Us odds calculator
Our odds calculator outputs the odds in all four types, as well as the payout and winnings. Their main advantage is that one can instantly spot who is the favorite and who is the underdog - the former will have the lowest odds and the latter - the highest. Typically written with a precision of three digits after the decimal point, decimal odds show the expected payout for every dollar wagered.
As an example, odds of 1. Odds of 2. Implied odds Implied odds are odds transformed into a probability, expressed as a percentage, a. It is possibly the most intuitive of all the types of odds when one is considering the risk and reward potential of a bet and is one of the outputs of our bet odds calculator. How to use implied probability in betting While we do not encourage or condone betting, if you've decided to engage in the practice, then it is best that you understand the concept of implied probability a.
First, it is a probability that an event would happen expressed as a percentage. Second, it is 'implied', meaning that this is the probability implied by the odds given. In other words, this is the probability that you would be giving if you were setting the odds, but more commonly it is the probability the other party is implying through the odds they give you.
How can implied probability be used then? Ideally, before you enter into a wager of any kind you would want to assign a probability to the event being bet on, e. This probability is often dubbed 'true odds' or 'your odds'. While arriving at your true odds can be very complicated, in any scenario you want the implied odds to be lower than the true odds. This positive difference between the true odds and the implied odds is your edge in a bet, and one should only take a bet if they have an edge.
In other words, if they believe the other party's implied probability is underestimating the true probability of the event happening. Odds calculations in science Interestingly, some of the first works in odds and statistical probabilities which later became foundational for the discipline of statistics originated in games of chance and optimal betting problems by the likes of Girolamo Cardano, Luca Pacioli, Blaise Pascal, Pierre de Fermat, Christian Huygens, Jakob Bernoulli, and Pierre Simon de Laplace [2].
They often dealt with dice games, but also various others. Some picks articles will present odds in decimal format, and it can be easier to work out parlays in decimal odds. There are also Asian formats to bear in mind at times. If you understand how to convert odds, like for example NFL odds , you can make the calculations manually.
However, you might make an error, and this is a time-consuming process, so it makes sense to use this betting odds converter to quickly convert between American odds, decimal odds, fractional odds, probability odds and so on. You should bookmark this odds converter page and use it to help you make a success of sports betting.
It can also help you quickly figure out the profit you would make based on your bet amount when you place a bet. It will then display the equivalent odds in all the different formats. For example, if you enter American odds of into the US odds box, it will tell you that this equates to 1. Understanding the Different Odds Format The three most common formats are American odds, decimal and fractional, but sportsbooks of Asian origin may quote Hong Kong, Indonesian and Malay odds too.
Read on to learn what they all mean and the level of profit you can expect. American Odds American odds start with a plus or a minus symbol. That is just a guide. Odds that start with a plus are known as positive odds. If the line starts with a minus symbol, they are known as negative odds. Once again, you can wager any amount you choose.
If one team has negative odds and the opposition has positive odds, the team with negative odds is the favorite and the team with positive odds is the underdog. They tell you the return you should expect to receive based on your bet amount if your bet pays off.
The figure includes the profit you stand to earn plus the return of your stake. You multiply your stake bet amount by that figure in order to calculate your potential return. Decimal odds of 1. Decimal odds make it easier to work out the profit you stand to earn on a parlay.
You can simply use our parlay calculator , which does all the hard work for you, in decimal odds or American odds, but if you prefer to work it out manually, you will need to convert the betting odds to decimal format first.
Fractional Odds Fractional odds are also known as traditional odds. They are widely used at sports betting sites in the UK. In the US, you generally see the fractional format used at race tracks, as opposed to American odds. It therefore helps to be able to convert fractional odds to American odds if you generally prefer to use American odds.
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