1. What is Probability from Odds?

The probability calculated from betting odds represents the implied chance of an event occurring according to the odds offered. It's a conversion from the bookmaker's odds to a percentage probability.

2. How Does the Calculator Work?

The calculator uses the probability formula:

Where:

• \( P \) — Probability (0-1)
• \( Odds \) — Decimal betting odds (must be ≥1.01)

Explanation: The formula converts decimal odds to their implied probability. For example, odds of 2.00 imply a 50% chance (1/2.00 = 0.5).

3. Importance of Probability Calculation

Details: Understanding the implied probability helps bettors assess whether the odds represent value compared to their own assessment of the true probability.

4. Using the Calculator

Tips: Enter the decimal odds (e.g., 1.50, 2.75, 4.20). The calculator will return the implied probability as a percentage. Odds must be 1.01 or higher.

5. Frequently Asked Questions (FAQ)

Q1: What's the difference between probability and odds?
A: Probability represents the chance of an event occurring (0-1 scale), while odds represent the ratio of event occurring to not occurring.

Q2: How do I convert fractional odds to decimal?
A: Divide numerator by denominator and add 1 (e.g., 5/2 = 2.5 + 1 = 3.5 decimal odds).

Q3: What does a 25% probability mean?
A: It means the event is expected to occur 1 in 4 times based on the given odds.

Q4: Why do probabilities from odds add up to more than 100%?
A: Bookmakers build in an overround (vigorish) to ensure profit, making the sum of implied probabilities exceed 100%.

Q5: How can I use this for value betting?
A: If your calculated probability is higher than the implied probability from the odds, it may represent a value bet.