Bookies from around the world use various odds formats and this can be very perplexing. Canada and the United States utilize American Odds, also called Moneyline Odds. In Europe most countries utilize Decimal Odds, also called European Odds, except for the UK which utilizes Fractional Odds. In Asia there are many odds formats; the majors being Indonesian Odds Hong Kong Odds and Malay Odds. The fantastic thing is that regardless of what the payout for amount, the chances format staked stays the same. I’ll explain more, however, first note: using the odds converter to the left you can easily convert 1 set of odds to all other formats.
What is Implied Probability?
Implied Probability is how frequently a wager should win on ordinary to break even over the long haul. When betting at even money, if we win half our stakes and loses half our stakes we’d web even. Hence the implied probability at money is 50%. In case a bookie was giving us 2-to-1 and we lose twice and triumph after we are even. Therefore at 2-to-1 the suggested odds is 33.33 percent. This really is the most important concept in sports gambling. All wagers, regardless of what the odds format, have an implied probability. A wise player calculates the chances a team is going to win (actual probability), then examines the suggested probability offered by the bookmaker. If the implied probability the bookmaker is offering is significantly less than his calculated actual probability he bets, if not he does not bet.
Obviously it’s possible to use our chances converter on this page to calculate the implied probability for any set of chances. But when not having this page available it is helpful to be aware of the formula. Where return is bet + win, that formula is risk/return probability. For example betting \$100 in 1/2 (American Odds: -200, Decimal Odds: 1.50) you are risk \$100 to win \$50. In this case the return on a win is \$150 (your \$100 stake + \$50 win), and the implied probability is \$100 Stake / \$150 Yield = 66.66%.