Betting Odds Calculator & Converter
The odds that a sportsbook offers you is related to the implied probability of that outcome happening. If the bet is lower than the true probability, it's usually considered a good bet to make.
Betting odds calculator and converter are useful when you decide to bet on sports. Implied odds are the conversion of a sportsbook's offered odds into an implied win probability. True odds, however, are subjective and can be calculated using predictive models. If true probability > implied probability, a bet is a good bet. For example, the spread bet in football is offered at -110 on both sides of the bet, which gives both outcomes a win percentage of 52.38%.
Caesars Sportsbook offers Titans v. Bills game at even odds. The implied probability of the Titans to win is 60%, while the implied chance of Bills to lose is 43%. If you have a predictive model and it gives the Titan a win probability 65%, betting on the team is a good bet.
