Every betting price is a probability statement in disguise. Converting decimal odds to implied probability is simple: divide 1 by the odds. Odds of 2.00 imply 50%, odds of 4.00 imply 25%, odds of 1.25 imply 80%. This conversion is the foundation of every serious betting decision, because it turns 'is this price big?' into the answerable question 'is this probability too low?'.
Summing the implied probabilities of every outcome in a market reveals the bookmaker's margin: the total always exceeds 100%, and the excess is the operator's built-in edge. Removing that margin produces fair probabilities — the market's actual consensus view — against which value can be measured.
A match priced at 2.10 (home), 3.60 (draw), 3.40 (away) implies 47.6% + 27.8% + 29.4% = 104.8%. The 4.8% excess is the bookmaker margin; the fair home probability after stripping it proportionally is 47.6 / 104.8 ≈ 45.4%.