Understanding betting odds is crucial for anyone interested in sports betting, whether you’re a seasoned bettor or just getting started. A Betting Odds Calculator is a handy tool that helps you easily convert odds, calculate potential winnings, and make informed decisions on your bets. It definitely comes in handy when placing bets on upcoming sporting events like NFL Draft!
Input the amount you are looking to bet under the “stake”, $100 for example, then add in the odds you are getting from your sportsbook, click calculate, and your pay-out will show up at the bottom. It’s that simple.
The betting calculator is an absolute necessity in the arsenal of any serious bettor. The calculator allows users to simplify some of the more complicated math and get quick and precise calculations of odds and potential winnings.
To learn more about how to use betting calculators and the different odds formats available for sports betting read below.
How To Use A Betting Odds Calculator
This betting odds calculator takes the odds and stakes of a particular bet and figures out the payout automatically. In this way, it helps you calculate potential payouts, convert between odds formats, and better understand the risks and rewards of a given bet. Here’s a step-by-step guide on how to use our betting odds calculator for different bet types.
With the betting calculator you can choose between different formats:
American odds (e.g., -200, +150) – Click the odds format for Moneyline Odds
Decimal odds (e.g., 1.5, 2.5) – Click the odds format for Decimal Odds
Select the format your bookmaker is using or convert to a format you prefer.
Once you’ve chosen the format, enter the odds for the bet in one of two options. For the quick check, you can use the slider to reach the odds you have, or you can simply type in the digits into the odds field.
For the final step, input how much money you plan to bet. This could be $10, $100, or any other amount you are wagering.
Follow the same process you used for entering the odds in the previous step.
This process simplifies betting math, helping you focus on making more informed wagering decisions.
You can also have a look at our odds converter!
Moneyline Bet (American Odds)
American odds, also known as money line odds, indicate return relative to a hundred unit base figure. So whenever there is a minus (-) figure you lay that amount to win a hundred dollars, and where there is a plus (+) you win that amount for every hundred dollars you bet.
A moneyline calculator is an essential tool for every bettor, but let’s explain how you can calculate the odds on your own as well.
Let’s take a look at an example. If the New York Yankees are +275 to win an upcoming game against the Boston Red Sox, perhaps in the World Series, this means that for every $100 you bet on the Yankees you will receive a profit of $275. Basically, American odds give bettors the amount of money they would profit from a wager of $100.
To calculate the profits for (+) American odds wagers you may use the betting formula:
Profit = (Stake * Odds) / 100
Taking the example above, if we added a stake of $50 we can calculate the potential winnings from the bet using an odds calculator:
Profit = (50 * 275)/100
Profit = 13750/100
Profit = $137.50
Negative odds
When calculating American odds for minus odds wagers, you are calculating the odds for favorites, which returns less than even money in profits. So if we took the same example and gave the Boston Red Sox odds of -140, it would represent the fact you would have to wager $140 to make a profit of $100. To calculate the profit for an American minus odds you may use the formula:
Profit = (Stake / Odds) * 100
So if the Red Sox were getting -140 odds and you were going to wager $50 on them the betting calculator calculation would go like this:
Profit = (50 / 140) * 100
Profit = (0.357) * 100
Profit = $35.7
When using an American odds bet calculator, you will only be required to know your stake and odds, the calculator will do the rest.
Decimal Odds
Decimal odds are very popular across the globe with most online sportsbooks using decimal odds as their default. With decimal odds, you get the sum of the amount you would get in return for a $1 bet.
At most online sportsbooks like BetRivers or bet365, you can switch to this format if you prefer.
For example, let’s take a basketball game between the Los Angeles Lakers and Boston Celtics. If the Lakers were getting 2.50 odds for the game, it would mean that for every $1 you bet on the team you would get $2.50. To break it down, you would receive your stake back as $1 and another $1.50 in profits.
Calculating the potential earnings for decimal odds is very simple. You simply multiply your stake by the odds and then subtract your stake.
Profit = (Stake * Odds) – Stake
Let’s take a look at the above example with a stake of $50.
Profit = (50 * 2.50) – 50
Profit = (125) – 50
Profit = $75
While the calculations for decimal odds may seem very easy when the profits for accumulator bets are being calculated it’s best to use a betting odds calculator to ensure your accuracy. An odds calculator will automatically work out the odds of all the wagers combined and give potential winnings for parlay bets in seconds.
Fractional Odds
Fractional odds are popular in the European region, especially amongst horse racing bettors in the UK and sometimes for Daytona 500 betting. With fractional odds, you are given the profit in proportion to the stake. So for example, if we had a matchup between the Dallas Cowboys and Washington Redskins where the Cowboys were getting 3/2 odds, it would mean that for every $2 you bet, you would get $3 in profit.
The way a betting odds calculator calculates the profits for a fractional odds bet is by dividing your stake by the denominator and then multiplying the stake by the numerator:
Profit = (Stake / denominator) * numerator
Taking the example mentioned above, if we add a stake of $100 to the Cowboys who are getting 3/2 odds, then the bet calculator calculation would go like this:
Profit = (100 / 2) * 3
Profit = (50) * 3
Profit = $150
Benefits of Using a Betting Odds Calculator
Using a sports betting odds calculator offers several key advantages for sports bettors. It provides accurate payout calculations, eliminating human error and saving time compared to manual calculations. The tool helps convert between different odds formats, making it easier to understand potential returns across various sportsbooks. By clearly showing potential profits, it enables bettors to make more informed decisions and better assess risk versus reward. Additionally, a betting calculator assists in developing effective bankroll management strategies and can be particularly useful for complex bets involving multiple matches or races.
