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 derived from the odds offered by bookmakers.

2. How Does the Calculator Work?

The calculator uses the implied probability formula:

Where:

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

Explanation: The formula converts decimal odds into the implied probability that the event will occur.

3. Importance of Implied Probability

Details: Understanding implied probability helps bettors assess whether a wager offers value by comparing it to their own assessment of the true probability.

4. Using the Calculator

Tips: Enter the decimal odds (must be greater than 1). The calculator will show both decimal and percentage probability.

5. Frequently Asked Questions (FAQ)

Q1: What's the difference between probability and odds?
A: Probability is a number between 0 and 1 representing likelihood, while odds represent the ratio of success to failure.

Q2: How do I convert implied probability back to odds?
A: Odds = 1 / Probability. For example, a 0.5 probability converts to 2.0 odds.

Q3: What does a 25% implied probability mean?
A: It means the bookmaker is estimating a 1 in 4 chance of that outcome occurring.

Q4: Why is implied probability important in betting?
A: It helps identify value bets where your estimated probability is higher than the bookmaker's implied probability.

Q5: How do American odds relate to implied probability?
A: American odds can be converted to decimal odds first, then to implied probability using this calculator.