Navigating the realm of online sports betting often poses a challenge, particularly when it comes to unravelling the intricacies of odds calculation and understanding the impact of additional selections on the overall odds of a bet. To address this, utilising an Implied Probability Calculator proves invaluable. Various platforms offer these calculators in diverse formats, each catering to distinct bet types and outcomes. Among the noteworthy options is the Implied Probability Calculator provided by OddsMonkey, designed with user-friendliness in mind.
At OddsMonkey, this implied probability calculator can present some serious benefits to those who choose to use it. Essentially, this calculator allows you to figure out the implied likelihood of the selection you have chosen. Implied probability is the expected chance of the bet coming true and can be calculated based on the odds presented by bookmakers. You can use this implied probability calculator to spot value in specific bets where you think the likelihood is higher than what the bookmaker offers. This value-hunting technique is made much easier with a calculator, saving you a lot of time in the process.
What Is An Implied Probability Calculator?
To go into further detail about the premise of an implied probability calculator, you first need to understand the concept of implied probability. For a bookmaker to make money, they have to slightly overprice one side of a bet and slightly underprice the other side. They figure out these prices based on the implied chance of an event occurring based on previous results of the same event.
Here is an example that ties in with our football betting guide. If you want to bet on a game between a top-of-the-league team and a weaker side, the odds will be very one-sided. If 5 of the last fixtures between these teams have had 3 or more goals, and the weaker side is defensively poor, the implied probability of this game having Over 2.5 goals is quite high. For that reason, the odds for Over 2.5 Goals will be quite low. On the other side of the bet, a game having Under 2.5 goals is relatively unlikely based on the statistics, so the odds for that market would be higher.
How To Use An Implied Probability Calculator
Sports betting can be used as a decent side hustle if done sensibly and with the correct tools and software. This implied probability calculator, as mentioned, can introduce sports bettors to a system that involves spotting hidden value in the crosshair between the bookies' implied odds and your own belief in what the probability should be. This is a less secure system of betting than things such as matched betting, but you can try out different styles and see what works best for you.
Why To Use An Implied Probability Calculator
Other than all of the benefits already listed, one of the main reasons to use an implied probability calculator is that it takes away the hassle of having to do any confusing or long maths sums yourself. Thanks to the code used to create the calculator, all of the maths is done for you as soon as you enter your values and press ‘Calculate’.
Not only this, but the calculator also has an unintentional secondary benefit of allowing you to convert decimal odds into fractional ones. Simply enter the decimal odds of your bet into the labelled box, and when you press calculate, the fractional equivalent will be outputted along with the implied probability percentage. You could also use our Average Odds calculator to find out the average odds of multiple selections or our Odds Converter software to switch the format of your bet odds further.
Who Can Use An Implied Probability Calculator
Anybody can use any of the betting calculators presented by OddsMonkey, as they are designed with simplicity and usability in mind. Of course, the more complex calculators could take some getting used to, but all of them use the same format of simply inputting the data that is asked for and then pressing a quick button!
More Betting Calculators At OddsMonkey
Matched betting was mentioned briefly in this description and probably left you with one question on your mind: what is matched betting? Matched betting is the process of using bookmaker offers and free bets to place a stake on both sides of an event, covering all outcomes and securing either a profit or another free bet. Tools like our matched betting calculator are vital pieces of software that can greatly improve your matched betting experience.
Outside of these calculators, all focused on sports betting, we offer casino-related calculators, too. One example is the Blackjack Strategy calculator, which gives you insight into what your next move should be depending on the visible cards on the table. This is very useful for those who do not know the basic Blackjack strategy or cannot remember it while actually playing.