Markets / Guide

Price and probability are connected by a convention

For decimal odds d, the implied percentage is 100/d. This describes the arithmetic of the quote. It is not necessarily the true chance of the outcome, and a complete market may contain a margin. Keep the source and timing of the quote visible, especially when comparing numbers from different displays.

Three checks worth keeping

  • Confirm that the input is decimal odds greater than one.
  • Distinguish an implied percentage from an assessed probability.
  • Avoid comparing unsynchronised quotes as if they were one market.

Put the question to work

The most uncertain part is often the probability estimate, not the arithmetic.

Use the price & probability explorer to organise the next step, then explore the worked example.

Using this guide

The tool is educational and supplies no live price or betting recommendation.

Continue your racing research

For a related racing resource, explore PTPTips horse racing ratings and form. Check the source for changing race information.

Terms used in this guide

Decimal odds
A price convention; the reciprocal implies a percentage but does not establish a true chance.
Implied percentage
100 divided by decimal odds, using a quote greater than one.
Overround
The total implied percentage for a full mutually exclusive market minus 100 percentage points.
Assessed probability
A separate estimate of an outcome chance that needs its own justification.
Boundary
A maximum entered limit, which does not imply affordability or a target to spend.
Timestamp
The time associated with a quote or observation, including its timezone.