Moneyline To Percentage Calculator
Implied probability is basically the conversion of odds into a percentage. That percentage then shows the likelihood of an outcome happening based on the size of the odds. High odds suggest a low probability of something happening, while low odds suggest a high probability of something happening.
Since moneylines are sometimes difficult to understand for newer bettors, percentages will help clear things up a bit. How to convert to a percent for a favorite Amount you need to bet to win $1 / (Amount you need to bet to win $1 + $1) = Favorite’s% Example: Chuck Liddell (-300) vs. Keith Jardine (+220). Baseball Moneylines and How They Relate to the Percentages of the Sport. By Scott, Major League Baseball Handicapper, Lootmeister.com. In baseball betting, the moneyline is king. What bettors need to do is understand what the money lines represent in terms of probability, in addition to understanding the percentages that govern the sport. Percentage Calculator. Percentage Calculator is a free online tool to calculate percentages. What is% of?% is what percent of?% What is the percentage increase. Win% – Percentage of wins required to show a profit at a given money line. For example, you would need to win 80% of all of your bets just to break even if you only bet on -400 money line favorites (over 80% to turn a profit). Moneyline Conversion: Odds to Percentage Chart.
For example, imagine a tennis player is +200 to win an upcoming match. This would be 3.00 in decimal odds, and 2/1 in fractional odds. The implied probability for these odds is 33.33%. In this example, the odds suggest that the player has a 33.33% chance of winning the match.
In sports, the probability of something happening is usually subjective. There are several factors to take into account and there’s always a chance of the unexpected. No one can state definitively the exact probability of a player or team winning a game they’re taking part in. There’s an element of personal opinion involved.
Calculating the implied probability is useful though. It helps us decide whether or not we think a bet offers any positive value. We should always look for positive value when betting, and it exists when our estimated probability of an outcome happening is greater than the implied probability that the odds on that outcome suggest.
Confused? Don’t worry! It’s not as complicated as it may seem. To make this easier to understand, let’s continue with the example of the tennis player at +200 to win his match. As we’ve said, the implied probability here is 33.33%. So if we think that the player has a GREATER than 33.33% of winning, then it makes perfect sense to bet on him. If we think his chances are less than 33.33%, it’s wise not to bet on him.
If you’d like a more complete explanation on this subject, there’s an article in our sports betting guide that explains value and implied probability in further detail.