I always see different formats for odds—decimal, fractional, American—but I don’t fully understand how they’re calculated or what they represent in terms of probability and potential returns. Can someone explain the logic behind calculating odds and how to compare value between formats?
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Est. 2015
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Odds represent the ratio of potential returns to your stake, linked to probability. Decimal, fractional, and American formats differ in display but convert between each other mathematically. Understanding them is like using a lagrange interpolating polynomial calculator with steps—each format is a method to calculate value points, just framed differently for clarity.