Decimal, fractional, American and implied probability — all four, live.
Decimal odds are the total return per unit staked, including your stake. Fractional odds are the profit only, expressed as a ratio. American odds show what you must stake to win 100, or what 100 wins you. Implied probability is simply 1 divided by the decimal price — and it is the only one of the four that tells you what the bookmaker actually thinks.
The implied probabilities of every outcome in a market add up to more than 100%. That excess is the bookmaker's margin, and it is the thing any winning approach has to beat. A model that is right 55% of the time at even money loses money once the margin is priced in.
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