Sports betting odds are the chances an event will yield a particular result. These odds also show you the amount you'll get from placing a wager on a winning team. While it is possible to estimate these figures, your calculations are prone to errors, especially if you aren't crazy about math.
Fortunately, our betting odds calculator can help in this regard. A betting odds calculator allows you to multiply the stakes by the odds to determine the potential profit on your sports betting wagers. Enter your stakes and odds, and the calculator will accurately tell you how much profit you should expect.
Once done, you can adjust your DFS strategy and make a more informed wager for better outcomes.
So, how does it work? Keep reading to find out.
HOW TO USE OUR ODDS CALCULATOR
An odds calculator is easy to use. Simply follow these steps:
Step 1: Input your odds. Betting sites typically have varying odds, so you must pick the one you prefer. Our odds calculator supports American, decimal, fractional odds, and implied probability.
Step 2: Enter the amount of money you want to stake. The odds calculator shows the amount of money you would win and the total payout you would receive. You can stake any value you like if your bankroll can handle it.
Betting Odds Formats
The first step to understanding betting odds is to note the three most crucial betting odds formats, which are American, decimal, and fractional odds. A betting odds calculator can calculate these formats. The Asian sportsbooks may also quote Hong Kong, Indonesian, and Marlay odds.
Comprehensive Guide on Betting Odds
American Odds
The American odds are the most popular type of odds on sportsbooks and are also identified as Moneyline odds. They usually start with a plus (+) or a minus(-), both of which have different functions.
Positive odds (+)
It shows you the profit you would earn from a $100 bet if your wager is successful. Presuming you wager $100 on a moneyline with odds of +150 and win, you get a profit of $150 alongside your initial $100 wager, making a total payout of $250.
Positive American odds are typically used to indicate the underdogs, the weaker team with a lower chance of winning. Since they have a lower chance of winning, you tend to earn more on a $100 bet.
Negative odds(-)
It indicates the amount you would need to wager for a $100 profit. Negative odds are used for the stronger or favorite team with a higher chance of winning. Since the team already has a higher chance of winning, you'll need to wager more to win $100.
For example, an American odds of -120 means you must wager $120 to earn a $100 profit. Once the sportsbook refunds your initial stake, you get $220.
Decimal Odds
Decimal odds are mostly used outside the United Kingdom, United States, and Ireland. It states the potential profits you should expect on your bet amount if your bet is successful.
For example, a decimal odds of 2.50 means you would enjoy a return of $2.50 for every $1 you wager. That is $1.50 profit and $1, which represents your stake.
Decimal odds make it easier to know your returns on a parlay. You can use our parlay calculator to make decimal and fraction odds conversions.
Fractional Odds
Fractional Odds are also known as traditional odds and are common in the United Kingdom and Ireland. These odds are indicated in a fraction and are very easy to understand.
Put simply, it shows how much you’ll earn(numerator)/ how much you wager(denominator).
A fraction odd of 8/2 means you earn a profit of $8 when you wager $2.
In other instances, a sportsbook may indicate fractional odds in the opposite direction. For instance, 2/8 instead of 8/2. This is known as “Odds on” selections and means you’ll need to wager $8 to win $2. Sportsbooks will use this odd format to represent a strong favorite team.
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Why Use a Sports Betting Calculator?
A sports betting calculator offers a variety of benefits. Here’s a look at some of the reasons you should opt for one:
- Accurate Calculations: Humans are not perfect and are prone to errors, especially when involving calculations. Fortunately, a bet calculator offers you accurate information on your outcome. It factors in different aspects like odds, bet type, and stake amount to offer you accurate insight into your likely payout.
- Save Time: Manually calculating potential winnings from complex bets can be time-consuming. With a bet calculator, you can quickly streamline this process and get accurate results in record time.
- Convenience: Bet calculators like ours are easily accessible so long as you have an internet connection. You can quickly analyze your potential bets and likely winnings from any location.
- Understand the Risks and Rewards: Using a bet calculator, you can get insights into the risks and rewards attached to different bet types. You can quickly evaluate different scenarios and make a more calculated betting decision.
- Great Tool for Learning: A bet calculator can be a useful learning tool if you are a new sports bettor. It can help you understand how your wager determines your likely winnings and other valuable insights that can give you an edge when betting.
Overall, a sports betting calculator helps you make more accurate decisions. Rather than making numerous calculations to understand a bet, one can use these calculators and converters simultaneously.
Use Our Betting Odds Calculator for Prop Odds
Prop betting is a wager based on what happens and what doesn't in a game/event. In most cases, these incidents may be unrelated to the game's final result as opposed to other betting options like points spread, futures, or totals.
Totals
Totals or over/under betting is when you wager on the two teams' combined score in any game. A bet on the over means there is a probability that both teams will combine to score more goals, points, or runs than the total listed. Conversely, an under bet means you think there will be fewer goals or points than the total listed.
Read our comprehensive Over/Under Betting Guide
Point Spread
A point spread represents the oddsmakers and then the best guess at the numerical separation between two competitors in the betting market. The oddsmakers adjust the lines so that the playing field is level.
Futures
A futures bet is used to make long-term bets. The outcome of the bet is not decided till the distant future. It is used to wager on an event, series, or award that will finish in the future. For instance, betting on a team to win the Champions League. Using our betting calculator, you can enter the odds of each team to find out the potential payout.
Implied Probability Calculator
The implied probability is a factor that is important in deciding whether to place a bet or not. The implied probability correlates to the probability of an event needing to occur to justify any odds. It is the probability of a team winning. This applies to sports betting, horse racing, casino bet types, and other forms of wagers.
Bettors generally are trying to find instances where the actual probability is greater than the implied probability odds. This represents an attractive bet. For instance, a +100 American odds equals an implied probability of 50%. In contrast, a wager placed at -110 In American odds has a 52.38% implied probability of winning.
You can calculate the implied probability of your bet using our calculator. Simply enter the bet amount and odds while our calculator does the rest.
Key Takeaways
- A betting odd calculator is your best option if you are after accurate results regarding potential payouts.
- Our betting calculator calculates results using American, decimal, and fractional odds.
- American odds with a (+) in front represent the underdog, while those with a (-) in front represent the favorite team.
- Implied probability is crucial in determining if you should place a wager or not.
FAQ
How Do You Calculate Odds?
Odds are a way to identify the probability of an event occurring. It is the ratio of the probability of an event happening to the probability of the event not happening.
Can I see the probability of winning my wager?
You can see the probability of winning your wager using our betting odds calculator. Simply enter the wager amount and the odds and wait for the calculator to compute the results.
What Are the Odds Calculators?
Odds calculators are used for computing odds. Examples are Arbitrage, Fair play, Half Point, Kelley, Streak, and Parlay calculators.
Betting Calculator FAQ
HOW DO YOU CALCULATE ODDS?
Odds are a way to identify the probability of an event occurring. It is the ratio of the probability of an event to happen to the probability of the event not happening.
WHAT DO +500 ODDS MEAN?
WHAT DOES +800 MEAN IN ODDS?
A +800 odd means that you would win $800 for every $100 successful gamble.
WHAT ARE THE ODDS CALCULATORS?
Odds calculators are used to computing odds. Examples are Arbitrage, Fair play, Half Point, Kelley, Streak, and Parlay calculators.
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