I am trying to get the expected value of a bet on a UFC money line fight (betting which fighter will win)
decimal odds at: $1.6$
Stake: $$30$
Potential Profit ($PP$): $(1.6 * 30) - 30$
Implied Probability of Win ($Pw$): $(1/1.6)$
Implied Probability of Loss ($Pl$): $1 - (1/1.6)$
Given the formula of E(x) is: $(Pw*PP) - (Pl * Stake)$
I keep on getting zero, so I am doing deff. doing the probability of a loss incorrectly.
How would I go about doing this?