How to Convert Decimal Odds to Probability

Why it matters

Odds show the return, while probability makes prices easier to compare and reveals the minimum long-term win rate needed to break even.

Implied probability = (1 ÷ decimal odds) × 100. Odds of 2.00 imply 50%; odds of 1.50 imply 66.67%.

Convert probability back to a price with fair odds = 1 ÷ probability. A 52% estimate corresponds to about 1.92.

A complete market normally totals more than 100%, so raw implied probabilities should not be treated as pure probabilities.

What probability is 2.50? — 40%.

What odds equal 60%? — Approximately 1.67.