1. What is Implied Probability?

Implied probability represents the conversion of betting odds into a percentage that shows the likelihood of an outcome occurring according to the bookmaker's assessment.

2. How Does the Calculator Work?

The calculator uses the implied probability formula:

Where:

• \( P \) — Implied probability (0-1)
• \( Odds \) — Betting odds in decimal format

Explanation: The formula converts decimal odds into their implied probability equivalent. For example, odds of 2.0 imply a 50% chance (1/2.0 = 0.5).

3. Importance of Implied Probability

Details: Understanding implied probability helps bettors assess whether a bet offers value by comparing it to their own assessment of the true probability.

4. Using the Calculator

Tips: Enter the decimal odds (must be greater than 1.00). The calculator will output the implied probability as a percentage.

5. Frequently Asked Questions (FAQ)

Q1: What's the difference between implied and true probability?
A: Implied probability includes the bookmaker's margin, while true probability represents the actual chance of an outcome.

Q2: How do I convert fractional odds?
A: First convert fractional odds to decimal (e.g., 5/2 = 3.5) before using this calculator.

Q3: What does 100% implied probability mean?
A: This would correspond to odds of 1.00, which means the bookmaker sees the outcome as certain (though no book offers such odds).

Q4: Why do probabilities add up to more than 100%?
A: The excess over 100% represents the bookmaker's margin or "overround."

Q5: How can I use this for value betting?
A: If your assessed probability is higher than the implied probability, the bet may have value.