1. What is Implied Probability?

Implied probability converts betting odds into a percentage that represents how likely an outcome is to occur according to the odds. It helps bettors assess the value in betting lines.

2. How Does the Calculator Work?

The calculator uses the implied probability formula:

Where:

• \( P \) — Implied probability (percentage)
• \( Odds \) — Decimal odds (must be ≥1.01)

Explanation: The formula converts decimal odds to their implied probability equivalent. For example, odds of 2.00 imply a 50% chance (1/2.00 × 100).

3. Importance of Implied Probability

Details: Understanding implied probability helps bettors identify value bets by comparing the bookmaker's assessment with their own probability estimates.

4. Using the Calculator

Tips: Enter decimal odds (e.g., 2.50 for 6/4 fractional odds). The calculator will show the implied probability as a percentage.

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: Why do implied probabilities add up to more than 100%?
A: Bookmakers build in an overround (vigorish) to ensure profit, making the total implied probability exceed 100%.

Q3: How can I use implied probability to find value bets?
A: If your assessed probability is higher than the implied probability, you may have found a value bet.

Q4: What's the implied probability of odds 1.50?
A: 1/1.50 × 100 = 66.67% implied probability.

Q5: Can I use this for American odds?
A: This calculator uses decimal odds. American odds require a different conversion formula.