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).
Decimal odd = 3.00
Implied Probability = 1 / 3.00 = 0.33 or 0.33 * 100 = 33%