What is Odds Conversion Calculator?
Another great feature of the odds conversion calculator is the implied probability. For example, if the odds are -110, sportsbooks are assigning a 52.4% probability to something including the vig. For you to have an “edge” on a bet, you need to believe there is a higher probability than 52.4% of something happening. This generally allows bettors to understand the bets they are making rather than American, decimal, or fractional odds. It also allows you to calculate your edge. If your model believes there is a 60% chance of something happening, and the implied probability is 55%, you have a 5% edge!
What are American odds?
American odds are what is traditionally used at domestic sportsbooks in the United States of America. They will either have a plus (+) or minus (-) in front of the odds which signifies whether a bet is a favorite (-) or underdog (+).
Plus odds, means for every hundred dollars wagered you are profiting the same number as the odds. So if the odds of something are +110, if you wager $100, you profit $110. This is a bet on the underdog since you are profiting more than 1 times your wager.
Minus odds, means you would need to risk that number to profit $100. For example, if the odds are - 120, you would need to risk $120 to profit $100. This is a bet on the favorite since you are profiting less than 1 times your wager.
What are Fractional odds?
Whenever you see two numbers separated by a slash, it is a fractional betting odds. For example, 25/1 means you would profit $25 for every dollar you wager. 10/1 odds would profit $10 for every dollar wagered, and 5/2 odds would profit $2.50 for every dollar wagered. This is sometimes a simpler way of looking at longer odds. Instead of using +2500, 25/1 is a lot easier to understand yet represents the same thing. Fractional odds are very popular in horse racing as well and to calculate what the odds