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Understanding Betting Odds & Implied Probability

Odds are not just payouts; they are probabilities expressed in a different language. To find value, you must be fluent in this language.
Answer-first

Betting Odds represent two things: the potential payout of a wager and the Implied Probability (the percentage chance) of that outcome occurring. Smart bettors do not look for "Winners"; they look for odds that imply a lower probability than reality.

On this page

1. Odds Formats

SAME ODDS, DIFFERENT LOOK

American: +150

Decimal: 2.50

Fractional: 3/2

> All three mean: Bet $100 to win $150 profit.

2. Implied Probability Conversion

This is the most critical skill in betting.

AMERICAN (+) CONVERSION

Formula: 100 / (Odds + 100)

Example (+150): 100 / 250 = 40%

AMERICAN (-) CONVERSION

Formula: Odds / (Odds + 100)

Example (-200): 200 / 300 = 66.6%

3. Finding Value

Value exists when: Your Probability > Implied Probability.

If you calculate a team has a 50% chance to win, but the odds imply a 40% chance (+150), you have a massive edge.

FAQ

Which odds format should I use?

Decimal odds (e.g., 2.50) are mathematically the easiest to use for calculating payouts and parlay multipliers.