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п»їBetting calculator: Use an odds converter to work out your returns.
• by Football Whispers.
The world of sports betting can be quite a tricky place for someone who is just entering into the segment. Even the odds offered on each market can sound bewildering under some circumstances. This is due to the different formats employed for conveying the probability of an outcome. Thankfully, there are a ton of ways to take the odds provided by a bookmaker and convert it into something meaningful. One of the best solutions would be to use a betting calculator.
What are betting calculators?
The betting calculator is a tool or software that is used for knowing the wins that a particular stake could generate at certain odds. This helps in identifying the risk and reward ratio before deciding to place bets. Since there is not a lot of complexity involved in these calculators, there is no reason for punters to start using these calculators and make better decisions. Furthermore, the calculators are also not very difficult to reach, as many are web-based tools. These calculators come with the advantages of being able to support different types of odds.
As a punter, one needs to be aware that there are three major types of odds that are currently used across the globe. They are:
Decimal Fractional American odds.
What are decimal odds?
This is one of the most common types of odds used in the sports betting segment. It is used to denote implied probability just like every other odds format. However, it has the inherent advantage of being extremely simple. The decimal odds is a direct representation of the returns to a punter when they wager ВЈ1. This also represents the total return given to a punter unlike American odds or fractional odds. The need to use a calculator or converter with decimal odds is far reduced.
For example, Chelsea are up against Arsenal in the Premier league encounter. The blues are given a price of 1.70 in the decimal odds format. It effectively that for every ВЈ1 wagered on Chelsea, the punter will receive ВЈ0.70 along with the stake. Thus, the total returns will be ВЈ1.70.
What about the fractional odds format?
The fractional odds primarily find the use in Great Britain. The primary disadvantage of fractional odds would be the complexity in finding out the actual returns, although it is not too difficult once users get the hang of it. Apart from being used heavily in Ireland and the UK, fractional odds are also common in some sports. In order to understand the returns in fractional odds, users have to do some calculations.
The bet has to be multiplied by the numerator. Then, it should be divided by the denominator. For example, a punter is wagering ВЈ5 on a match between Chelsea and Arsenal in which Chelsea are given odds of 3/2. Now, the bet (ВЈ5) is multiplied by the numerator (3). The result has to be divided by the denominator (2) to reveal the wins, which in this case, would be ВЈ7.50.
An explanation for the American odds format.
The American odds format, unsurprisingly, is one that is followed by American sportsbooks. These begin with the assumption of getting $ 100 for a bet. If the punter is going for a favourite team, the odds will be represented in negative with a minus sign. This will effectively be the money that has to be risked for winning $100. For example, a punter wants to back Dallas Cowboys in a match and they are given a price of -140. This means that Dallas Cowboys are the favourites and punters need to come up with the risk of $140 to get a return of $100. If the anticipated result turns out, punters will be picking up $240 in total.
On the contrary, the underdogs will be given a plus sign format. This will be the money that they can win for every $100 which is under risk. One of the prominent uses of an odds calculator will be in helping punters know the potential returns in American and fractional odds format. Since decimal structure is very similar, users are unlikely to have any trouble on this front.
What about implied probability?
The use of bet converters and calculators.
As it is easy to see from the extended list of betting types, odds types, and factors that define prices of odds, the world of sports betting can be a tricky place for the uninitiated. It is important to have the right set of tools to come out successful in sports betting. One such tool will be the betting calculator, which comes in handy when trying to understand the probability of success for a particular event. Only if the risk-reward ratio comes to be in a decent position can punters go with the bet. The calculators and converters come in handy in this regard, as one can merely that the numbers and understand the feasibility of a position within a few seconds. The bet amount will ultimately determine the risk at stake. Rather than having to make numerous calculations to understand the bet, one can just use this converters and calculators to take a better stance.
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Bet Calculator - Calculate your betting odds.
Whether you are new to the world of betting or somewhat of an old hand when it comes to having a flutter every now and again, you will undoubtedly be aware of the sheer range of options at bookmakers like Betfair and Paddy Power when it comes to having a bet.
While putting money on a horse winning a race may sound like a relatively straightforward matter, there is a wide range of bets available. For example, are you planning to keep it simple with a single bet on one race? Or, alternatively, are you looking to take a chance on a larger gamble with an accumulator?
Thankfully, that is where online odds calculators come into their own. These handy tools can make a huge difference to your betting activity, providing you with a full overview of the options available and ultimately helping you to place the bet – or combination of bets – that works best for you.
In this article, we are going to take a closer look at the concept of odds calculators, how they tend to work, and the key benefits that they can offer in terms of boosting your betting balance.
What is an odds calculator?
On the most basic level, odds calculators are designed to help you understand the implications of your bets and ultimately determine what returns you will receive if you are successful.
Such tools tend to operate in a standard format, with them first asking you to input the type of bet that you have made or are planning to make. This could be anything from a single to a Yankee to Super Heinz or an accumulator. Once you’ve provided this information, you will then be asked to enter the odds on your bet and also the stake that you’ve placed on it. The calculator may also ask you to either enter the odds in the decimal or fraction format, but we will touch upon the key issues related to that further on in this article.
You will then repeat that process however many times is necessary – for example, if you have placed multiple bets – and then may also be able to add information related to Dead Heats or any situation when Rule 4 may have come into play. The latter offers compensation in the event that a horse withdraws from a race after a bet is placed.
Clear benefits.
After providing full information regarding your range of bets, the odds calculator will then take care of the hard work by doing the maths and generating an overview of the bets you have made or are planning to make, as well as the potential returns which will be available if you are successful.
Choose your each-way terms with the odds calculator – these vary based on the number of runners and the type of race.
As you may have already realised, such tools offer clear benefits to horse racing fans whether they are planning for future races or even checking what their final winnings will be after placing several bets. The ability to input information on a combination of bets is a particular benefit, as it ensures you do not get a headache while attempting to consider the potential outcomes of the bets you have made.
Fractions vs decimals.
For a great number of horse racing fans, the use of fractions is the traditional way of viewing the odds for the runners and riders, but the use of decimals is something which has grown significantly across recent years, too. The concept operates on the straightforward notion that you simply multiply a stake by the decimal shown and the outcome will be your total winnings. For example, if you place a ВЈ1 bet on a horse with odds of 4.00, you will get a return of ВЈ4.
While the use of decimals may seem very simple in that respect, it is worth bearing in mind that the concept offers up one fundamental difference in comparison to the use of fractional odds. When it comes to decimal odds, your stake is always factored into the return that you calculate but this is not the case when following the fraction method. In terms of the latter, if you put £1 on odds of 4/1 you will receive £4 in profit but also get your £1 stake back too – so £5 in total. As such, the fraction allows you to work out your winnings, but you will also need to factor in that your stake will also be returned to you as well.
A better understanding.
It goes without saying that a huge number of people across the globe love betting on horse racing with bookmakers like Betfair and Paddy Power , whether they are attending race meetings in person, following the action on TV, or online via streaming services. You can get free Timeform tips for every British and Irish horse race and free Infogol tips on Europe's biggest football leagues. However, it is also true that some can find it a complicated world to navigate around and they often want a bit of a helping hand to get started.
Whatever your level of experience, taking some time to gain a better understanding of how the different formats for odds work can be an important step towards making informed decisions on your betting. Furthermore, the use of odds calculators can help you fully understand how specific combinations of bets could put you on the path towards winning big and also ensure you are fully aware of the winnings that you are due.
Betting Odds Calculator.
The betting odds calculator allows you to input your stake & odds in American, Decimal, or Fractional formats to quickly calculate the payout for your bets.
Top Offers.
American Odds are the default odds at American sportsbooks. These odds are based on winning $100 for a given bet.
Betting a Favorite: The odds for favorites will have a minus (-) sign , and represent the money you need to risk to win $100 .
So if you're betting on the Packers at -140 against the Vikings, that means Green Bay is a slight favorite. You need to risk $140 to win $100 on the Packers. If they win, you profit $100 and get your original $140 back.
The rest of the world uses Decimal Odds , in part because it’s easier to convert them to implied probabilities than American Odds. Decimal odds represent the amount a bettor wins for every $1 wagered . And the number represents the total return , not just the profit like American and fractional odds.
The Packers would be 1.714 in decimal odds as a -140 favorite in American odds. For every $1 risked, you’re profiting 71.4 cents, plus your $1 back.
Fractional Odds are used primarily in the UK and Ireland. Few bettors use fractional odds for betting sports (other than horse racing), because the conversions to understand return are difficult.
To calculate winnings on fractional odds, multiply your bet by the top number (numerator), then divide the result by the bottom (denominator). So a $10 bet at 5/2 odds is (10 * 5) / 2, which equals $25. A $10 bet at 2/5 odds is (10 * 2) / 5, which is $4.
Did you notice those percentages add up to more than 100%? That’s because of the vig, which is a sportsbook’s cut for facilitating your bet. To calculate implied probability, use the following formulas:
For negative numbers (favorites), drop the minus sign, then do:
For positive numbers (underdogs) :
The bet amount is how much you’re risking on a given bet. As a responsible bettor, it is important to understand proper bankroll management.
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