Odds Conversion Calculators...
In the US we like to do things a little different than the rest of the world, we still use feet, yards, and miles when the entire rest of the world uses meters and kilometers. Sportsbook wagering is no different where we us the US Odds format and most of the rest of the world uses Decimal Odds or something closely related to it. US Odds are somewhat tailored to the credit market in that through simple multiplication you are able to figure out risk amount (in the case of favorites) or win amount (in underdogs). Example: If you are wagering $100 at a line of -145 then you’re risk amount is $145 ($100 x -145). If you are wagering that same $100 at a line of +230 your win amount is $230 ($100 x 230). Because in the credit market you aren’t posting up any money the calculation just gives you your risk or win amount without the wager amount included.
Decimal Odds are used throughout Europe and most of the rest of the western world. This is partially due to the legal status of sportsbook wagering in these areas. Decimal pricing lends itself to postup wagering because it’s a simple multiplication to figure out your return. If the decimal odds are 1.90 and you wager $100 then if you win you will receive $190 (1.90 x $100). Because in a regulated market you will post up the original wager amount the calculation equates to your $100 wagered which you get back plus your $90 in earnings.
Implied probability is just the percentage chance that something will happen. A good example is a coin flip, it’s a 50% chance of heads and a 50% chance of tails on every flip. Implied probability is used in much of the odds making done on events.