A 1 in 500 chance of winning, or probability of winning, may be reported as '1 in 500' or '1 out of 500.' You may also see odds reported simply as chance of winning as 1:500. When playing a lottery or other games of chance be sure you understand the odds or probability that is reported by the game organizer. Implied odds or betting odds which are not true statistical odds. If you are using sports teams odds or betting odds and see the odds are 9/2, this is most likely odds against winning.Įnter 9 to 2 into the calculator and select 'Odds against winning.' It's also important to understand It's important to understand how to read odds especially if wagering is involved. Where A:B is odds for winning How to Read Odds Where A:B is odds for winning Probability of Losing Formula A:B This calculator converts odds for winning or odds against winning into percentage chance for winning or losing. Convert odds into probability and percent chance of winning and losing.
