Using odds calculators are a good way to check how your numbers stack up. While most models are unlikely to be sharper than the market number, it is a useful comparison point to see how your “number” compares to the market. If you have a model that says the San Francisco 49ers have a 79% chance to win the game, you could compare that to the implied win probability to see how it compares. Knowing the implied odds of a bet is extremely useful if you are doing your own modeling. Using the previous example, American odds of -330 represents a 76.7% implied win probability. You can also check out our implied win probability to odds calculator if you want to take a win percentage and translate it to American or Decimal odds. The odds calculator will also tell you the implied probability of winning a given set of odds. In the colloquial interpretation, a 20 reduction does not correlate to, but implies a decrease from 100 to 80 or 20 reduction from some baseline. Despite each example above representing a different bet, they all have odds that you can enter into the calculator. Framing the odds ratio effect as a percentage reduction or increase completely dissociates the OR measure from an interpretation aligned with users’ expectations of analyses. I have highlighted the actual odds you would enter for any of the given markets. Using the Vikings/49ers example, we have the following markets: Let’s say you wanted to bet a different market on the same game.
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