Without knowing your prospect to win a bet, you cannot survive in the betting realm. In the United States, Moneyline betting odds are highly used for live or online sports betting. Therefore, you must know the odds to probability formula for Moneyline to compute your winning chances. However, these are the shortest odds that enable you to pick the winning side of the bet to pick. Consequently, using them for calculating odds is also easy.
Let’s see how to figure out probability with Moneyline odds.
Suppose you are watching a match that has Moneyline odds such as:
New York +450
As per these odds, NY is an underdog and OK is a favorite. Now, to compute the winning percentage, the odds to probability formula come.
First, you take the underdog. Now, add 100 to 450, which will become 550 in total. Now, divide 100 by this number which gives you 0.181. Now, multiply this number again with 100, which will become 18.18, which is your winning percentage. This means that NY has an 18.18% chance to win.
Then move to the favorite team that is OK. Now, add 100 to the odds. That is 500, and it will become 600 in total. Now, it is a bit different from the underdog. You have to divide the original number, 500, to the accumulated number, 600. The result would be 0.833. So, now multiply the number with so, which is 100x0.833 = 83.3. So, this means that Oklahoma has an 83.3% chance to win the game.
How to wager with Moneyline?
Suppose, if your wager is 100 $, you have to wager 500 on OK to gain 100$ profit off your bet. In the case of NY, you have to place a wager of 100$ to get a profit of 450 dollars.
To Wind Up
Using odds to probability formula with Moneyline odds is clear-cut and precise. You can compute the chances to win in a fraction of a minute. It will let you make an informed betting decision to create wins.