A long-term winner always knows how to convert odds into probability and is thus able to access the potential value of the game in any sports betting market. It would not be wrong to say that a betting opportunity only arises when the implied probability of the sports odds is lower than the gamblers perceived probability of the occurrence of a particular outcome.
Converting odds to implied probability
Typically decimal odds are in the format of 1.65, 3.75 etc, fractional odds in the 5/2, 3/2 etc. formats and American or money line odds are represented as -110 or +130 etc. Irrespective of the format used, each points to the same thing; the return on the bet placed. Hence for:
- Decimal odds implied probability is 1/odds,
- Fractional odds the implied probability is denominator/(sum of denominator and numerator) and
- For money line odds the process is a bit complicated since it involves 2 instances:
- For minus or negative money line odds, the implied probability is (-(-money line odd))/((-(-money line odd))+100)
- For plus or positive money line odds the implied probability is 100/(+money line odds+100)
For both instances of money line odds, the converted implied probability is in the form of a percentage.
Converting implied probability into odds
The process for conversion of implied probability into each of the different odds is different as enumerated below:
- For converting implied probability into decimal odds, the formula used is 100/implied probability,
- For conversion into fractional odds the formula is (100/implied probability)-1 and
- Conversion of money line odds involves two instances:
- When implied probability is 50% or more, the formula is –(implied probability/(100-implied probability))x100 else
- It is ((100-implied probability)/implied probability) x100.
These might seem complicated in the beginning but they are actually very simple and easy to grasp. It is in fact the lifeline which will ensure that a person, involved with sports betting websites like https://uk.mansionbet.com/sports/cricket/, has very good chances of winning.