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Oddschecker Probability Formula:
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The Oddschecker Calculator converts decimal odds into implied probability percentages. This helps bettors understand the likelihood of an outcome as implied by bookmakers' odds.
The calculator uses the probability formula:
Where:
Explanation: The formula converts decimal odds into the implied probability percentage that represents the bookmaker's assessment of an outcome's likelihood.
Details: Understanding implied probability helps bettors identify value bets, compare odds across different bookmakers, and make more informed betting decisions based on statistical probabilities.
Tips: Enter decimal odds (must be 1.01 or higher). The calculator will instantly convert them to implied probability percentage. Lower odds indicate higher probability, while higher odds indicate lower probability.
Q1: What are decimal odds?
A: Decimal odds represent the total payout rather than just the profit. For example, odds of 2.00 mean you receive $2 for every $1 bet (including your stake).
Q2: How does implied probability differ from actual probability?
A: Implied probability includes the bookmaker's margin. Actual probability is the true chance of an outcome occurring, while implied probability reflects the odds offered.
Q3: What is a good implied probability value?
A: Values above your own assessed probability may indicate value bets. Typically, probabilities above 50% indicate favorites, while below 50% indicate underdogs.
Q4: Can I use this for fractional or American odds?
A: This calculator is designed for decimal odds. You'll need to convert other odds formats to decimal first before using this calculator.
Q5: Why is there a bookmaker's margin?
A: Bookmakers build in a margin (overround) to ensure profitability. The sum of probabilities for all outcomes will exceed 100%, with the excess representing the bookmaker's margin.