Oddsformat
Implied probability is basically the conversion of odds into a percentage. That percentage then shows the likelihood of an outcome happening based on the size of the odds. High odds suggest a low probability of something happening, while low odds suggest a high probability of something happening.
For example, imagine a tennis player is +200 to win an upcoming match. This would be 3.00 in decimal odds, and 2/1 in fractional odds. The implied probability for these odds is 33.33%. In this example, the odds suggest that the player has a 33.33% chance of winning the match.
Identifying the odds of something happening is a little different that calculating the probability. It is written as a ratio; however, it is not written as a fraction.
In sports, the probability of something happening is usually subjective. There are several factors to take into account and there’s always a chance of the unexpected. No one can state definitively the exact probability of a player or team winning a game they’re taking part in. There’s an element of personal opinion involved.
David Abraham plays the position Defence, is 34 years old and 188cm tall, weights 85kg. In the current club Eintracht Frankfurt played 6 seasons, during this time he played 190 matches and scored 5 goals. How many goals has David Abraham scored this season? In the current season David Abraham scored 1 goals. 0 goals in national team. At the bottom of each page, just above the page footer, you find 'View odds as:' which enables you to toggle between 'Fractional' and 'Decimal' odds. Once set, the page will remember your preference the next time you enter the site. Tutorial presented by Sports-Betting-Winners.com on how to change odds format at 888sport.com.Find out more about this awesome bookmaker by going to:http://.
Calculating the implied probability is useful though. It helps us decide whether or not we think a bet offers any positive value. We should always look for positive value when betting, and it exists when our estimated probability of an outcome happening is greater than the implied probability that the odds on that outcome suggest.
Confused? Don’t worry! It’s not as complicated as it may seem. To make this easier to understand, let’s continue with the example of the tennis player at +200 to win his match. As we’ve said, the implied probability here is 33.33%. So if we think that the player has a GREATER than 33.33% of winning, then it makes perfect sense to bet on him. If we think his chances are less than 33.33%, it’s wise not to bet on him.
If you’d like a more complete explanation on this subject, there’s an article in our sports betting guide that explains value and implied probability in further detail.
US Odds:Decimal Odds:Fractional Odds:Implied Probability:Hong Kong Odds:Indonesian Odds:Malay Odds:
Bookies from around the world use different odds formats and this can be quite confusing. The United States and Canada use American Odds, also called Moneyline Odds. In Europe most countries use Decimal Odds, also called European Odds, except for the UK which uses Fractional Odds. In Asia there are several different odds formats; the majors being Hong Kong Odds, Indonesian Odds and Malay Odds. The good news is that no matter what the odds format, the payout for amount staked remains the same. I’ll explain more, but first note:
What is Implied Probability?
Implied Probability is how often a bet needs to win on average to break even over the long haul. When betting at even money, if we win half our bets and loses half our bets we’d net even. Therefore the implied probability at even money is 50%. If a bookie was giving us 2-to-1 and we lose twice and win once we’re even. Therefore at 2-to-1 the implied probability is 33.33%. This is the most important fundamental concept in sports betting. All wagers, no matter what the odds format, have an implied probability. A smart player calculates the chances a team is going to win (actual probability), then examines the implied probability offered by the bookmaker. If the implied probability the bookmaker is offering is less than his calculated actual probability he bets, if not he doesn’t bet.
Of course you can use our odds converter on this page to calculate the implied probability for any set of odds. However, when not having this page available it’s helpful to know the formula. That formula is risk/return=implied probability, where return is stake+win. For example betting $100 at 1/2 (American Odds: -200, Decimal Odds: 1.50) you’re risk $100 to win $50. In this case the return on a win is $150 (your $100 stake + $50 win), and the implied probability is $100 Stake / $150 Return = 66.66%.
Odds Formats Explained
Most all betting sites support multiple odds formats. Using either the account settings feature or a simple drop down box, you can change the format displayed. What happens here is the betting site’s software will convert the odds between formats keeping the same implied probability. Understand the payout on monetary amount risked is the same no matter what odds format is used. The difference between formats is more a language issue. Betting developed various places of the world independently long before online betting existed, thus creating multiple formats. Decimal odds, also called European Odds or EUR Odds, are the closest we have to a universal standard, but it is slow to catch on in all markets. For the benefit readers who wish to understand each odds format I’ll explain, but again this is a language issue and the odds converter on this page can easily translate.
American Odds Explained
In this odds format, also called Moneyline Odds, the odds are listed as either a negative or positive figure. When listed as positive this is how much profit will be paid on a $100 stake. For example +123 is risk $100 to win $123 profit. When the odds are negative this is how much you need to stake to win $100. For example if -177 is risk $177 to win $100. You can of course bet in any increment you’d like; it does not have to be multiples of $100. The trick here is to move the imaginary decimal two places and if you’re dealing with a positive line multiple, and if dealing with a negative line divide. For example $56 staked on +131 would win $56*1.31=$73.36 and $56 staked at -131 would win $56/1.31= $42.75.
Decimal Odds Explained
In this odds format, also called European Odds, the odds represent how much you’ll be returned for each 1 unit staked. 1 unit could be $1, £1, €1 or any other currency. For example if you bet €1 at odds 1.91 and win you’ll get back €1.91 which breaks down as your €1.00 stake plus €0.91 profit. This is the only of the six odds formats covered on this page where the payout calculation also includes the stake. This is also the easiest odds format to deal with because your payout (which includes stake) is always stake*odds=payout.
Fractional Odds Explained
Oddsformat Sverige
Fractional Odds, sometime called UK Odds, are a fraction that represents how much you stand to win on a bet. The first number is the payout the second number is the stake. For example 2/1 means get £2 profit for each £1 staked.1/6 means £1 profit per £6 staked; in this case you’re dealing with a heavy favorite. To calculate your profit on a win just do out the fraction and multiple by stake. For example 11/5 is 11 divided by 5, which equals 2.2. If you bet £75 on 11/5 you stand to profit £75*2.2=£165 if your wager wins.
Indonesia Odds Explained
Indonesia Odds are offered at Asian bookies. This odds format functions the same as American odds format except here the odds are based on $1.00 stakes and therefore use a decimal. When Indonesian odds are -1.23 the American Odds are -123, when they are +1.31 the American Odds are +131. Here the same trick applies. When the odds are positive: stake*odds=profit. When the odds are negative stake/odds=profit.
Hong Kong Odds Explained
This odds format works the same as Decimal Odds explained earlier, but does not include the stake. When decimal odds are 1.91, Hong Kong Odds 0.91, when Decimal Odds are 4.23, Hong Kong Odds are 3.43. These odds tell you what your profit will be on a win for each unit staked. So if you risk $100 on odds 1.34 your profit is $100*1.34=$134, and you also get back your stake.
Malay Odds Explained
This odds format from Malaysia lists odds in either a positive or negative format. Here it’s however reversed, when odds are negative you’re dealing with an underdog and when odds are positive you’re dealing with a favorite. When positive the odds work the exact same as Hong Kong Odds mentioned above. For example: Malay odds 0.91 means risk 1 to win 0.91 profit. When the odds are negative this is how much you’ll need to stake to win 1. So for example Malay odds -0.600 means risk 0.60 to win 1 profit.
Betting Sites do the Math
At all online betting sites you’ll be shown what either the return or winnings will be on any bet you make prior to confirming. The information covered on this page was just to help players understand how betting odds work around the world. This can sometimes be helpful for reasons mentioned on my South Africa page. At SA bookies, Hong Kong odds are used are called Decimal Odds. Now that Euro bookies are licensed there, there’s confusion when these site use regular decimal odds calling them the same name as a different format than punters are used to. Again, the betting sites will show you the payout before your bet is confirmed, and you can also return to this page here to see the betting odds in the format you prefer at any time.
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