A betting calculator is a perfect tool for those of us who like to place a wager or two on sporting events. It can be difficult to calculate the odds and know which team has an advantage. The best betting calculator will make it easy for you to understand your odds no matter how complex they are, as well as find information about any given game. Here’s everything you need to know before placing your bets!
There are three different forms that decimal numbers can take when it comes to betting odds: fractional, decimal, and American. A betting odds calculator converts these numbers into the simplest form for easy understanding. This is especially important when it comes to calculating your potential winnings. A good betting odds calculator will also be able to provide detailed information about each game, including past matchups and results, as well as what the current odds are for each team. This can give you a better idea of where to place your money and increase your chances of winning.
As mentioned above there are three forms that decimal odds can take when it comes to betting odds: fractional, decimal, and American. Which one you are familiar with depends on your location.
These are most commonly used in the UK betting, and they can be expressed as a ratio of one over another. So if the fraction is 1/2 it means that for every 1 bet you place on the team, you will win half of it back or 1/2 its value. For example, if you have to bet $100 on a team with fractional odds of 1/5 (-110), placing this bet would give you an initial return of $90 ($100*(1/5)). If that team then went on to win they would payout at 5 times your initial investment which is $450 ($90*5). A -110 bookmaker allows players to wager either 10% of their bankroll for low risk or 11% for high risk.
These are the standard form of betting odds in most of the world with the exception of the United States. In decimal form, the number expresses how much money will be won on a successful bet for every one unit staked. So using our earlier example, if you wagered $10 on a team with decimal odds of 2.0 and they won, you would receive back $20 (2.0*$10). Most online sportsbooks use decimal odds, which is why it’s generally easiest to compare lines when looking to place a bet.
American odds are used mainly in the United States and Caribbean countries. They can be expressed as either positive or negative numbers and are also multiplied by the amount being wagered. So in our earlier example, a team with American odds of +200 would pay out $20 for every one dollar bet placed (200*$1). A team with American odds of -300 would, in contrast, require a bet of $30 to win just $10 back (300*$10). Generally, books in the United States use positive odds for favorites and negative odds for underdogs.
Betting odds can be a confusing topic for those who are new to sports betting. Fortunately, there’s a simple way of understanding what these numbers mean and how they work that will make it easy to get up to speed quickly. Let’s start with an example of the most basic bet type:
Win: If you placed this bet, you would win money if your chosen team won the game or match. Your total payout is determined by the implied probability of that team winning combined with the amount you risked (i.e., how much you’re wagering). For example, say you bet $10 on Team A to beat Team B in a game where implied probability shows Team A has a 50% chance of winning (i.e., implied probability of 0.50). That means you could win $10 if Team A wins (even if they win by 1 point or score only 1 goal), and lose $10 if they lose (even if they lose by 1 point or score only 1 goal).
Place: If you placed this bet, you would win money if your chosen team finished in a specific spot (e.g., first, second, third). You might also be able to choose multiple places like first and second, first and third, second and third, etc. Your payout is determined by the implied probability of that team finishing in those spots combined with the amount you risked (i.e., how much you’re wagering). For example, say you bet $10 on Team A to finish in first place in a game where implied probability shows Team A has a 50% chance of winning (i.e., implied probability of 0.50). That means you could win $20 if Team A finishes in the first place, and lose $10 if they finish anywhere else (e.g., second or third).
Show: If you placed this bet, you would win money if your chosen team finished in any of the top three spots. Your payout is determined by the implied probability of that team finishing in those spots combined with the amount you risked (i.e., how much you’re wagering). For example, say you bet $10 on Team A to finish in any of the top three spots in a game where implied probability shows Team A has a 50% chance of winning (i.e., implied probability of 0.50). That means you could win $10 if they finish first, $5 if they finish second, and $2.50 if they finish third.
Over/Under: This is when you bet that the total number of points or goals scored in a game will be over or under a certain number. For example, in a game with an over/under the line of 10, your payout is determined by the implied probability that the total amount of points or goals scored will be either more than 10 (and thus “over”) or less than 10 (and thus “under”).
Using a betting odds calculator is actually very easy! Simply enter in the amount you want to bet, the odds for each team, and which type of bet you would like to make. The calculator will quickly calculate how much money you can win, as well as how much money you need to bet in order to win the desired amount. You can also do this via mobile apps!
When using a betting odds calculator, there are a few key pieces of information you need to enter in order to get accurate results. These include the amount you are wagering, the odds for each team or player, and the type of bet you’re making. Let’s take a closer look at each one:
Wager amount: This is the amount you’re risking on the bet.
Odds: This is the odds for the event you’re betting on.
Type of bet: There are a few different types of bets that you can make, each with its own set of odds and payouts. Here are the most common ones:
Once you have all of this information, simply enter it into the betting odds calculator and hit “calculate.” The calculator will then tell you how much money you could win (or lose) on the bet. In this way, you can make informed decisions about where to place your bets and ensure that you’re getting the best possible return on investment.
For example, let’s say that you’d like to place a wager on an NFL game between the Dallas Cowboys and the Chicago Bears. You’ve decided it would be smart to back the Cowboys with your money because they have better statistics than their competitors.
To find out exactly what you stand to gain or lose if this is correct, you first need to enter in all of this information into your calculator. It’s best practice to round off any decimals so that it is easier for you to read later on. For instance, instead of entering 1/1.5, you would enter 1. In this specific instance, you would bet $10 in order to potentially win $22. However, if the Cowboys lose the game, you would lose your entire $10 investment.
Now let’s say that you want to bet on a horse race instead. You believe that the horse named “Handsome Dan” has a great chance of winning and want to place a wager on it.
To calculate how much money you could potentially make if this is correct, you need to know the odds for each horse, as well as the amount you’re willing to bet. Let’s say that you’re comfortable putting down $10 on Handsome Dan. In this case, your potential winnings would be calculated to $7.50, with a return on investment of 42%.
While it may seem like you don’t really need an online tool to make predictions on sporting events, there are actually several great reasons why you should consider using one. These include:
There are a lot of different betting calculators on the internet, but not all of them are created equal. So which ones should you trust when it comes time to make some serious wagers? Here are some of our favorites:
This is a great all-around calculator that can be used for most types of bets. It’s easy to use and has a lot of features, including the ability to compare your odds with other odds from different sportsbooks.
If you’re looking for a calculator that focuses specifically on free bets, this is the one for you. It’s very user-friendly and includes information about how to make the most of your free picks.
This is another great all-purpose calculator that is perfect for those who want to make multiple kinds of bets. It’s simple to use and has an extensive database of sporting events.
Finally, the Action Network is a great resource for those who want to bet on sports and also follow the latest news and analysis. It has a comprehensive betting odds calculator that is updated daily.
No matter which betting odds calculator you choose, make sure that you take the time to learn how to use it properly. This will help ensure that you’re making smart bets and maximizing your chances of winning
Decimal odds are simply a way of expressing your chances of winning in monetary terms. So, for example, if you have decimal odds of 2.00 then you will win twice as much as your stake (i.e., if you bet $10 then you'll win $20). Fractional odds, on the other hand, express your chances of winning as a ratio (e.g., 1/2 means that for every $2 you stake, you'll win $1).
The betting odds calculator is really easy to use. Simply enter in the information about the bet you'd like to place and hit calculate. You'll then see your payout based on the odds given by the bookmaker.
A value of 1.00 in fractional odds would indicate that for every $1 you bet, you win $1. In other words, this would be a risk-free bet because there's no house edge taking money away from bettors (allowing them to keep their winnings).
No, it's not necessary to understand betting odds in order to make a potential profit - but it can certainly help! The betting odds calculator is a great way to get started and see how different odds can impact your potential payout.