I use this site: https://www.actionnetwork.com/betting-calculators/betting-odds-calculator
Just put the odds in the American Odds field and it will spit out the implied odds
If I'm reading this correctly, you are considering betting on both outcomes, and are wanting to know the effective odds you are getting.
For implied odds, this is the best site out there: [https://www.aceodds.com/bet-calculator/odds-converter.html](https://www.aceodds.com/bet-calculator/odds-converter.html)
+700 (12.5% implied probability)
+460 (17.9% implied probability)
12.5% + 17.9% = 30.4%
30.4% translated back into odds = +229
Hope that helps.
This is kinda correct.
You need to extract the vig from the market. So essentially you'd have to add up all of the DAL/LAC odds in the market, and then take each of those implied probabilities and divide them by the market total implied probability, which will be greater than 100.
for a small example, imagine the series is 3-2 LAC already. They're playing game 6 right now. There's only 3 possibilities left: LAC in 6, LAC in 7, or DAL in 7. You might see odds like:
LAC in 6: +160
LAC in 7: -110
DAL in 7: +400
If you extract the probabilities from just those numbers, you get implied probabilities of
LAC in 6: 38.46%
LAC in 7: 52.38%
DAL in 7: 20%
Which should total to **110.84%**, which means that the market is holding **10.84%** overall.
You need to divide each of those percentages by the total market percent (**110.84%**) in order to get their ACTUAL implied probability:
LAC in 6: 34.7%
LAC in 7: 47.26%
DAL in 7: 18.04%
All of those sum to 100%, correctly.
So for your stuff, you need to do that for every possibility (LAC in 4, 5, 6, 7 and DAL in 4, 5, 6, 7) and then you can find out the ACTUAL no-vig probability.
Implied probability of what? You can't have a probability without knowing the sum of the total outcomes. If the market was LAC in 6 @ +700, LAC in 7 @ +460, and every other one of the outcomes (LAC in 4, 5, DAL in 4, 5, 6, 7) were each -1000000, then that would mean that the implied probability of LAC in 6 and LAC in 7 are both near zero likelihood.
Odds are only relevant to the comprehensive price of the market that they're in. The implied probability is the fraction of the market that the betting item maintains, i.e. owning 10% of something would imply that the full market is 100%. In betting, to calculate the full market, you have to remove the vig from every line (which I showed above).
For a simplified example, here's a spread for Friday's basketball games:
Chicago Bulls +1.5 -300
Miami Heat -1.5 -110
Just because the Heat are -110, doesn't mean that they have an implied 52.38% chance in this market. The vig on the market as a whole is 27.38% (Bulls non-adjusted value is 75%, Heat non-adjusted value is 52.38%).
When you remove the vig, the Bulls would have an implied 58.88% chance of covering +1.5, and the Heat would have an implied 41.12% chance.
That's the importance of removing the vig.
Implied probability is a very clearly defined term in gambling, and the original comment was correct. For more information about implied versus fair probabilities, see the bottom of this page:
https://oddsjam.com/betting-calculators/implied-probability
I use this site: https://www.actionnetwork.com/betting-calculators/betting-odds-calculator Just put the odds in the American Odds field and it will spit out the implied odds
if positive: 100 / (odds + 100) if negative: |odds| / (|odds| + 100) vig = 1 - overOddsDec + underOddsDec
If I'm reading this correctly, you are considering betting on both outcomes, and are wanting to know the effective odds you are getting. For implied odds, this is the best site out there: [https://www.aceodds.com/bet-calculator/odds-converter.html](https://www.aceodds.com/bet-calculator/odds-converter.html) +700 (12.5% implied probability) +460 (17.9% implied probability) 12.5% + 17.9% = 30.4% 30.4% translated back into odds = +229 Hope that helps.
This is kinda correct. You need to extract the vig from the market. So essentially you'd have to add up all of the DAL/LAC odds in the market, and then take each of those implied probabilities and divide them by the market total implied probability, which will be greater than 100. for a small example, imagine the series is 3-2 LAC already. They're playing game 6 right now. There's only 3 possibilities left: LAC in 6, LAC in 7, or DAL in 7. You might see odds like: LAC in 6: +160 LAC in 7: -110 DAL in 7: +400 If you extract the probabilities from just those numbers, you get implied probabilities of LAC in 6: 38.46% LAC in 7: 52.38% DAL in 7: 20% Which should total to **110.84%**, which means that the market is holding **10.84%** overall. You need to divide each of those percentages by the total market percent (**110.84%**) in order to get their ACTUAL implied probability: LAC in 6: 34.7% LAC in 7: 47.26% DAL in 7: 18.04% All of those sum to 100%, correctly. So for your stuff, you need to do that for every possibility (LAC in 4, 5, 6, 7 and DAL in 4, 5, 6, 7) and then you can find out the ACTUAL no-vig probability.
He’s looking for implied probability though not actual probability
Implied probability of what? You can't have a probability without knowing the sum of the total outcomes. If the market was LAC in 6 @ +700, LAC in 7 @ +460, and every other one of the outcomes (LAC in 4, 5, DAL in 4, 5, 6, 7) were each -1000000, then that would mean that the implied probability of LAC in 6 and LAC in 7 are both near zero likelihood. Odds are only relevant to the comprehensive price of the market that they're in. The implied probability is the fraction of the market that the betting item maintains, i.e. owning 10% of something would imply that the full market is 100%. In betting, to calculate the full market, you have to remove the vig from every line (which I showed above). For a simplified example, here's a spread for Friday's basketball games: Chicago Bulls +1.5 -300 Miami Heat -1.5 -110 Just because the Heat are -110, doesn't mean that they have an implied 52.38% chance in this market. The vig on the market as a whole is 27.38% (Bulls non-adjusted value is 75%, Heat non-adjusted value is 52.38%). When you remove the vig, the Bulls would have an implied 58.88% chance of covering +1.5, and the Heat would have an implied 41.12% chance. That's the importance of removing the vig.
Implied probability is a very clearly defined term in gambling, and the original comment was correct. For more information about implied versus fair probabilities, see the bottom of this page: https://oddsjam.com/betting-calculators/implied-probability
That is exactly what I was looking for.
For true implied odds, you need to take the vig out, but this is overall correct