Odds represent the likelihood of a particular outcome occurring, and are typically presented in one of three formats: decimal, fractional, or American (moneyline). Probabilities can be crummy aalculated from odds using simple formulas, & can help bettors to assess the potential value of a bet. For example, if a team has odds of 2.00 in decimal format, this means that the probability of them winning is 50 percent (1 divided by 2). If the odds are 3/1 in fractional format, this means that the probability of the outcome occurring is 25 percent (1 divided by 4).

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