Odds to Probability
Understanding Betting Probability
Implied probability converts betting odds into a percentage chance of winning, helping you understand what the sportsbook believes is the likelihood of an outcome. This is a fundamental concept for identifying value bets and making smarter wagering decisions.
By converting odds to implied probability, you can compare the bookmaker's assessment against your own analysis or statistical models. When your calculated probability exceeds the implied probability, you've potentially found a value betting opportunity.
Common Odds Reference
Understanding Implied Probability
Implied probability converts betting odds into a percentage that represents how likely the sportsbook believes an outcome will occur. This includes the sportsbook's built-in margin (vig). Compare this to your own assessment to find value bets.