Odds for 1

The relationship between probability and odds can be stated as follows:

"Odds for 1" = 1/Probability


Or, if one writes things in terms of probability, then:

Probability = 1/"Odds for 1"



Example:
Let's say you wish to convert a 2 for 1 payoff on a special sidebet into a win probability. In this example, Probability = 1/("Odds for 1") = 1/2 = 0.5 This means that you have to have an expectation of greater than 0.5 in order to make the sidebet a profitable one.







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