Take a look at our article and learn more about the Odds Converter and its functions. See how to convert odds, find probability and make a difference between betting odds and implied chances.
Even though these are general terms of sports betting vocabulary, many bettors find it hard to explain what the difference between these similar, yet different parameters is. That’s why we have decided to do it for you and describe in details the basic of betting terminology. Use our Odds Converter Calculator to assess your winnings.
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Before we start talking about the Odds Converter and the betting odds calculator, let’s first clarify what is implied probability.
What is Implied Probability?
Often referred to as chance, the probability is the likelihood of something happening. It is expressed in percentages.
For example, when you are rolling dice, there’s 16.6% probability that the dice lands on any of the 6 numbers. How we got this number? Well, we have simply divided 100% with the number of possibilities, which is six in this case.
What Is Odds Conversion?
It’s not just important to understand the notion of implied probability. You also need to understand how odds work and how to convert them into their respective probabilities if you want to spot any possible value in a particular betting option.
Odds conversion is a procedure that helps you convert odds formats into their implied probabilities. The three odds formats we come across to – decimal, fractional and American, can be converted into their implied probabilities in different ways. Keep reading to see how.
Odds Converter Explained
Luckily for us, we don’t have to do all the math by ourselves since there are many Odds Converters online which can help us. Usually, the odds conversion tools convert between the standard odds formats and implied probability.
For example, a typical Odds Converter has the following fields: decimal odds, fraction odds, US odds and implied probability. Some of the better-equipped converters include more options, such as Hong Kong, Indonesian or Malay odds.
Once you enter odds in one of the fields, all the other fields will complete automatically because the Odds Converter will display the implied probability and odds across all the other odds format based on what you’ve already entered.
Betting Odds Converter functions vary from one tool to others. These are the most common functions:
- Decimal odds
- American odds
- Fractional odds
- Implied probabilities
How to Convert Odds: A Step-by-Step Guide
You can convert odds in the following way:
- See if the odds you want to convert are decimal, fractional or American.
- Enter the odds in the corresponding field.
- The odds will be automatically converted to other odds formats and implied probability.
Let’s take an example and see how this works.
As an example, we’ll convert fractional odds since this is the most traditional format. Let’s say that William Hill is offering odds of 7/2 for Manchester to win the upcoming match. The odds of 7/2 means the following thing: for every 2 units you wager, you can get 7 units back. For instance, if you bet £10 you can get £45 in return.
Potential returns: ((£10/2) x 7) + £10 = £45
Now, let’s see how to convert these odds to the implied probability:
2 / (2+7) * 100% = 2/9 * 100% = 0.222 * 100% = 22.2 %
The formula for converting fractional odds into implied probability goes like this:
Denominator / (Denominator + Numerator) * 100% = Implied Probabiity
How to Convert Betting Odds?
Knowing how to convert betting odds from one format to another might be very helpful once you come across the odds for one sports event expressed differently on various websites.
What’s even better, you should be able to convert the odds in their implied probability. We have shown you how it’s done. However, you don’t have to bother yourself with that, when betting Odds Converter calculators are available all over the Internet. Just find one.
How to Use the Odds Converter?
Different Odds Converters have different functions as we have mentioned above. However, all of them work pretty much the same. You just fill one of the fields and the rest of them will be computed and displayed automatically.
Take a look at some of the most common questions people have in regards to the Odds Converter.
How do I calculate returns from the Odds Converter?
You can calculate potential returns by hand or simply use the betting odds calculator to check different combinations.
How do you convert odds?
Make sure to find Odds Converters on one of the websites specialised for sports betting. They’ll do all the math for you.
See all the main bet calculator here.