Understanding what the odds are trying to tell you about the most likely outcome of an event is important to learn, especially if you are going to step into the world of placing real money sports bets with your hard-earned cash at any of today’s most highly recommended online bookmakers.

Understanding the odds also means understanding the implied probability rate (IPR). Let’s dive in to learn more about how sports betting odds and the IPR go hand in hand, with a few simple examples of what you will likely come across.

The other thing to mention is that many of today’s best sports betting sites let registered members choose how the odds are displayed. The three main odds formats are fractional, decimal, and American/moneyline.

Perhaps try each of these formats for a short amount of time to see which odds format you prefer using/seeing when you place bets.

Where are the safest websites to place sports bets in 2023?

One of the safest sites you can turn to in 2023 is the official https://bitedge.com/crypto-sports-betting/ethereum-betting-sites/ (Bitedge) website. It has several unbiased reviews for some of today’s most trusted online sports betting sites, all of which are known for having some of the iGaming industry’s most competitive odds.

What is the implied probability rate?

The implied probability rate (IPR) is basically the sports betting odds for any given market converted into a percentage (0% to 100%). It’s a great way of understanding how likely an outcome/result will happen.

How does the IPR rate go hand in hand with the odds?

Let’s take a closer look at how the different odds formats might appear in a typical bet using a few actual markets. You can also see the IPR rate attached to each betting market.

• Example 1. Let’s just say that Max Verstappen is currently priced at 1/4 in the fractional odds format to win the 2024 F1 Driver’s Championship. In American/moneyline odds, 1/4 is -400; in decimal odds, it’s 1.25. The IPR for this bet is 80.00%, which means it’s very likely (but never guaranteed) to occur.
• Example 2. If a bet was placed right now on the men’s professional football team Sheffield United to win the 2023/24 English Premier League (they are currently rock bottom of the league), you would currently be looking at average odds of around 4,500/1 (fractional odds), +450,000 (American/moneyline odds), or 4,501.00 (decimal odds) with a 0% IPR, meaning this outcome is basically not going to happen
• Example 3. If a bet was placed right now on men’s professional basketball team Oklahoma City Thunder to beat the Chicago Bulls in the NBA, you might be looking at 1/1 fractional odds (aka EVENS), which is the same as +100 (American/moneyline odds) and 2.00 (decimal odds), with a 50% IPR.

Final note

After you have got to grips with the IPR and what the odds are trying to tell you, it can help you place far more strategic bets that are less likely to lose. Remember, something with a 75% or higher IPR is most likely to occur, and something with a 25% or lower IPR is least likely to happen.