Odds Converter & Probability Guide
The Odds Converter and Probability Calculator Guide is an advanced Matched Betting Calculator that allows you to convert any odds format.
INTRODUCTION
This should be a simple and effective way to convert any odds format(s) that you don't understand as well as working out your implied probability on bets that have as many as fourteen legs.
The layout and what each cell does should be pretty self-explanatory but I will talk you through what each mode, cell and the results do.
First, we'll take a look at the calculator modes and dropdowns. There are two calculator types that are available from the "Calculator Type:" drop-down cell.
- Odds Converter.
- Probability Calculator.
When selecting the "Probability Calculator" you will notice a second drop-down cell called "Bet Type:". This is for selecting the number of legs your bet has. You can select from; "single" which is a bet with one leg, through to "fourteenfold" which is a bet with fourteen legs.
ODDS CONVERTER
When opening up the calculator it will already be in "Odds Converter" mode and it should look like this;
When finding the bookmaker odds, you may not be sure what they convert to, you can simply input the numbers into the relevant cell.
So for example, if you find the odds on the bookmaker are 1/2 then you just enter a 1 in the left-hand fractional cell and a 2 in the right-hand cell. As soon as you do this the Decimal and American odds will automatically update.
You can change any one of the three odds types displayed and the other two will automatically update to the corresponding odds format.
Example
I have found a bet on the Coral website that are showing odds of 11/4. By putting this into the fractional part of the converter my results will look like this;
The converter will auto-populate the other two cells to read;
Decimal odds = 3.75
American odds = +275
PROBABILITY CALCULATOR
When selecting "Probability Calculator" from the "Calculator Type:" drop-down you calculator should look like this;
The first thing you will notice is another drop-down cell in the top right called "Bet Type". This is for selecting the number of legs your bet has. You can select from; "single" which is a bet with one leg, through to "fourteenfold" which is a bet with fourteen legs.
By using this calculator you will get an implied probability of your overall bet from the mean average between your back odds and lay odds of each leg. Working out the probability for one or even two legs can be quite simple but the more legs you add to the bet the more complicated it becomes, this calculator is here to do the hard work for you.
This should come in handy for offers such as accumulator refund offers where you get a refund if one leg loses. The calculator will tell you the implied probability of hitting the refund, all legs winning and even having two or more losers. Or refund trigger offers so you can get an idea of the chance your trigger will happen.
Accumulator - Example
You have found a decent accumulator that is +EV and you'd like to know the probability of your Acca winning, losing or hitting the refund.
Below are the odds of my five selections (back and lay odds).
From the results section, you will learn that the implied probability of your Acca winnings is 32.32%.
With a 41.08% chance, your Acca will have a total of one losing leg. If you're doing an Acca offer refund then you should trigger a free bet.
Then finally there is a 26.61% chance you will have two or more losing legs from your Acca.
Refund Trigger - Example
You might find this handy for working out the implied probability of a refund trigger. For the purpose of this example, your refund trigger might be Manchester United v Manchester City game having both teams to score at back odds of 1.50 and lay odds of 1.53.
Your calculator would look like this;
With the results saying that 66.01% chance of the refund trigger occurring.
TIP - You can use the tab button on your keyboard to switch to the next cell rather than having to click on each one. This should speed up the process of completing the probability calculator.