well i was using the odds calc on here 2 get the probability to then find edge using the formula provided by ganch...i always get 0. Whens a case i wont?
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well say the odds of the team r -135,
plugging that into the odds converter, i get implied prob of 57.45 and a decimal of 1.7407
(57.45)(1.7407) -1 = just bout 99...? i just dnt get how 2 get the edge using this formulaComment -
From the Odds Converter documentation:Associated with any given odds quotation is the win probability implied by those odds. This represents the probability with which the underlying event would need to occur to justify those odds. If the real probability were greater than the implied probability then the bet would be a good bet, while if it were lower it would be a bad bet. If the real probability were equal to the implied probability then the bet would be break-even.In other words, the implied probability of any odds quote will by definition always have zero edge.Comment -
k thats sorta was i was figuring after all the numbers i put in...so basically don't use that for the probability...Comment