How to Use a Betting Odds Calculator
The world of sports betting is complex. With dozens of sports, hundreds of leagues and thousands of betting markets, there’s a lot to keep up with. When you consider betting odds, things only get more complicated. That’s why we offer users our nifty betting odds calculator. There are many different uses for a bet calculator, and it is a huge convenience to those who have access to one.
Betting odds are at the core of any sports betting experience. They’re what determines how large (or small) a payout you’ll get if your selection proves a winner. Reading them accurately is crucial and not always easy.
For starters, there are several different ways to express betting odds or formats. Each is popular with bookmakers in different world regions. It takes a bit of experience (and quick mental math) to make conversions between them.
Our betting odds calculator helps you make sense of the odds regardless of format. You can use it to switch between odds formats without hassle. The betting odds calculator even lets you figure out exact payouts for specific stakes with odds in any format.
In short, the bet calculator provides you with everything you need to read betting odds and calculate payouts.
The content on this page is for informational purposes only. Vegas Insider makes no representation or warranty as to the accuracy of information given or the outcome of any game or event.
- How To Use Bet Calculator?
- Reading Betting Odds
- Why Use a Bet Calculator
- Different Odds Format
- Where to Place a Sports Bet
- FAQ - Bet Calculator
- Final Thoughts
HOW TO USE OUR BET CALCULATOR?
Using our betting odds calculator is extremely simple. All you need to do is input the relevant information in each field and then let the bet calculator work its magic. Results will be instantly computed and displayed upon entering the needed data.
For the betting odds calculator to work, you’ll first need to enter your bet amount. Simply input your real or hypothetical stake. Don’t worry about currencies, as the betting odds calculator works regardless of the currency you’re gambling with.
Next you select your preferred format: fractional, decimal, or American. Choose whatever format that the betting market you’re looking at is quoted in. Finally, enter the specific American, decimal, or fractional odds in the corresponding space.
Afterward, the betting odds calculator will instantly give you the odds converted across all three formats. You’ll also be able to see your exact potential payout.
READING BETTING ODDS
Reading American betting odds can seem a little daunting to the uninitiated. However, once you get the gist of it, it’s actually quite simple. Unlike fractional or decimal betting odds, American odds aren’t exactly stake multipliers.
Instead, American odds tell you a few things. You can tell whether a pick is a favorite or an underdog by the sign. Positive odds indicate underdogs, while negative odds mean favorites. The higher the number, the more heavily favored (or disfavored) the pick.
If the number is negative, it shows the amount you’d have to stake to win $100 in profits. The higher the odds, the more you’d have to bet to win $100. If the number is positive, it shows how much you’d win if you bet $100. The higher the number, the bigger your payout.
Here are some examples:
- A selection with odds of -120 is slightly favored. To win $100, you’d have to stake $120. Your total payout would be $220.
- With odds of -250, a selection is a favorite. Winning $100 would require a $250 stake. Your total payout would be $350.
- Odds of -500 mean a selection is highly favored. To win $100, you’d need to bet $500. Your total payout would be $600.
Positive odds show how much you stand to gain on a $100 stake. The higher the odds, the bigger the payout. Check out a few examples below.
- A selection with odds of +150 is slightly disfavored. A winning $100 stake could win up to $150 in profit, for a total payout of $250.
- At +250 odds, a pick is a definite underdog. A $100 wager stands to win $250 in profits, for a total payout of $350.
- Odds of +500 mean a selection is highly disfavored. A $100 stake stands to win $500 in profits, for a total payout of $600.
WHY USE A BETTING ODDS CALCULATOR?
There are many reasons for using our betting odds calculator. Both rookie and veteran sports betting fans can get value out of a bet calculator. If you’re betting with a bookmaker using odds formats you’re unfamiliar with, the betting odds calculator makes them easy to understand.
The bet calculator is great for figuring out your potential payout. If you don’t trust yourself with the math required, it can be a huge help. You can also use it to double-check your own estimates or to compare different wagers.
Beyond these practical applications, an odds calculator is ideal for doing your research as a gambler. Whether you’re practicing odds conversions to evaluate wagers on the fly or testing hypothetical payouts, an odds calculator comes in handy.
Over time, as you develop more experience, you may no longer need an odds calculator. Using an odds calculator to check your work can always come in handy.
DIFFERENT ODDS FORMATS
Beyond the American odds format, explained above, there are different formats in use with gamblers around the world. The two most common are the decimal and fractional odds formats.
Fractional odds, popular in the UK, show you the proportion between winnings and stakes. Each fraction is made up of two numbers: one on the left and one on the right. The number on the left represents your winnings and the number on the right represents your stake. For example:
- 2/1 odds means you’ll win $2 for every $1 you bet. A $100 bet at 2/1 odds would win $200, for a total payout of $300.
- 1/3 odds means you’ll win $1 for every $3 you bet. A $300 bet at 1/3 odds would win $100, for a total payout of $400.
Decimal odds, most popular in Europe, are fairly straightforward. The odds indicate how many times your stake will be multiplied in your total payout. For example:
- A $100 bet at 1.50 odds will pay out $150 ($50 profit, plus your $100 stake).
- A $25 bet at 4.00 odds will pay out $100 ($75 profit, plus your $25 stake).
WHERE TO PLACE A BET AFTER CALCULATING YOUR PAYOUT
Here is our expert selection of the bookmakers where you can place a great sports bet right away :
Available in: LA, AZ, NJ, IN, CO, MS* TN, WV, IA, IL, VA, MI, DC**, WY, LA
Available in: AZ, LA, NJ, NY, WV, IA, IL, CO, IN, MI, VA, TN, WY
Available in: AZ, CO, CT, IL, IA, IN, LA, MI, NJ, NY, PA, TN, VA, WV, WY
No code neededCLAIM OFFER
*In-person registration and betting only in MS. **The BetMGM app is available for mobile wagers in Washington DC, but only at Nationals Park
Updated on : 08/18/2022
FAQ - BET CALCULATOR
HOW DO BETTING ODDS WORK?
Betting odds are a form of expressing the payout rates offered on a specific wager. Depending on the odds format, different procedures are needed to figure out payout using the odds and your stake. You can use our bet calculator to do the math for you, though.
Generally speaking, higher odds mean bigger payout, but riskier wagers. Conversely, safer wagers (with higher probability of victory) will have smaller payouts.
WHAT ARE IMPLIED PROBABILITIES?
The implied probabilities of a wager are related to its betting odds. You can think of them as another way of expressing odds. They’re percentages that measure how likely a specific outcome is according to the oddsmakers. All odds can be converted to implied probabilities.
In fact, when a bookmaker sets the odds for a betting market, those odds imply a certain probability. For instance, even odds (-100, 2.0, 1/1) have an implied probability of 50%. Our odds calculator can help you calculate the implied probabilities for any set of odds.
IS IT BETTER TO BET ON FAVORITES OR UNDERDOGS?
Betting on favorites means you are more likely to win, but payouts tend to be smaller. On the other hand, betting on underdogs means you’re less likely to win, but potentially could win big. You can make this a more informed choice by using an odds calculator to compare payouts and probabilities.
Betting odds can get tricky, particularly for the inexperienced. With all the formats employed across different gambling operators and regions, it’s easy to lose track of things. That’s where our odds calculator comes into the picture.
A betting odds calculator is an essential tool of the trade for any serious gambler. Whenever you’re unsure about a bet or a payout, or need to do some precise odds conversions, use the betting odds calculator.
It’ll save you time and trouble while guaranteeing that you’ll get accurate results every time. With accurate, precise information about wagers and payouts, you’ll be able to make better choices as a gambler.
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