• Betting Odds On Baseball
• Betting Odds As A Percentage Decrease

Negative odds - Firstly multiply the american odds by -1 and use the positive value in the following formula: american odds divided by (the american odds plus 100), multiplied by 100 to give a percentage e.g. American odds of -300 = (300/(300+100)). 100 = 75%. Bucs, 2/7/21 Super Bowl 55 Betting Odds & Predictions Sunday, 07 February 2021 Super Bowl 55 Point Spread Prediction After opening briefly as a 3.5-point favorite for Super Bowl 55, the Chiefs have remained a 3-point favorite over the Bucs for most of the two weeks leading up.

When it comes to gambling, you won’t be able to find two more essential concepts than odds and probability. They are what makes the entire thing work. Odds are used to calculate both the payout a gambler can expect to receive from a winning wager and the implied odds of an outcome happening. Probability is just the likelihood that a given result will occur.

One essential concept to remember is that while probability and odds are both related and may seem very similar, they aren’t exactly the same thing. Probability represents the likelihood that something will happen.

Betting Odds On Baseball

It is calculated by dividing the number of wanted results by the total number of possible outcomes. Odds, on the other hand, present a ratio of wanted results to unwanted outcomes.

There are three primary ways of expressing odds. They are decimal, fractional, and moneyline (or American). No matter what odds format you use, these three types of odds all represent the same thing.

In fact, it is easy to convert one format to another, as you will see further down this guide.

Beyond governing how the entire world of sports betting works, odds play a vital role in helping a sports bettor decide if a bet is worth placing or not. All odds carry with them an implied probability, which we then compare to the real probability to determine whether a wager possesses positive value or not. A rule to live by in the gambling world is only to place bets with positive value.

Let’s say we are gambling on the outcome of a single coin flip. Because there are only two sides of a coin, we know that each result has a 50% probability of occurring. For the sake of this example, we are betting tails. We can calculate this like so:

Our desired outcome is for the coin to land on tails, so there is one desired outcome.

We divide the amount of desired outcomes by the total amount of outcomes possible, then multiply the result by one hundred to get the probability. The formula looks like this:

1/2 = 0.5 X 100 = 50%

Now that we know the probability, let’s look at the odds being offered on this bet. For some reason, the odds for heads are set at -300, while tails are +260. This would be a very odd occurrence for such a bet but bear with me. Now we must calculate the implied probability of both lines being offered and determine which bet contains the most value.

First, we will solve the implied probability for heads. I find it easiest to convert the moneyline value to decimal odds before converting to a percentage:

Now we take our decimal odds and convert them to a percentage:

This means the implied odds are a much higher percentage than the actual 50% probability that we already calculated. A bet on heads here would be a terrible decision with a negative value.

Now we will solve for tails:

In this instance, the probability of tails landing far outweighs the implied probability determined by the odds being offered. This is a high-value bet.

Calculating the real probability and comparing that number to the implied probability set by the odds is the primary strategy with which one should approach every bet.

Understanding how to calculate betting odds and find value bets is essential to your long-term success in gambling.

In this guide, we will show you how to convert any format of odds to any other, as well as how to find the implied odds from any type of odds.

Types of Odds Formats

Decimal

Decimal odds are the favorite way to express betting lines in Europe. They are the most straightforward method of communicating odds. The decimal value is the amount that will be returned per each dollar bet. What makes this system particularly helpful is that both the amount staked and the winnings are included.

So let’s say we made a $10 bet at 3.5 odds. Our total return for winning that wager would be $35. $25 is the profit, with the other $10 being the return of our stake.

Fractional

Fractional odds are most commonly found at racetracks or for futures bets when there are entire pools of participants that can possibly win. This format expresses odds in the form of fractions such as 4/1, which would be pronounced “four-to-one.” Four-to-one odds means that you will earn $4 for every $1 that you stake.

Sometimes the fractions will be less straightforward. You may see numbers like 9/2, for example. To calculate the return on a 9/2 bet, let’s pretend that we bet $20 at 9/2 odds for a horse race.

Unlike decimals, fractional odds provide the total payout. They calculate the winnings only. To determine the total amount that you will receive for a winning bet, simply solve the equation above and add $20 to the total. So the formula looks like this:

Moneyline/American

The moneyline system of presenting odds utilizes negative and positive three-digit values to represent which bets are favored or underdogs. A positive number means that a play is considered the underdog. The quantity after the “+” is the amount that will be won for every $100 bet.

On the other end of the spectrum, favorites are displayed with a negative value such as -350. This means that you must bet $350 to win $100. Moneyline odds only calculate the amount potentially won on a bet, and not the total payout.

Calculating Odds

To learn how to calculate odds, let’s make things a bit more interesting with a switch from a coin toss to a roll of a six-sided die. The wager that we are making is that the die will land on 3. In this example, we are looking at one desired outcome. If there are six possible outcomes on a roll of the die, and only one outcome is desirable, that means there are five undesirable results.

Because we are calculating the odds, not the probability, we are expressing a ratio of desirable results to undesirable results. In this example, the ratio would look like this:

That means there’s one chance that we will win versus five that we will not. It is important to keep in mind that we are not calculating how likely we are to win, only the ratio of good results to bad.

Now we can calculate the odds against us winning, as well as the odds in favor of a win. To calculate the odds in favor, simply divide the one possible desired outcome by the total outcomes possible.

Conversely, the odds against our win can be solved the same way:

Converting Probability to Odds

You may want to calculate an odds ratio based on a particular probability. In order to solve this equation, we will need to express the probability as a fraction. Using the same six-sided die from before, the possibility of our number landing formatted as a fraction is 1/6.

Next, just subtract the numerator from the denominator:

The answer once again gives us the number of unwanted possible results. Now we just present the odds in ratio form, bringing us to 1:5 odds.

To solve for probability given an odds ratio, we merely reverse the equation. First, we put our odds ratio in fraction form:

Add the numerator and denominator together, which will give us the total number of potential results:

Last, just put the number of wanted outcomes over the total outcomes possible, and we’ve got our probability again!

Converting Odds

There are numerous odds calculators available online that are probably faster to use, but it’s still best that you understand the formulas for converting different odds types to other formats. Below are all of the equations required to transform any kind of odds to any other arrangement.

The odds always stay the same; they are just represented differently. At times, being able to convert formats can be extremely helpful, especially when switching to decimals when solving for implied probability.

Moneyline to Decimal

To convert positive moneyline odds, the equation is:

(Moneyline odds/100) + 1 = Decimal odds

To convert negative moneyline odds, the equation is:

(100/Moneyline odds) + 1 = Decimal odds

Moneyline to Fractional

To convert positive moneyline odds, the equation is:

(Moneyline odds/100) = Fractional Odds

To convert negative moneyline odds, the equation is:

-100/Moneyline odds = Fractional Odds

Fractional to Decimal

(Numerator/Denominator) + 1 = decimal odds

Fractional to Moneyline

(Numerator/Denominator)

If the result is greater than or equal to 1:

100 X (Answer) = Moneyline odds

If the result is less than 1:

-100/(Answer) = Moneyline odds

Decimal to Fractional

Decimal odds – 1 = X

Put X over 1

Example:

• 3.5 – 1 = 2.5
• 2.5/1 = 5/2
• 3.5 decimal odds = 5/2 fractional

Decimal to Moneyline

If decimal odds are greater than 2:

100 X (decimal odds – 1) = Moneyline odds

If decimal odds are less than 2:

-100/(decimal odds -1) = Moneyline odds

Calculating Implied Probability

To make use of our calculations solving for real probability, we must also determine the implied probability. Implied probability converts odds into a percentage.

That percentage can then be compared to the actual likelihood of an event happening, which allows for intelligent decision making.

In the early coin toss example, we converted our odds from moneyline to decimal before solving for the implied probability. This is not necessary but is often the easiest way to complete the calculation.

From Decimal Odds

Finding implied probability from decimal odds is extremely easy. Let’s say the decimal odds are 2.5.

• 1/2.5 = 0.4
• 0.4 X 100 = 40% Implied Probability

From Moneyline Odds

Calculating implied probability for a -150 favored moneyline bet:

• (- (-150)/((-(-150)) + 100 =
• 150/(150 + 100) = 150/250 = 0.6
• 0.6 X 100 = 60% Implied Probability

Betting Odds As A Percentage Decrease

Calculating implied probability for an +250 underdog moneyline bet:

• 100/(250 + 100)
• 100/350 = 0.2857
• 0.2857 X 100 = 28.57% Implied Probability

From Fractional Odds

Denominator/(denominator + numerator) X 100

• Calculate the implied probability of 15/2 odds.
• 2/(2 + 15) X 100 = 2/17 X 100 =
• 0.12 X 100 = 12 % Implied Probability

In Conclusion

Understanding what odds and probabilities are, and being able to calculate both, are fundamental skills that anyone aspiring to find any success in sports gambling must possess. The two concepts are closely related and always intertwined, but they are not the same thing.

Odds are represented in ratios of wanted results to unwanted results, while probability is a calculation of wanted outcomes divided by all possible results. Whatever number that calculation produces is the percentage of likelihood that the outcome we want will occur.

To judge whether a bet is worth making or not, calculate both the real probability and the implied probability given by the odds being offered. If the actual likelihood is higher than what’s being suggested by the odds, that bet possesses value and should be wagered on. However, if the implied probability is higher, the gamble has a negative value and should be avoided.

Some of these concepts may seem confusing now, but the more you focus on value and calculating odds and probabilities, the easier betting becomes. No longer will you fall for suckers bets offering negative value, nor will you merely make picks based on who you think should win.

The sooner your betting habits become all about identifying valuable odds and betting accordingly, the sooner you’ll see your bankroll start increasing. And that entire process begins with calculating betting odds, so you’ve come to the right place.

Knowing how to convert units and bets can be very useful. If you do not know how to convert odds for their respective probabilities, you will not actually help your chances of getting away as a long term winner in the competitive world of sports betting. Understanding the likelihood of the odds being offered is the key to assessing the potential value of a particular game market. And that is just as important when considering the value that exists with regard to specific odds on a given result. If the probability is less than your own probability of a particular result, it represents a value for betting. But if you want to learn how to convert odds to probability and how to hide the probability of different odds formats, read on.

This article explains in detail how to convert the three most popular formats odds in the world – decimal, traditional and American – to their probabilities and how to convert a probability to any of these odds formats. Our Odds Conversion Calculator will also convert a odds probability. Want to know which 70% probability is represented as in “Decimal Odds”? Forest odds conversion tools will show you. Just enter the probability as one percent and our odds conversion tool will do the rest.

How to convert odds – step by step

There are three basic steps to converting odds.1. Understand the odds format by answering the question: Are the odds you want to convert Decimal, Traditional or American? 2. Convert the odds to their probability.3. Convert the probability of your preferred odds format.

For example, “Decimal Odds” of 3.00 is a 33.3% probability, which can then be converted into traditional odds of 2/1.

This article discusses this process of unequal conversion in detail using step-by-step real-life examples. If you are new to betting odds and probabilities, the table below gives a good introduction and overview.

Convert “decimal odds”

“Decimal Odds” is a simple reflection of the return you get for each unit. Let’s say, for example. Say the bet company Bethard offers 1.65 odds for Manchester United to win. This means that for every 1.00 you bet on that specific result, you get a 0.65 win if Manchester United wins.

To convert these odds to their respective probabilities, we make a simple calculation.

Convert “Decimal Odds” to probability formula:

Let’s look at an example where Diego Costa gets a yellow card where the odds are 1.65.

Example: How to convert “Decimal Odds” to the probability

Then multiply by 100 to express a probability percentage of 60.6%.

Convert traditional odds

Traditional / British odds are generally the most traditional form of betting. They are a simple reflection of the return you receive for a certain amount.

So for example, let’s say that the gaming company Ladbrokes offers 5/2 odds for a particular horse to win a race. Odds 5/2 (expressed as “5 to 2”), which means that for every 2 units you bet, you get 5 back as a win. So if you bet 200kr. On that horse, you would have received 500kr. win plus your original bet of $ 200. back.

Convert traditional odds to probability formula:

Let’s look at an example where Diego Costa gets a yellow card where odds are 5/2.

Example: How to convert traditional odds to probability

Then multiply by 100 to express a probability rate of 28.57%

Convert Moneyline Odds

Moneyline odds, also known as “US odds”, are probably the oddest odds format for us outside of North America. And at first, they seem a little confusing. Understand what these odds mean when listening to Americans talking about sports betting or podcasts. Let’s see how we can convert Moneyline odds to their respective probabilities.

There are two cases of Moneyline odds: “minus” money and “plus” money.

The first is “minus” money. This is expressed as, for example, -120. But what does that really mean? Say the game company offers odds of -120 for the Los Angeles Lakers to win a fight. This essentially says that in order to win 100 crowns, you must bet 120 kroner. In other words, if you add $ 120, you get a $ 100 profit.

The second occurrence is “plus” money. This is expressed as, for example, +180. In this case, we say that the gaming company Winner Sports offered 1-0 odds for the New York Yankees to win a game. This simply means that if you bet £ 100, you will win £ 180.

So how do we convert “minus” and “plus” moneyline odds to their probability? Let’s start with the “minus” moneyline conversion:

Convert “minus” money line odds to probability:

So let’s take an example where Titanbet offers the following odds: San Diego Chargers wins against New England Patriots with odds -120.

Example: How to convert ‘minus’ moneyline odds

Multiplied by 100, we get the probability of 54.5%.

Converting a “plus” money line is a little different. Calculate the probability of these looking like this:

Convert “plus” money line odds to probability chance:

So let’s take an example where Mr. Green offers odds +180 for the Los Angeles Lakers to win against the Miami Heat.

Example: How to convert ‘plus’ moneyline odds

Then multiply by 100, we get the implied probability percentage 35.7%.

So, this was our guide on how to convert units and odds easily. If you like this article and want to stay updated with TrendMut then fill the form and click the subscribe button below.