One of the most important aspects of betting is finding the best odds possible. After all, placing good value bets depends on finding odds that net you a worthwhile payout. In other words, it’s not just about predicting which team will win; you also need to get paid well for the risk you’re taking on. That’s why you need to know how to use an odds or bet calculator.
Typically, odds calculators require you to input one or multiple sets of odds, along with a wager amount, to determine the value of wagers. A variety of calculators exist, depending on the type of wager or the system you’re attempting to utilize when determining the value of your bets. If you want to find more betting related resources, our betting guide is the right place for you.
Odds calculators in Bet cards, bet slips, bet coupons
Sports Interaction has an odds calculator in the bet card – just click the odds you want to combine, fill in your stake and boom, your potential winnings are staring at your face. Change odds format from the bottom left-hand corner of the page.
Whichever your betting strategy and the type of bets you’re going for, use our free odds calculator to ensure that you know how to calculate odds in sports betting. This sports odds converter is helpful in converting decimal odds to the fractional ones used in UK or the moneyline odds used in US.
Most sportsbooks will generally have a built-in betting calculator to allow you to see how much your payout will be before you place your bet. This is particularly useful if your betting strategy revolves around variable bet sizes rather than a fixed amount.
Nevertheless, some specific bet types or betting strategies require more advanced calculations to determine how much your profit will be. In these cases, some particular sports betting calculators will do all the math for you to maximize your earnings.
If you are looking for odds payout chart for Arbitrage betting, you’ve gone to the right place. Arbitrage betting involves wagering on every potential outcome of an event at odds which guarantee a payout. These types of opportunities don’t arise often, but every now and then, you might come across a scenario where hedging your bets guarantees a win. The odds value calculator is extremely handy in these situations.
While you’re always guaranteed to make some profit from arbitrage betting, you’ll need an arbitrage bet calculator to maximize your earnings. An arbitrage calculator will give you the amount of money you need to bet on each outcome to win a certain payout.
This is very important for serious bettors who want to maximize their profits from a bookmaker’s mistake. However, keep in mind that some sportsbooks are not very friendly toward arbitrage bettors, and may reserve the right to limit or outright ban your account.
Arbitrage calculators will provide the winnings you can earn according to the odds and betting amount given. In some cases, you’ll be able to figure out how much you’ll be able to win by hedging your bet. These type of price discrepancies don’t occur frequently on the betting market, so it’s worth your time to verify the numbers.
Freeplay Value Calculator
Most sportsbooks provide large sign-up bonuses to entice new players. These bonuses can be cash or free play bonuses that you need to roll a few times before withdrawing them. With a proper freeplay betting calculator, you can guarantee some profit from your freeplay bonus.
Similar to arbitrage calculators, freeplay calculators give you an opportunity of setting up a risk-free hedge. In this case, you calculate the odds and the hedged amount according to the amount of bonus currency given to you by the sportsbook. This type of calculator doesn’t determine rollover requirements, which vary between sportsbooks.
You should generally look to place your freeplay bet on an underdog that will give you a large payout. Then, you should find the best possible odds for the favourite to maximize your earnings. If the underdog wins, you’ll have a much higher balance that you can use to fulfill any rollover requirements the sportsbook has.
This type of sports odds calculator deals with points spreads and totals, usually for basketball, football and college competitions.
When betting the spread on an NBA game, you have the opportunity to buy or sell half points to increase the profitability or reduce the risk of the spread.
A favorite with a spread of -3.0 could be more profitable if you buy a half point, increasing the spread to -3.5. This adds risk to the wager, with a corresponding boost to payout. The bet now loses instead of a push when adding the half point, requiring a four-point win to pay off.
Comparatively, you can also use half points to make a bet safer if you think the underdog will lose by a large difference. For instance, you can turn an underdog spread of +5.0 into a +5.5. So, if the underdog loses by 5 points, the bet wins instead of a push.
Half points are a great way to gain more profitable odds if you believe a favourite can accumulate a higher score difference than the bookmaker suggests. With a proper odd payout calculator for half points, you can determine the eventual odds if you buy half, or even a full point, along with the additional profits you can make.
Advanced and professional bettors know that you need proper bankroll management to make a consistent profit through sports betting. If you just bet random amounts of money based on your “feeling”, you’ll either miss out on a lot of value or end up ruining your bankroll.
That’s why most serious bettors rely on the Kelly Criterion to determine their bet size as a percentage of their bankroll. Since the Kelly Criterion formula can be complicated, people rely on Kelly calculators to do their odds conversions and determine their expected growth and profit.
John Larry Kelly Jr. was a scientist who figured out a way to determine an optimal betting amount according to bankroll and the type of odds you face when sports betting. Since pros tend to work with a long-term strategy, a Kelly Calculator helps to determine a standard betting amount which performs well. This way, if you tend to win half of your bets at odds around +120, the Kelly Calculator may suggest a specific percentage of your roll to wager for each event.
Parlay Calculator app
When you’re stringing together a multiple bet parley, you can enter the odds of each individual bet and the stake wagered into a parlay calculator app to determine the value of the parlay. Most sportsbooks will provide you with the total amount of money you’ll win from a parlay bet. But, a proper odds payout calculator for parlays will allow you to make swift changes and determine the amount you need to bet to gain a certain profit.
This type of parlay calculator’s useful when determining the value of different parley possibilities, while double-checking the value provided by your sportsbook.
If your sportsbooks offer a significantly lower payout than the amount you should get based on the odds, you might want to switch to a different sportsbook.
Other than being fun and exciting, parlays are also a great way to bet on multiple outcomes with low odds that you wouldn’t want to place a single bet on. Just ensure not to include extremely low odds, as they don’t add significant value, but they risk ruining your parlay.
Want to know more about Parlay bets? Check out our Parlay Guide.
One of the more complex type of calculations, Poisson probabilities are most often used in sports to approximate the strength of offensive and defensive capabilities of a team, compared to the rest of the competition.
Attack strength for an NHL team would be calculated by measuring the average goal production for the entire league and comparing the results with an individual team. Defensive strength is calculated by comparing the average number of goals allowed league-wide with a single team.
These numbers then inform probability distributions, giving you an idea of the chances that a team will score or allow a specific number of goals. Poisson distributions may be utilized to determine percentages for outright winners, spreads and over/unders.
A Poisson betting calculator is also excellent for finding value in team or player prop bets. Using Poisson probabilities and knowing the historical average of a specific prop can help you find the chance of that outcome being an over or an under.
For instance, let’s assume you want to place a bet on Steph Curry’s made 3pt shots. You know his season average of 4.3 3pt shots per game, and the moneyline is at 4.5 3pt shots. The Poisson calculator will tell you the exact probability for the over/under and what money line odds you should look for to get value.
Reverse Bets Calculator
Reverse bets are similar to parleys because both types of wagering involve two or more events. While parleys require the correct prediction of all events listed, the win conditions for reverse bets are more complex.
Most reverse bets involve two wagers which begin with a single bet, followed by a ‘win, tie, or cancel’ condition. If a specific team wins, then the second bet proceeds. The second part of the reverse bet flips the two wagers, with the same conditions.
This improves the potential profit of the wager, while maintaining a similar loss if only one or none of your bets win. Since reverse bets involve complicated “if/then” structures, they’re often limited to two wagers.
When it comes to reverse bets, a bet calculator is essential, as the calculations can get very complicated with so many outcomes and conditions. Using an odds calculator for reverse bets will allow you to find the right amount of money to wager, as well as your profit in each outcome.
Round Robin Calculator
A round robin calculator informs you of the potential profit and peril of creating a series of multi-team parley bets. A three-team round robin bet would consist of three two-team parleys. If one of the three parleys wins, your initial stake is returned, while if two or more parleys win, the profit of your wager jumps.
While round robin bets can feel complicated, they are a very useful type of bet if you want to include multiple games in your slip with lower risk.
Three team round robins tend to be easier to mange than longer round robin bets due to all the different permutations when dealing with four or more wagers.
That’s where a round robin betting calculator comes in.
It’s an essential tool for anyone who enjoys round robin bets, as it provides you with the total amount you need to wager and your potential returns in each scenario.
A streak calculator provides a rough approximation of the chances of winning a series of bets given a specific set of odds.
Nobody enjoys losing streaks, but they are a part of long-term sports betting. Whether you’re a novice bettor or a seasoned veteran, proper bankroll management is essential to get through a long and tough betting season. Ideally, you should have a large bankroll and wager 1-2% of it on each bet to avoid ruining it during big losing streaks.
A streak calculator will give you the chance of a losing streak throughout a set number of games. Let’s assume you want to place 100 bets in an NBA season. Your bets will all have about a 60% chance to win (-150 odds) and a 40% chance to lose.
A betting calculator for loss streaks will determine the total probability of going on a 10-game losing streak. Naturally, you can change the parameters, like bumping the chance to lose to 45% or determining the probability of a 5-game losing streak.
How To Calculate Sports Odds Payout
Even if there are many betting odds converters, it’s important to know how to manually calculate your own odds payout.
American Odds Calculation
Calculating odds payouts for yourself isn’t too difficult, even when you’re using American-style odds. For positive moneylines, divide the moneyline by 100 and then add one to the result. This will give you the decimal version of the odds, which you multiply by the amount of money you wager.
+150 :: (150/100) + 1 = 2.50. $100 x 2.50 = $250.
For negative odds, divide 100 with the moneyline, before adding one to this number. Multiply your wager by this result to determine payment for negative moneylines.
-150 :: (100/150) + 1 = 1.67. $100 x 1.67 = $167
Fractional Odds Calculation
Fractional odds require a single equation to determine your winnings, unlike American odds, which have different calculations according to plus and minus symbols.
In order to calculate fractional winnings, divide the first number of the fraction with the second number, and add one to the result. Multiply this number with the amount of money wagered to determine the winnings.
3/5 :: (3/5) + 1 = 1.60. $100 + 1.60 = $160
Decimal Odds Calculation
Simply multiply the odds with the amount of money you bet – 2.67 :: 2.67 x $100 = $267.
Specific Odds Converters
Sports betting odds feature different formats around the world, including three main types utilized in most North American and Euro markets.
American moneylines feature a plus to denote the underdog and a minus for the favorite, while British and European standards feature decimals or fractions.
Odds converters allow you to plug one type of odds format into the system, which converts this figure into other formats. The best odds converters offer all the different formats around the globe, including Malay, Indonesian and Hong Kong styles.
Moneylines and spreads tend to be the more popular types of wager, but it can be difficult to select between the two when determining which has more value. Essentially, the moneyline offered should correspond to a point spread that has an equal risk/reward ratio.
If you want to make money from betting in the long run, you need to be able to find and exploit mistakes by sportsbooks. Essentially, you want to do a bookmaker’s job better. A good way to find the value out of a bookmaker’s mistake is through arbitrage betting.
If two bookmakers have differing opinions on the favourite for a specific event, you can bet on both outcomes and gain some profit. However, this betting strategy can cause some sportsbooks to limit or even delete your account.
Implied Odds & True Odds
A bookmaker will thoroughly study all the parameters that can affect the outcome of a certain event. These include player fitness, standings, team or player form, and weather conditions, among others.
Afterwards, they will input these parameters into a predictive model with several types of betting calculators that will output a set of odds for each outcome. These odds are what we call “implied odds”, and they are essentially your target to beat.
You want to study more rigorously and consider variables the bookmaker may not be aware of. You also need to develop a better predictive model and come up with better “true odds” according to your research.
Once you’ve determined the “true odds” for a certain outcome, you need to look up the “implied odds” for it on different sportsbooks and find which one has more favourable odds.
For example, let’s assume that you’ve thoroughly studied an upcoming soccer match using different sports betting calculators and determined that the favourite has a 60% chance of winning. This means that the true odds of this outcome are approximately -150.
If you look around different sportsbooks and find the same outcome at -135 or -140, you should place a bet on it. While the difference might seem small, it can be very profitable in the long run.
In general, odds are just another way to present a certain outcome’s probability. To calculate betting odds, you need an outcome’s chance (implied odds) and vice versa.
You can manually calculate the probability of a bet winning by converting American or fractional odds to decimal ones and then dividing 100 by that number. However, you should ideally use a gambling odds calculator to avoid making any mistakes.
If I bet $100 how much do I win?
American odds revolve around how much money you can make if you bet $100. A positive moneyline of +110 means that if you wager $100 on a single bet, you will make a profit of $110, and your total odds payout will be $210.
For negative moneylines, things are a bit more complex but still follow the same basic logic. A moneyline of -110 indicates that you need to wager $110 to make a profit of $100. So, if you bet $100 on a -110 odds, you can expect to win around $90 if your bet succeeds.
If you can’t be bothered with calculations, just use an odd payout calculator to determine your exact profit.
How to determine odds in betting?
Odds in betting are different formats to present the chance of a specific event occurring. Betting odds can be presented in moneyline, fractional, or decimal odds. American money line odds will either tell you how much you would win for every $100 wagered or how much you need to bet to win $100.
There are plenty of betting odds converters online that can help you switch between the different betting odds formats. The best ones even support conversion to probability percentages.
How to calculate betting odds payout?
An odds payout calculator will show you your profit based on which odds format you use. In general, you want to convert your odds to a decimal format and multiply the decimal odds by the amount of money you wagered.
For American odds of +150, you’ll need to divide 150 by 100 and add 1 to the result. This gives you a decimal odds of 2.50. Then if you wagered $100, you multiply 2.50 by 100, which results in a total payout of $250 or a profit of $150.
How to calculate betting returns?
Betting returns can either be presented as your profit or your total payout if you win a bet. Different odds formats will calculate your profit (American money line odds) or your total payout amount (decimal odds), which includes your wager.
To calculate your betting returns, just input your stake and the odds of your bet into an odds payout calculator. It will give you all the necessary information regarding how much money you’ll make.
How do I figure out the odds of winning?
To determine your chances of winning a bet, you need to calculate its implied probability. To do this, you’ll need to know the betting odds of your sportsbook and convert them into decimal odds. Then you’ll need to divide 100 by the resulting number to define the probability of winning the bet.
Another faster option is to use a bet calculator to do your conversion, as well as figure out the exact amount of money you’ll win.
How are odds calculated in sports?
Bookmakers need to consider several parameters to provide odds for a specific event. They usually rely on statistics, advanced formulas, and their wealth of experience to determine a probability for each outcome of the game. Afterwards, they do the odds conversion for the different formats and pick the odds for the game.
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