What is Odds?
Odds provide a statistical measure of the probability or chance of a particular outcome. This term is mostly used in Online game gambling and statistics. Odds are simply calculated as the ratio of the number of events that produce that desired outcome to the number that do not produce that outcome.
Odds are directly correlated with mathematical term probability, In Simple way we can explain it like if ‘p’ is the probability of any desired outcome then odds will be calculated by below formula
Why are Betting Odds Important?
For an individual participating in Online Sports or Game betting its very important to know what Betting Odds are? Various sportsbook offers different Odds which is directly related to the probability of the desired outcome happening. According to these betting Odds an individual can calculate what final Pay-out is he or she going to receive if desired outcome comes. Whenever you are going to place a bet, please double check implied probability v/s True probability of an outcome.
Implied Odds vs True Odds
Before you start betting its important you are aware about these two terms:
Implied and True Odds are important to determine if you are placing a valuable bet or not. The above calculator also calculate the value of Implied Odds for a provided odds value.
Implied odds are simple conversion of a sportsbooks offered odds into an implied win probability. In nutshell, it is the chance that a bookmaker believes an event will occur.
If we talk about True Odds, they are very subjective and truly there is no concrete way to calculate “true probability” for an outcome. Predictive Models can help in calculating True Probability. If you can calculate the True probability u can use that to make your decision wisely to place bets where True Probability > Implied Probability of the outcome.
Sportsbook often manipulate their implied probability statistics to give themselves an edge. So, in order to eliminate the house advantage and determine potential winnings more accurately, bettors should add 1% to their own implied probability calculations.
What are Betting Odds Calculator?
These Calculator are very user friendly, and it helps you to quickly calculate the Final Pay-out you will receive if you wins the bet. In these calculators we can just need to input our stake which we want to place, and Odds of an event outcome (as offered by various sportsbook) and it will quickly calculate the pay-out amount. The odds can be entered in various formats like American, Decimal, or Fractional as provided by sportsbooks. Just we need to be sure we are entering the Odds data in correct format which ever has been provided to us. In Betting Odds Calculator, you also have an option to choose if you want to place a Single Bet or Parlay (Multiple) Bets.
Odds Convertor are simple mathematical tools which will help you to convert American Odds/Monelyline odds into different Format odds and it also calculates Implied probability.
We can easily convert American odds provided by any sportsbook into Fractional or Decimal odds.
Most used Betting Odds Conversion Table
|American Odds||Decimal Odds||Fractional Odds||Implied Probability|