The possible outcomes for a bet on a single number are the numbers 1 to 36 and 0 or 00 for a total of 38 possible outcomes. Take for example the game of roulette at a casino. Betting odds is a payout ratio that has the house profit margin built into it. Implied odds or betting odds are likely not the same as the true odds. 'Odds against' winning: 12/1 or 12:1 (reduced from 48:4)

Entering A=4 and B=48 into the calculator as 4:48 odds are for winning you get The chance of winning is 4 out of 52, while the chance against winning is 48 out of 52 (52 - 4 = 48). Of losing is given as P Lose = B / (A + B).įor example, you win a game if you pull an ace out of a full deck of 52 cards. Of winning is given as P Win = A / (A + B) while the probability If odds are stated as an A to B chance of winning then the probability Odds, are given as (chances for success) : (chances against success) or vice versa. This calculator will convert 'odds of winning' an event into a probability percentage chance of success. Therefore, A:B = 1:999 and that is what you would enter into this calculator to find the probability. The chance of winning is 1 out of 1000, while the chance of losing is 999 out of 1000. So a single bet, say 123, has a 1 in 1000 chance of winning. Therefore, in terms of odds, this means '1 to 499 odds for winning' which is exactly the same as '499 to 1 odds for losing.'įor example, a Pick 3 lottery has a total of 1000 possible outcomes, from 000 to 999. These all most likely mean 1 chance of winning out of 500 total possible outcomes. A 1 in 500 chance of winning, or probability of winning, may be reported as '1 in 500' or '1 out of 500.' You may also see odds reported simply as chance of winning as 1:500. When playing a lottery or other games of chance be sure you understand the odds or probability that is reported by the game organizer. Implied odds or betting odds which are not true statistical odds. If you are using sports teams odds or betting odds and see the odds are 9/2, this is most likely odds against winning.Įnter 9 to 2 into the calculator and select 'Odds against winning.' It's also important to understand

It's important to understand how to read odds especially if wagering is involved. Where A:B is odds for winning How to Read Odds Where A:B is odds for winning Probability of Losing Formula A:B This calculator converts odds for winning or odds against winning into percentage chance for winning or losing.

Convert odds into probability and percent chance of winning and losing.

$5 bet with 4 1 odds