implied_odds {implied}

Implied odds with added margin from probabilities.

Description

This functions converts probabilities to odds in decimal format, while adding overround. The function does the inverse of what the function implied_probabilities does.

Usage

implied_odds(
  probabilities,
  method = "basic",
  margin = 0,
  grossmargin = NULL,
  normalize = TRUE
)

Arguments

probabilities

A matrix or numeric of probabilities, where each column is an outcome.

method

A string giving the method to use. Valid methods are 'basic', 'shin', 'bb', 'wpo', 'or', 'power' or 'additive'.

margin

numeric. How large margin (aka overround) should be added to the probabilities.

grossmargin

Numeric. Must be 0 or greater. See the details.

normalize

Logical. If TRUE (default), scale the input probabilites to sum to 1.

Value

A named list. The first component is named 'odds' and contain a matrix of implied odds. The second depends on the method used to compute the probabilities.