That implies the Packers have about a 66.7% chance to win this game. The formulas to convert American odds to implied probabilities will be slightly different if you're converting a negative moneyline (favorite) or positive moneyline (underdog). Let's use a moneyline in which the Packers are -200 and the Vikings are +170 as an example. The percentage that exceeds 100% is the vig. You'll need to convert American odds to implied probability, then add those two probabilities together. That's because sportsbooks take their cut - called the juice or vig.īut to truly see how a sportsbook views an event, you need to remove that vig.īefore we can remove the vig, we need to figure out what it is. Hence the probability is 25%.The probabilities of two outcomes in sports betting never add up to 100%. Implied Probability Odds correlate to probability e.g a 3/1 bet is expected to win one in every 4 attempts. american odds of -120 would win £100 on a £120 bet. Negative figures: The odds state how much must be bet to win £100 profit e.g.american odds of 110 would win £110 on a £100 bet. Positive figures: The odds state the winnings on a £100 bet e.g.For example, if £5 is bet at odds of 3 the total returned is £15 (£5 * 3) the potential profit is £10 (£5 * 3 minus the £5 stake). Decimals Decimals quote the potential return should the bet succeed relative to the stake. For example, if £5 is bet at odds of 2/1 the potential profit is £10 (£5 * 2) and the total returned is £15 (£10 plus the £5 stake). Fractions Used primarily in the UK and Ireland, fractions quote the potential profit should the bet succeed relative to the stake. Implied Probability is also useful when evaluating a bet or checking how likely an outcome is. There are 3 methods of stating odds that most bookmakers and websites support. Format Definitions - Odds and Probabilities

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