Odds Calculator
Convert between odds and probability, calculate betting returns and odds ratios
Calculate Odds and Probability
Number of favorable outcomes
Number of unfavorable outcomes
Example Calculation
Football Team Example
Scenario: Your favorite team has odds 3:2 for winning
Chances for success: 3
Chances against success: 2
Total possible outcomes: 3 + 2 = 5
Calculation Results
Probability of winning = 3 ÷ 5 = 0.6 = 60%
Probability of losing = 2 ÷ 5 = 0.4 = 40%
Odds ratio = 0.6 ÷ 0.4 = 1.5
Decimal odds = 5 ÷ 3 = 1.67
Quick Reference
Odds to Probability
If odds are x : y in favor:
Probability = x ÷ (x + y)
Probability to Odds
If probability is p:
Odds = p ÷ (1 - p)
Odds Format Guide
Fractional Odds
3:2 or 3/2 (3 to 2)
Decimal Odds
1.67 (total return per unit)
American Odds
+150 or -200
Probability
60% or 0.6
Statistical Tips
Lower odds = higher probability of winning
Odds ratio > 1 means event is more likely than not
Break-even probability helps assess bet value
Consider all factors beyond just odds
Understanding Odds and Probability
What are Odds?
Odds represent the ratio of favorable outcomes to unfavorable outcomes. They express the likelihood of an event occurring compared to it not occurring. Odds can be presented in different formats but convey the same statistical information.
Types of Odds
- •Odds for winning: First number is chances for success
- •Odds against winning: First number is chances against success
- •Decimal odds: Total return per unit bet
- •Fractional odds: Profit per unit bet
Key Formulas
Odds to Probability
P(win) = chances_for / (chances_for + chances_against)
P(lose) = chances_against / (chances_for + chances_against)
Probability to Odds
odds_ratio = P / (1 - P)
Decimal Odds
decimal_odds = 1 / probability
Practical Applications
Sports Betting
Evaluate betting opportunities and calculate potential returns
Risk Assessment
Quantify and compare different risk scenarios
Statistical Analysis
Convert between different probability representations