I can’t actually remember the exact process/theorem in order to determine probabilities from betting odds. Can anyone link it to me?

From this article:

http://lesswrong.com/lw/mp/0_and_1_are_not_probabilities/

In the usual way of writing probabilities, probabilities are between 0 and 1. A coin might have a probability of 0.5 of coming up tails, or the weatherman might assign probability 0.9 to rain tomorrow.

This isn't the only way of writing probabilities, though. For example, you can transform probabilities into odds via the transformation O = (P / (1 - P)). So a probability of 50% would go to odds of 0.5/0.5 or 1, usually written 1:1, while a probability of 0.9 would go to odds of 0.9/0.1 or 9, usually written 9:1. To take odds back to probabilities you use P = (O / (1 + O)), and this is perfectly reversible, so the transformation is an isomorphism—a two-way reversible mapping. Thus, probabilities and odds are isomorphic, and you can use one or the other according to convenience.