An odds calculator is an invaluable tool when it comes to sports betting, which is why we're providing you with a free one. It allows you to work out exactly how much you need to place on a given bet, and what return you can expect. It will also convert odds into American, fractional or decimal odds according to your needs. Handy!
On this page you will:
An odds calculator is a tool which allows bettors to see their potential returns before physically placing a bet. First of all you must check your sportsbook to find the odds for a particular bet, then simply place all necessary information into the odds calculator, and it will work out what return you can expect in a matter of seconds.
This handy calculator has other functions to assist bettors. For example, imagine that you wished to place an each-way bet that your horse will finish in the top three of its race - the calculator will tell you how much you'll make if the horse wins or places.
The odds calculator will also allow you to calculate the odds of a parlay or accumulator bet. Imagine you were betting on the outcome of four basketball games. You would enter the odds of each team that you are considering backing, along with the combined stake for the total bet on the four games. You'll then be able to see your projected total return and profit if all four games go the way you predicted.
The odds calculator will also let you use different formats, which is useful as different websites offer different formats. Essentially, the odds calculator allows you to keep your sports betting within your budget, and also allows bettors to make the right choices when it comes to placing bets.
There are three main formats used to depict odds: decimal odds, fractional odds, and moneyline odds.
Decimal odds are really easy to work out; you just have to multiply the odds given by your wager. So let's say you place a $10 bet and received odds of 3.0 - this means you could win $30, including the return of your initial stake.
With fractional odds, the first digit is the amount you could win, and the second is the amount you need to wager in order to win that first amount. Or in other words, with a 10/1 bet, you'd have to bet $1 for the potential to win $10. You'd also receive your original wager back.
Finally, moneyline odds either have a + in front of them, and therefore show how much you'd win for every successful $100 bet, while some have a minus sign, which show you how much you'd have to wager to win $100.
What Different Bets Can Be Made?
There are a variety of different bets that can be made, but the most common are straight bets and parlay bets. The latter is also known as an accumulator bet, and is when a punter makes a series of bets that link together to form one large bet with the potential to pay out a huge amount. You can also make each-way bets (these are especially prevalent in horse racing), futures bets, novelty bets, prop bets and more - it really depends on the sport and the bettor!
If you're serious about sports betting, and more importantly, serious about making a profit from your wagers, then you should really consider using an odds calculator.
The bookmakers already have the edge since they're the ones setting the odds and are always in favour of the house, so in order to even up the balance, you'll need to be better than the average bettor. That means using every tool at your disposal, including a quality odds calculator to ensure that you're making sensible bets. After all, profitable sports betting is all about making small marginal gains over a long period of time.