1. What is Fair Odds Calculation?

Fair odds represent the true probability of an event occurring without any bookmaker margin. It's calculated as the reciprocal of the true probability of an outcome.

2. How Does the Calculator Work?

The calculator uses the simple formula:

Where:

• True Probability — The actual probability of an outcome (0 to 1)
• Fair Odds — The odds that would be offered without bookmaker margin

Explanation: If an event has a 50% chance of occurring (0.5 probability), the fair odds would be 2.00 (1/0.5).

3. Importance of Fair Odds

Details: Understanding fair odds helps bettors identify value bets where bookmaker odds are higher than the true probability suggests they should be.

4. Using the Calculator

Tips: Enter the true probability as a decimal between 0 and 1 (e.g., 0.25 for 25% probability). The calculator will show the corresponding fair odds.

5. Frequently Asked Questions (FAQ)

Q1: How is this different from bookmaker odds?
A: Bookmaker odds include a margin (overround) so they're always less than fair odds.

Q2: How do I determine true probability?
A: True probability can be estimated through statistical models, historical data, or expert analysis.

Q3: What's the relationship between probability and odds?
A: Odds = 1/Probability. Probability = 1/Odds. They are reciprocals of each other.

Q4: Can I use this for any sport?
A: Yes, the calculation works the same for all sports betting markets.

Q5: What about American odds format?
A: This calculator uses decimal odds format. American odds can be converted from decimal odds.