1. What is the Win Probability Formula?

The Win Probability formula converts decimal odds into the implied probability of an event occurring. It's commonly used in sports betting and statistical analysis to determine the likelihood of an outcome.

2. How Does the Calculator Work?

The calculator uses the Win Probability formula:

Where:

• \( \text{Odds} \) — Decimal odds (must be greater than 0)

Explanation: The formula converts the bookmaker's odds into the implied probability percentage that the event will occur.

3. Importance of Win Probability

Details: Understanding win probability helps bettors identify value bets where the implied probability is lower than their own assessed probability of an outcome.

4. Using the Calculator

Tips: Enter the decimal odds (must be greater than 0). The calculator will return the implied probability as a decimal between 0 and 1.

5. Frequently Asked Questions (FAQ)

Q1: What are decimal odds?
A: Decimal odds represent the amount you win for every $1 wagered, including your original stake.

Q2: How do I convert the decimal to percentage?
A: Multiply the result by 100 to get the percentage probability.

Q3: What does a win probability of 0.5 mean?
A: A 50% chance of the event occurring (equivalent to 1.0 in decimal odds).

Q4: Can I use this for fractional odds?
A: You must first convert fractional odds to decimal odds before using this calculator.

Q5: What if my win probability is very low?
A: Low win probabilities correspond to high odds (long shots). Even with low probability, the bet might have value if the payout is sufficiently high.