What’s A Sportsbook Vig?īookmakers include a vig into betting odds to help them increase profit margins and avoid significant losses. Also, they include a vig (also known as the vig, vigorish, cut, or juice) to prevent them from paying out too much. Yet, as other factors affect a Vegas oddsmakers’ decisions when determining the odds on a specific outcome, the implied probability isn’t a correct reflection of your chances of winning.įor instance, a sportsbook may alter the betting odds to encourage sports bettors to wager on the opponent if they take too many bets on one side. Example of implied probability with +150 odds: $100 Risk ÷ $250 potential total return = 0.4 (40%).Working out the implied probability of a sports bet is straightforward – all you have to do is divide the risk by the return.įor example, wagering $100 on a team to win with +150 American moneyline odds equates to a potential total return of $250. Use our lookup table to convert odds and calculate the implied win probability of your sports bets.īet Now Odds and Probabilities: Odds Formats and Implied Probability DecimalĬalculating the implied probability is when you convert betting odds into a percentage (as outlined above in our odds calculator). Sports Betting Odds Calculator / Converter Odds correlate to probability e.g a 2/1 bet is expected to win twice in every 3 attempts, hence the probability is 33.33%. For example if £$ is bet at odds of 3.0 the total returned is $15 ($5 * 3)- and the potential profit is £10 ($5 * 3 minus the initial $5 stake). Decimal Oddsĭecimal betting odds reflect the potential return if a bet succeeds, relative to the stake placed. Fractional odds quote the potential profit which can be made on a bet if it wins, relative to the stake.įor example if $500 is bet at odds of 2/1 the potential profit is $1000 ($500 * 2) and the total returned is $1500 ($1000 plus the $500 stake).

This odds format is used primarily in the United Kingdom & Republic of Ireland. For example a wager on a team with American odds of -90 would win $100 on a $90 bet.

Negative American Odds: The odds indicate how much you must bet in order to make $100 profit.

For example, a positive American odds +110 would win $110 for a $100 wager.

Positive American Odds: These odds reflect how much you win on a single $100 bet.

Let’s run through some examples of decimal odds, fractional odds and American odds so that you understand how to calculate and convert odds – to understand how much you can win on various sports bets, and to calculate the implied probability % from sports odds on a specific outcome: American Odds There are three main odds representations used by most bookmakers and sports betting websites.

$5 bet with 4 1 odds