When it comes to sports gambling, the role of odds is fairly considerable. They are the determining factor whether the wager you want to place is worth it or not. As a bettor, you cannot bet on a particular sport until you have clarity on the odds. Also, the most important thing is to calculate the winning probability using the odds. However, the math behind the odds to probability formula is simple to understand. But, unless you have a fair understanding of the formula, it is not worth dealing with the odds.
What are the odds?
There are mainly three types of odds as Moneyline odds, Decimal odds, and Fractional odds, respectively. The whole betting revolves around these odds, and bettors are required to know them closely. It is the best thing about betting odds that one odd can be converted into another for calculating the probability. The key thing to discover is the winning prospect. You must see if it is greater than the prospect shown in the odds.
Now see how the odds to probability formula works.
Nevertheless, odds require intricate calculations to understand. But, it is quite easy to calculate probability once you grasp a full understanding of how to read them.
In order to compute probability with these odds, divide the lowest number by the sum of odds. Then multiply the result by 100, and you will get the result.
For example: if odds are 3/7, then 3(3+7)*100 = 30 percent implied probability.
These odds will let you compute probability by diving 1 with decimal odds and then multiplying the result to 100.
If the odds are 3.7, then 1(3.7)*100 = 27.02 percent is your implied probability.
You can convert probability using negative and positive odds individually. Suppose if the odds are -400 and +350.
For negative odds, you should divide 400(400+100)*100 = 80 percent chances to win.
For positive odds, you should divide 100(350+100)*100 = 22.2 percent chances to win.
Similar to the probability, you can also compute the payouts with simple formula with all these odds. You can follow the basic tips to nail the winning amount that is expected with winning a bet.
To Wind Up
Hope you have understood well about odds to probability formula thoroughly. There is basic mathematical calculation only, and you can find your results. So, calculate the prospect to win the bet and place wager carefully to win money.