In Gambling to calculate probability
Learning how to calculate implied odds from betting odds is key to assessing the possible value in a gambling market.
Implied odds is a conversion of betting odds into a percent. It takes into account the bookmaker perimeter to express the expected probability of an outcome happening.
Knowing how to convert betting odds into suggested probabilities is essential for gambling as it can help you assess the possible value on a certain industry. Once transformed, if the implied probability is less than your assessment, then it reflects betting worth.
The most common odds formats are decimal, American and fractional. The formulas below explain how to convert chances to implied probabilities.
For the examples below We’ll use Smarkets odds for the 2016 Australian Open final between Andy Murray and Novak Djokovic:
Player Decimal odds Fractional odds chances Implied probability Djokovic 1.20 1/5 – 500 83.3% Murray 5.50 9/2 +450 18.1%
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