American Odds To Implied Probability
Format Definitions: Odds and Probabilities. There are three methods of stating odds that most bookmakers and websites support. Implied Probability is also useful when evaluating a bet or checking how likely an outcome is. Positive Figures (+): The odds state the winnings on a $100 bet. Ex: American odds of +120 would win $120 on.
Implied Probability – Implied Probability is how often a bet must win to average break even. This is calculated as risk/return, so for example +200 in American format (3.00 European) is risk $100 to win $200 so a winning wager returns $300 ($100 stake + $200 win). Therefore the implied probability of +200 is $100/$300= 0.3333, which is 33.33%. Multiplied then by 100 to express as a implied probability percentage of 28.57%. Converting Moneyline Odds. Moneyline odds, also known as 'American odds' are probably the most foreign odds format to those of us outside of North America.
Odds and Probabilities: Odds Formats and Implied Probability
There are three main odds representations used by most bookmakers and betting websites. Let’s run through some examples of Decimal odds, Fractional Odds and American Odds:
- Positive American Odds: These odds reflect how much you win on a single $100 bet. For example, a positive American odds @ +110 would win $110 for a $100 wager.
- Negative American Odds: The odds indicate how much you must bet in order to make $100 profit. For example a wager on a team with American odds of -90 would win $100 on a $90 bet.
