What implied probability means
Implied probability is the chance a price corresponds to: 1 ÷ decimal odds. A $2.00 price implies 50%. It is the number that makes prices comparable — and the reason the two sides of a market always add up to more than 100%, since the excess is the bookmaker's margin.
Why the formats differ
- Decimal is your total return per $1, including the stake. Standard in Australia.
- American shows profit on $100 for underdogs (+150) or the stake needed to win $100 for favourites (−200).
- Fractional is profit relative to stake: 3/2 returns $3 profit per $2 staked.