Sports Betting Odds to Probability: If you don't know this, you've lost yourself a lot of money.

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In this video, Alex (Stanford math/cs grad) discusses sports betting odds to probability, and the importance of break even win percentage in sports betting. Knowing how to convert odds to probability is essential if you want to become a data-driven, profitable sports bettor. What's more fun than making money and beating sportsbooks?

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Video description:
The relationship between probability and odds is critical to becoming a profitable sports bettor. If you are betting at +100 odds, then your bets must win 50% of the time to breakeven. If you are winning more than 50% of the time, you're a profitable bettor. If you are winning less than 50% of the time, something needs to change, since you are bleeding the vig, or house edge, to sportsbooks and losing yourself money.

We go through the formula for breakeven win probability, as well as discuss strategies for identifying betting opportunities where your win probability is greater than the breakeven percentage required to make a profitable bet.

Alex graduated from Stanford in cs/math before working as a quant trader on Wall Street. He's currently the youngest member of the OddsJam team, and also a cofounder.
About Alex:
LinkedIn:   / alexander-monahan-31a48b183  
Twitter: @AlexMonahan100

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