1.4 How betting odds show the probability to win

 

Betting odds in not only a reflection of how much you win, but they also show you the probability to win the event.

To convert these odds to their respective implied probabilities we make a simple calculation. 


 

Implied Probability = 1 / (decimal odd).


 

For example:

  • Decimal odd = 3.00

  • Implied Probability = 1 / 3.00 = 0.33 or 0.33 * 100 = 33%