Odds represent the probability of an outcome. Understanding the chance you have of winning is an important part of betting.

**Implied Probability = 1 / decimal odds**

Let’s look at the probability of a 7.0 (6/1) shot has of winning:

1 ÷ 7 = 0.142 x 100 = 14.2%

We can now see the bet has a 14.2% chance of winning.

Now you know the chance you have of winning you are better placed to decided how much you wish to stake on it.