Glossary · Odds and implied probability
Odds and implied probability
Odds are how much a winning bet pays per unit staked. Their inverse (1 ÷ odds) is the implied probability: the chance the market assigns to the outcome, including the bookmaker's margin.
Example
Odds of 1.80 imply 1 ÷ 1.80 = 55.6%. Odds of 4.00 imply 25%. The implied probabilities of a match add up to more than 100% because of the bookmaker's margin.