1. What is Implied Probability?

Implied probability is the conversion of betting odds into a percentage that represents the likelihood of an outcome occurring. It's calculated as the reciprocal of the decimal odds.

2. How Does the Calculator Work?

The calculator uses the implied probability formula:

Where:

• \( P \) — Implied probability (0-1)
• \( Odds \) — Decimal odds

Explanation: The formula converts decimal odds into their implied probability equivalent.

3. Importance of Implied Probability

Details: Understanding implied probability helps bettors assess whether a wager offers value by comparing it to their own estimated probability of an outcome.

4. Using the Calculator

Tips: Enter the decimal odds (must be greater than 1). The calculator will return the implied probability as a value between 0 and 1.

5. Frequently Asked Questions (FAQ)

Q1: What's the difference between probability and implied probability?
A: Probability is the actual chance of an event occurring, while implied probability is what the odds suggest the chance is.

Q2: How do I convert implied probability to percentage?
A: Multiply the result by 100 (e.g., 0.25 → 25%).

Q3: What does it mean when implied probability is less than actual probability?
A: This suggests the odds may offer value, as the bookmaker is estimating a lower chance than you believe is accurate.

Q4: Can implied probability exceed 1?
A: No, the maximum implied probability is 1 (100%) when odds are 1.0.

Q5: Why do bookmakers' implied probabilities add up to more than 100%?
A: The overround (vigorish) is how bookmakers ensure profit, making the total implied probability exceed 100%.