1. What Are Betting Odds?
Betting odds represent the likelihood of a specific outcome in a sporting event, provided by bookmakers. Understanding these odds is crucial because they help you evaluate the risk and reward associated with each bet. Bet Better’s odds comparison tool allows you to see odds from multiple bookmakers, ensuring you always get the best value.
2. Converting Odds to Implied Probability
Implied probability is the likelihood of an event occurring, as implied by the betting odds. To calculate this, you can convert odds into percentages:
- Decimal Odds: Divide 1 by the decimal odds and multiply by 100 to get the implied probability percentage.
- Fractional Odds: Divide the denominator by the sum of the numerator and denominator, then multiply by 100.
- American Odds: For positive odds, divide 100 by the odds plus 100; for negative odds, divide the odds by the odds plus 100.
Bet Better's implied probability calculator simplifies these conversions, enabling you to assess the likelihood of any outcome with ease.
3. Identifying Value Bets
A value bet occurs when the implied probability of an event is lower than the actual probability of it happening. By comparing implied probabilities with your own data-backed assessments, you can spot value bets. Bet Better’s data analytics help you calculate and identify value opportunities by analyzing past performance and odds movements.
4. Using Implied Probability in Your Strategy
Incorporating implied probability into your betting strategy helps you make more informed decisions. Rather than betting based solely on intuition, you’ll be using statistical insights to guide your choices. Whether you’re betting on the moneyline, spreads, or over/under, understanding implied probability gives you a crucial edge.