![]() Implied Probability is also useful when evaluating a bet or checking how likely an outcome is. There are three methods of stating odds that most bookmakers and websites support. Format Definitions: Odds and Probabilities We set the bet amount to $100, but you can enter any amount you want as long as your bankroll can handle it. You’ll see how much money you’ll win, and the total payout you’d receive. Our calculator will take care of the rest. We use the American style here at Odds Shark.Įnter the amount of money you wish to bet. It’s entirely up to you which type you prefer. Generally speaking, it always pays to look for the best odds available, though be sure to also read all the sportsbook rules as they do differ from book to book.Ĭheck out one of our quick explainer videos for how to bet on the moneyline market of a UFC fight below.Most betting sites offer each odds option. When looking for a sportsbook to play with, comparing the moneyline is an excellent gauge – though not the only consideration – of value. Because underdogs are not expected to win, there is a greater reward when you back them. If an underdog is listed as +200 it means if you bet $100 and they win, you get $300 (your $100 stake and $200 in winnings (a simple but important breakdown when it comes to managing your bankroll). ![]() Because favorites are expected to win, you assume more risk when you bet on them. If the favorite wins, you win $100, but if they lose, your $200 goes with them. If a favorite is listed at -200 it means you have to wager $200 to win $100. The size of the odds expresses the extent to which they are favored to win, or expected to lose. The moneyline identifies the favorite and the underdog, but the odds assign a value to each side. The reason for that, is explained in more detail over in our article about Vig – which in short, is the margin that the sportsbook takes which allows it to stay in business. Now, if you’re wondering how the probability could possibly exceed 100%, then you’re onto something. The implied probability for the favourite to win is 60%, and for the underdog it is 43.48%.įor favorites, where the american odds are negative, tke the absolute value of the odds (remove the negative) and calculate using the following formula: Odds / (Odds + 100) * 100 Let’s look at an example, in a matchup where we have a -150 favorite facing a +130 underdog. This implied probability is converted into various different odds formats, and can be caculated back again easily too. Oddsmakers at sportsbooks around the globe decide on what price to set odds at based on their estimated probability of any given outcome. Had you placed a 1$ bet on McGregor to win, which he ultimately did, here’s how your return and winnings would be calculated: StakeĪ simple betting calculator example to illustrate how decimal odds work Diaz was the underdog at 2.1, which transates to +110 in American odds. McGregor stepped into the Octagon as the favorite, at Decimal odds of 1.80 (or -130 in American odds). To illustrate, let’s look at the 2nd UFC fight between Conor McGregor and Nate Diaz. Let’s do a simple decimal betting odds calculation as an example. Think of this when you’re trying to calculate the value in decimal odds: The odds represent what you would get back, including your stake, if you were to put down a single dollar. ![]() ![]() Outside of the US, the standard way to display odds is in Decimal format.Īs newcomers to betting, it’s usually considered easier to read Decimal odds because we can deduce the implied probability a little bit easier than American Odds.
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