1. What Are Implied Odds?

Implied odds represent the probability of an outcome as suggested by the bookmaker's odds. They show what the odds suggest about the likelihood of an event occurring, rather than the true probability.

2. How Does the Calculator Work?

The calculator uses the implied odds formula:

Where:

• \( \text{Bookie Odds} \) — The decimal odds offered by the bookmaker
• \( \text{Implied Probability} \) — The percentage chance of the outcome occurring according to the odds

Explanation: The formula converts decimal odds into their implied probability percentage. Bookmakers build in an overround (profit margin), so the total implied probability for all outcomes will exceed 100%.

3. Importance of Implied Odds

Details: Understanding implied odds helps bettors assess value in betting markets. By comparing implied probability with your own assessed probability, you can identify potentially profitable bets.

4. Using the Calculator

Tips: Enter the bookmaker's decimal odds (must be 1.01 or higher). The calculator will show both the implied probability percentage and the implied odds in decimal format.

5. Frequently Asked Questions (FAQ)

Q1: What's the difference between odds and implied odds?
A: Odds represent potential payout, while implied odds show the probability those odds suggest.

Q2: Why do implied probabilities add up to more than 100%?
A: Bookmakers build in a margin (overround) to ensure profit, making the total implied probability exceed 100%.

Q3: How can I use implied odds for betting?
A: Compare the implied probability with your own assessment - if your probability is higher, the bet may have value.

Q4: What's a good implied probability to look for?
A: This depends on your strategy, but generally look for cases where your assessed probability is significantly higher than the implied probability.

Q5: Do all odds formats work with this calculator?
A: This calculator uses decimal odds. For fractional or American odds, convert to decimal first.