From this, you can calculate how likely a given event is to happen with a calculation. Whenever you see two numbers separated by a trailing slash, i.e. Using Betting Odds to Calculate Probability Therefore, if you bet that the person rolls a ‘one’, there is a 16.67% chance that will happen. If someone rolls a dice, there are six possible outcomes. If your prediction is correct, you will win money.įor any given event, there are a certain number of outcomes. What Is Probability?Īt the most basic level, betting provides you with the ability to predict the outcome of a certain event. For instance, odds of 3 to 1 indicate that the first party, typically the bookmaker, stakes three times the amount wagered by the second party, commonly known as the bettor.
In betting, odds serve as the ratio between the stakes placed by the parties involved in a wager or bet. Use Our Tool to Convert Betting Odds Into Your Favourite Format.Using Betting Odds to Calculate Winnings.Using Betting Odds to Calculate Probability.
