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Calculate the probability based on odds

In this calculation you can calculate the probability of an event, based on the odds from a betting company. If, for example, a betting company has an odds of 2.10 for team A to win a soccer game you can, with this calculation, determine the probabality of this event to happen (according to the betting company)

In order to calculate this one need to know (or calculate) a so called Payback Rate which is determined by the betting company. The Payback Rate is the return the betting company gives back to the players and is usually around 95% (0.95). This means that the betting company pays out 95% of all turnover (and keeps 5%). It is possible to calculate this Payback Rate in this calculation for Complete Odds-series.

A complete odds series is one that accounts for ALL possible events in a game. For example, in a soccer game a complete series is 3 different odds (home team wins, draw or away team wins). Another example (with two events) is whether a hockey game will have more, or less, than 4.5 goals.

An example of an incomplete odds series is, for example, who will win the 100 m sprint where runner A is one option (out of many possible options) with an odds of 2.50. In that case the Payback Rate needs to be manually submitted or calculated from control odds from any other complete odds series from the same betting company (like the outcome of a hockey game).

The odds used to calculate probability

What is broken?

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Bugs & Fixes

This calculation was last reviewed or fixed: 2016/08/29

Bug / Fix When Name Comment

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