your free bet promo to guarantee a profitable payout without risking a dollar of your own cash.

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