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CBB11 Celebrity Big Brother 11 on Channel 5, shown January 2013. Discuss here.

 
 
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Old 11-01-2013, 04:38 PM #1
Turtle Turtle is offline
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Join Date: Jun 2012
Posts: 336
Turtle Turtle is offline
Senior Member
 
Join Date: Jun 2012
Posts: 336
Default How to convert odds to their implied probability

I found this helpful for getting to a percentage:
Quote:
Fractional odds

Fractional odds are generally the most traditional form of expressing betting odds. They are a simple reflection of the return you will receive for a particular amount bet. So for example, the odds of 5/2 (expressed as 5 to 2) means that for every 2 units that you bet, you will receive 5 back.

To convert fractional odds into their respective probabilities, we make the following calculation.

So in our example of odds of 5/2.

Implied probability = 2 / (5 + 2)

Implied probability = 2 / 7

Implied probability = 0.286

Multiplied then by 100 to express as a implied probability percentage of 28.6%
http://www.bettingexpert.com/blog/how-to-convert-odds
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