calculating sports betting probabilities

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п»їBetting 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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Multiply Your Betting Odds: How to Use a Parlay Calculator?
A parlay is a type of bet that puts together two or more individual bets for a higher payout. Since it is treated as one bet, none of the picks on your parlay can let you down. Even if one of your parlay picks loses, the entire parlay is gone.
Parlays are highly popular among the bettors just because of the higher payouts. You can win hundreds of dollars with a couple of bucks stake when you land a 5-game parlay for example. However, the bigger payout brings along the greater risk. You will have a much higher chance of nailing a single straight bet than several picks at once in a parlay.
What is a parlay calculator and how to use it?
Just by reading the introduction part of this article, you may have an idea of what a parlay calculator is. It is a tool used to calculate the payout of your parlay. It is by no means a game-changing business software as all sports betting operators have been using it for ages. If you have ever placed a sports wager, you have practically used a parlay calculator in your bet slip. Usually, the sportsbooks automatically multiply the odds for your picks and you can see the possible payout in the bet slip. You can, of course, type in “parlay calculator” in your web browser and test the tool on various sites. You will just be asked to enter the stake and the odds, and you will instantly see the potential winnings amount.
How can I calculate a parlay payout?
You can do the parlay calculator’s job on your own as well. We will show you the math through an easy example, but let’s first go through the theoretical part. This is what you should do:
Convert your American odds to decimal odds through one of numerous online odds converters Then multiply these decimal odds Then multiply the number you got (the multiplier) by your bet amount Finally, subtract your original stake and you have got the odds for your parlay.
We know the theory is boring, so let’s get straight to the example. Let’s say that we want to back spreads for four different teams across four distinct professional sports in the United States. The spreads are paid at the -110 odds with most sportsbooks, in most cases. So, this is our parlay:
Dallas Mavericks (-5.5) to beat Atlanta Hawks @ -110 Buffalo Bills (-6.0) to beat New York Giants @ -110 Tampa Bay Lightning (-1) to beat New York Rangers @ -110 New York Yankees (-1) to beat Los Angeles Dodgers @ -110.
By applying the aforementioned theory, we should do the following:
-110 American odds are equal to 1.91 decimal odds 1.91 x 1.91 x 1.91 x 1.91 = 13.30 13.30 – 1 = 12.30.
Now that you’ve got the parlay calculator basics, you are ready to jump into today’s betting offer and find the best several picks for your parlay. Good luck!


Implied Probability Calculator.
Moneyline wagers represent the most straightforward way to bet on sports. A moneyline bet tasks the bettor with simply choosing the winner of a game, with no point spread involved.
All moneyline odds can be converted into implied probability, breaking down each team’s chances of winning as implied by the sportsbook’s moneyline on the game.
Converting moneyline odds into implied probability takes a bit of algebraic work. The Gaming Today Implied Probability Calculator takes that work out of the equation, however, instantly converting any moneyline number into an implied probability of winning.
Implied Probability.
Enter the American odds in the space provided and hit calculate to get the percent value. Note that you must place the “-” in front of favorite moneyline odds to get the proper implied probability.
What Is A Moneyline Bet?
A moneyline bet functions as a straight-up wager on which team will win a game. This kind of bet doesn’t involve a point spread.
The underdog on the moneyline pays out at greater odds than the favorite. Sportsbooks generally display the moneyline, point spread, and totals odds on a game, but all three function as separate bets.
Here’s a look at how DraftKings Sportsbook presented the lines on Super Bowl LV a few days before the game:
DraftKings Sportsbook Super Bowl LV Lines.
US sportsbooks generally display American odds, with potential payouts denoted by the “+” or “-“ in front of the odds. The “+” indicates the underdog on the moneyline, while the “-“ denotes the favorite.
Note that the point spread and totals columns for the Super Bowl also display an American Odds payout. Moneyline bets don’t involve any kind of point spread, however, and only concerns the straight-up winner of the game.
Finding Value In A Moneyline Bet.
Using an implied probability calculator, you can convert the moneyline odds into an implied chance of winning for each team.
What Is An Implied Probability Calculator?
You can plug in and moneyline odds into the Gaming Today Implied Probability Calculator and convert those odds into implied probability. Other sports betting odds calculators include tools that allow you to calculate moneyline odds or the house edge by inputting the sportsbook’s offered moneyline odds.
Our implied probability calculator works the same way. Simply input the moneyline odds on either side of a bet, and the Gaming Today Implied Probability Calculator gives you an instant calculation of that team’s implied probability.
After inputting “140” and clicking “Calculate” we see that Tampa Bay’s implied winning probability is 41.67%.
For “-“ moneyline odds, be sure to include the “-“ sign in front of the inputted number. Calculating Kansas City’s (-162) moneyline odds yields a 61.83% implied winning probability for the Chiefs.
Using An Implied Probability Calculator To Place A Sports Bet.
This Implied Probability Calculator converts American odds into implied probability. This calculation converts the odds into a form that is easier to quantify: percent likelihood of the event occurring. This type of calculator includes the sportsbook’s margin, which means the combined probabilities don’t add up to exactly 100%.
How The Implied Probability Calculator Works.
Implied probability is most useful when determining the sportsbook’s edge over the bettor. It is important to note: this is not the margin/vig/juice. This is simply the advantage they have in being profitable over the bettor. Though it will never tell you which team to select, determining the percent implied probability over 100% will point out lines where the book’s advantage is lower. In being a successful sports bettor every percentage point counts, and each point the book gives back is one more win toward profitability for the bettor.
Implied Probability Calculation For Negative American Odds.
Which looks like:
52.4% or 0.524 = 110 / 210.
That number should be familiar to experienced bettors as the break-even winning percentage bettors shoot for. Because -110 on one side of a bet usually means -110 on the other side too, we can add all the probabilities (in this case another -110 probability) to determine the sportsbook’s edge.
Ideally you should be looking for bets with the lowest sportsbook edge you can. It is a subtle edge in sports betting, but remember the difference between winning at 52% and 53% is a world of difference.
Implied Probability Calculation For Positive American Odds.
To get the other outcome, we calculate the -190 odds:
In the above example we see that the sportsbook’s advantage is:
What Is Line Movement?
Sportsbooks install moneyline odds on each game that gives the house a slight edge over the player in the long run.
In the Super Bowl example above, for instance, the implied probabilities for the Buccaneers and Chiefs add up to more than 100%. This happens because the sportsbooks offer this bet with the built-in house edge.
The sportsbooks aim to get enough bets on both sides of the Super Bowl to allow the house to make money no matter what. If the public puts heavy betting interest on one team, the sportsbook will start to shift the line the other way, with the goal of producing more wagers on the other team.
Legal Online Sports Betting In The US.
More than a dozen US states currently offer legal online sports betting. Virginia and Michigan became the latest states to launch mobile sports wagering, with both states doing so in January 2021.
Several notable brands compete for market share in states like New Jersey, Pennsylvania, and Michigan. These states represent some of the top online sports betting markets in the US.
States That Offer Legal Online Sports Betting.
New Jersey Pennsylvania Michigan Illinois Nevada Colorado Indiana Iowa Virginia West Virginia New Hampshire Oregon Rhode Island Montana Washington DC.
Top US Online Sportsbooks.
FanDuel Sportsbook.
FanDuel Sportsbook takes the No. 1 spot as the biggest online sportsbook by market share in the US. The platform offers a robust selection of sports, betting types, and deposit/cashout options.
Ten states currently enjoy access to the FanDuel Sportsbook platform. Those jurisdictions include New Jersey, Pennsylvania, Illinois, Indiana, Iowa, Colorado, West Virginia, Michigan, Tennessee, and Virginia.
DraftKings Sportsbook.
DraftKings and FanDuel battle for mobile sports betting supremacy in several states. DraftKings Sportsbook offers one of the most comprehensive online sports betting platforms in the legal US industry.
Eleven different states can bet online at DraftKings Sportsbook. That list includes New Jersey, Pennsylvania, Illinois, Indiana, Iowa, Colorado, West Virginia, Michigan, Tennessee, Virginia, and New Hampshire.
BetRivers Sportsbook.
Known in the sports betting industry for its player-friendly welcome bonuses and creative prop bets, BetRivers has emerged as one of the top online sportsbooks in the US in just a short time.
BetRivers takes online sports bets in New Jersey, Pennsylvania, Illinois, Indiana, Iowa, Colorado, Michigan, and Virginia.
Implied Probability Calculator FAQ.
Is online sports betting legal in the US?
Yes. Federal laws permit states to choose to allow sports betting, both retail and online.
More than a dozen states offer legal online sports betting, and several more will likely join that list in the coming months.
When should I use an implied probability calculator?
Anytime you make a moneyline bet! Finding value on the moneyline requires that you convert the odds into an implied probability.
Once you have the implied probability for each team, you can then decide whether either team has a better chance of winning than the implied probability.
Is it legal to use an implied probability calculator?
Yes. Sharp bettors use tools like the Gaming Today Implied Probability Calculator for every wager they make.
Understanding how implied probability works related to moneyline odds is crucial to a winning betting strategy.
Who sets the odds at online sportsbooks?
Each sportsbook employs bookmakers, tasked with setting the odds on each game. After setting a line, the sportsbook will shift the odds one way or the other if the public is heavily favoring one side of the bet.
How do I convert American odds to fractional odds?
To convert “-” American odds, divide 100 by the odds and convert to a fraction. As an example, for -160 odds, calculate as 100/160, and reduce to 5/8 fractional odds.
What is the best online sportsbook in the US?
The US legal online sports betting industry involves several high-quality platforms competing for wagering dollars.
Some of the top brands in the US include DraftKings Sportsbook, FanDuel Sportsbook, BetRivers, BetMGM, and William Hill.




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