Betting Odds Calculator
Nowadays, people are taking betting more seriously. Therefore, the players try to take every decision in a calculated manner. This is where the betting odds calculator comes into play too. Well, surely you don’t want to bet on any game and odds blindly.
Wouldn’t you want to know which game with its different odds, has more chances of making you money? So that’s why people don’t just want to play and enjoy, they also want to make some decent wins.
In this guide, we discuss the sports betting odds calculator and how it can help you play more strategically with more chances for you to win. Certainly, it is really important to know how much payout you might win on a specific bet. More often, the payout is a great motivator for the bettors. Moreover, you should always try to place bets that provide a good value. Continue reading to know more about betting appropriately with odds calculators. As it is necessary to have a firm knowledge of some concepts when you are betting.
What is a betting odds calculator?
A sports betting odds calculator helps to check the amount of payout you can get on a specific bet. So basically, it enables you to enter the stake and odds in different formats like Fractional, Decimal, or American format, to calculate the value of payout on the bets made. Moreover, it is useful to know what you are risking for a specific payout, and if a bet is worth pursuing. Therefore, the odds calculator is a really helpful tool.
How to work out betting odds on a calculator
Using a betting odds calculator is very easy, you just have to enter the values, and it will take care of the rest. You certainly, don’t need to remember the formula or enter any complex details. The steps are very simple. Firstly, input the odds in any format that is available to you on your favorite US sportsbook, or any format that you prefer. Most sports betting odds calculators have all the formats supported i.e., American odds, Decimal odds, Fractional odds, and Implied probability.
In US states, mostly American odds formats are used, if you have any other option available, it is entirely up to you which format you want to use. The second step is to enter the amount of money that you want to bet. As soon as you enter the amount, the calculator will instantly show you how much you will win, and how much the payout will be.
For example, if you are betting on The Vikings, in NFL, and the team has odds of +120, and you want to bet $100. You’ll go to the odds calculator for betting, and choose the type of bet, in this case; a single bet. So first, you need to add the odds on the team, that is +120, in the appropriate format box, in this case, American odds.
After that, you need to enter the amount of money that you want to bet, which is $100. As soon as you type the amount you want to wager, it will show you the amount of payout, in this case, that would be $220.
How to work out parlay betting odds on a calculator
A parlay is a sort of wager in which several wagers are combined into one. It is viewed as one large bet, with each bet or selection in the parlay having to win in order for the parlay to payout. The parlay loses if even a single game loses. When you add additional games to a parlay, the payouts go more and bigger, but the chances of losing go up as well. Being correct five times is harder than being correct once.
To calculate the parlay betting odds on a calculator, there are multiple sets of spaces available for adding data of different bets. So, first, you have to input the number of wagers. Then, you add the odds of the first bet, then the odds for the second bet, and so on, depending on the number of bets you have or want to make. When you have entered all the data, the calculator will show you the amount of payout you will get. On most calculators, there is already an option available to choose what format of odds you want to enter.
For example, you want to bet three favorites on the Moneyline because you’re certain each team will triumph. So you bet on Warriors -300, Lakers -200, and Miami Heat-150 at the NBA. First, go to a betting odds calculator, and enter the value of the wager you want to place. Then, you have to enter the odds for the first team, then the odds for the second and third teams.
As you finish entering the data, it will show you the amount of payout you will get if you win the bet. So, in case of this case, we enter the American odds, -300, -200, and -150, and we say that we want to wager $200. The sports betting odds calculator will show you $666.68 as the payout amount.
American odds explained
These are primarily used in the United States, and these odds have a baseline of $100 for placing bets. The American odds, also known as the Moneyline odds, work differently for the favorites and underdog teams. American odds for betting on the favorite function by displaying the amount of money required to win $100. Whereas betting on an underdog, things are different. The positive figure indicates how much you can win if you put $100 on the line.
Positive Figures (+): Odds representing -120 favorite means that you must risk $120 to win $100 from the sportsbook.
Negative Figures (-): Odds representing +250 underdogs mean you risk only $100, but you win $250.
Implied probability explained
In simple words, the implied probability is the chance of an event happening that is calculated by the sportsbook. It is often used in sports betting foods and can be found by converting fractional or decimal odds into percentages.
When a sportsbook sets odds on an event, it first calculates the probability and determines the likelihood of it happening. Consequently, the sportsbooks use different strategies to find out the implied probability, this includes reviewing the statistics, tactical analysis or just copying the odds from other sportsbooks.
Popular sports betting apps frequently alter their implied probability numbers to gain an advantage; otherwise, they would lose money. As a result, bettors might add 1% to their implied probability calculations to erase the house advantage and more correctly predict their perspective wins.
You can use the following formulas to calculate the implied probability:
For negative numbers (favorites), drop the minus sign, then do:
Negative Odds / (Negative Odds + 100) * 100
For positive numbers (underdogs):
100 / (Positive Odds + 100) * 100
Nevertheless, you can always calculate the implied probability without any hassle by using special odds calculator for betting.
Many types of markets, particularly sport betting, benefit from implied probability. You can calculate the implied likelihood of an event occurring if you have the listed odds. Moreover, you may have a good bet on your hands if you identify a team with a low indicated probability but whom you believe is ripe for an upset.
The bookies, on the other hand, normally don’t mind accepting bets on underdogs or long shots. It is because their house edge is built into each side. Apparently, your wins will primarily come from other bettors who paid the extra wagers to play the favourite.