Quick Odds Converter to switch odds between US, decimal, fractional, percentage, Hong Kong, Indonesian, and Malay formats – converts odds into their implied probabilities and net returns, and vice versa – converts probabilities and net returns into their corresponding odds.
What does the Betting Odds Convertor do?
- Automatically converts odds into their implied probabilities
- Automatically switches odds between US, decimal, fractional, percentage, Hong Kong, Indonesian, and Malay formats
- Automatically converts probabilities into their corresponding odds
- Automatically displays the net return for each odd type
What Additional Information is included in the Spreadsheet?
Excel formulas, explanations and toggle facilities for the following conversions: –
- Probabilities into Odds
- Net returns into Odds
- Odds into their Implied Probability
- Odds into Net return
Why do I need to know how to convert betting odds
into probabilities and net returns, and vice versa?
In order to compare odds, you need to be able to convert them into implied probabilities and their net returns, because this is the foundation of all odds in the market. Only when you convert odds into their probabilities can you compare them.
Otherwise, how would you possibly know that 6/5 fractional odds, 1.2 HK odds, 2.2 decimal odds, +120 US moneyline, 1.2 Indonesian odds, or -0.83 Malay odds , all stand for a 45.45% chance of success and 120% net return?
Further reading:
Probability, Expectation, Hit Rate, Value, Mathematical Advantage: Explained
Understanding Betting Odds – Moneyline, Fractional Odds, Decimal Odds, Hong Kong Odds, IN Odds, MA Odds
What is the advantage of being able to switch between different betting odds formats?
As you compare prices and look for the best odds available in the market, you limit yourself if you are only at ease with one or two types of betting odds.
For example, you may wish to find the best price for a tennis match, and if you are only comfortable with European style odds, then you probably won’t even consider checking the US market or Asian bookmakers.
However, they may have far better prices on offer; you just simply don’t know because you don’t know how to convert them into probabilities and net returns.
You will never become a winner if you buy your bet at the most conveniently available price, without searching for the best price offered by the market.
Further reading:
Football Betting Odds: Study Comparison Bookmaker vs. Exchanges Odds
Why A Pinnacle Account Is Essential
Why is it important to know the formulas behind odds calculation?
If you calculate your own probabilities and need to check them against the odds offered by bookmakers to find value bets, how on earth would you work this out if you don’t know the formulas behind the odds?
The Internet is full of advice and explanations, but unfortunately the vast majority of information is either wrong or intended to lure you into betting. It is rare to find reliable information on the implied probabilities for odds offered in the markets, or the net returns from the odds.
Furthermore, only people who understand the probabilities behind the odds on offer are able to assess the potential value of a bet.
If you are not skilled in converting betting odds into probabilities you will, without exception, lose money in the long run. Keep reminding yourself: odds stand for probabilities. Bookmakers earn money from gambling, but they do NOT gamble themselves. Neither do they rely on luck. They know how to calculate probabilities and convert them into odds and vice versa. It’s as simple as this.
Therefore, if you want to become a winner, you need to start thinking like a bookmaker, and this means that you simply have to understand probabilities and odds. There is no alternative.
Further reading:
How do Bookmakers Tick? How & Why do they Set Their Odds as they do?
Calculation of Odds: Probability and Deviation
What impact does the knowledge of implied probabilities
and odds conversion have on my betting decisions?
There are two types of gamblers: successful and unsuccessful. The majority of bettors belong to the latter.
If you lose more money than you win, maybe you are basing your betting decisions more on gut feeling than mathematics. Perhaps you place your hard-earned money on a favourite team believing they are in a ‘must win’ match, thinking that they surely cannot lose against the underdog.
You may not even be aware that bookmakers adjust their odds to public opinion, and that odds offered in the market often do not represent their true value.
If your betting decisions are more gambling than anything else, relying on luck, without understanding underlying probabilities of the odds offered, then it is not really surprising that you lose more money than you win.
True understanding and lasting success is based on knowledge, not on ignorance, beliefs, or public opinion.
Only if you develop knowledge of implied probabilities from bookmaker odds, will you be able to check them against your own calculations. Then your betting decisions will be not gambling any more but a planned investment with the goal of a structured and organised increase of your bank.
Further reading:
Heart Beats Brain – Is Accurate Forecasting of Specific Results in Football Matches Possible?
How Bookmakers’ Odds Match Public Opinion
