The present paper investigates proof-theoretical and algebraic properties for the probability logic FP(Ł,Ł), meant for reasoning on the uncertainty of Łukasiewicz events. Methodologically speaking, we will consider a translation function between formulas of FP(Ł,Ł) to the propositional language of Łukasiewicz logic that allows us to apply the latter and the well-developed theory of MV-algebras directly to probabilistic reasoning. More precisely, leveraging on such translation map, we will show proof-theoretical properties for FP(Ł,Ł) and introduce a class of algebras with respect to which FP(Ł,Ł) will be proved to be locally sound and complete. Finally, we will apply these previous results to investigate what we called “probabilistic unification problem”. In this respect, we will prove that Ghilardi's algebraic view on unification can be extended to our case and, on par with the Łukasiewicz propositional case, we show that probabilistic unification is of nullary type.