Those curious about how much money you can win on your wagers will be eager to try our betting odds calculator.
The money you get back if you win
The profit you make if you win
The new bet odds calculator is an essential tool if you are placing wagers. Now, with the betting odds calculator, you can easily figure out the risk versus reward of your wagers. You can place your bets with more piece of mind.
How this Betting Odds Calculator works
Now, if you are new to placing bets or to using a betting odds calculator, you may be wondering how it works. However, you may just find math difficult and require a tool to help you with your betting odds. Either way, here is an explanation on how it calculates betting odds for you.
First, it takes the odds as well as the stakes of a specific bet or wager. Then, it automatically calculates the payout you would receive if you won. But, this won’t mean anything to you if you do not understand the variety of betting odd types that are out there. So, we will be looking into the different types of betting odds in order to understand how the betting odds calculator works.
The three most widely used methods of displaying odds on the majority of the NJ online sportsbooks are: American Odds (also known as Moneyline), Decimal Odds, as well as Fractional Odds.
Calculate American Odds (Moneyline)
As mentioned above, American Odds are also called Moneyline Odds. This type of odds means a financial return relative to a hundred unit base figure. Therefore, a minus (-) in front of a figure indicates that you need to pay that amount to in turn win a hundred dollars. Conversely, a plus (+), in front of a figure indicates that you will win that amount for every hundred dollars you bet.
Now, this probably sounds more complicated than it actually is. So, let’s use an example to illustrate what it means. So, say the Chicago White Sox are +175 to win against the Houston Astros in an upcoming game. This would mean that for every one hundred dollars you bet on the White Sox to win, you will gain a profit of $175. That pretty much means American odds give you the amount of money you would profit on a bet of $100.
The equation you would use to calculate the profits you would get for (+) American Odds bets is: Profit = (Stake x Odds)/100
So, using the above equation and example, if we added a stake of $100, you can calculate the winnings you would earn from the wager like the betting odds calculator would:
Profit = (100 x $175)/100
Profit = 17,500/100
Profit = $100
Now, to calculate minus odds for American odds bets, you will be calculating the odds for favorites. This gets you a return of less than even money in profits. So, when using the same example for above, say the Astros have -150 odds. This means that you would have to wager $150 to earn a profit of $100. The equation you would use to calculate these odds is:
Profit = (Stake/Odds) x 100
So, if you were going to wager $100 on the Astros with -150 odds, the odds calculator betting equation would look like:
Profit = ($100/150) x 100
Profit = .66666667 x 100
Profit = $66.67
So to calculate American Odds with the betting calculator, you need to make sure you know your odds and the stakes, and the calculator computes the profit for you.
If you need help converting odds to different formats, try this tool.
Calculate Decimal Odds
Decimal odds are some of the more popular odds you will find used in wagers around the world. Many online sportsbooks will default to decimal odds. Decimal odds mean that you receive the sum of the amount you would receive in return for a $1 wager.
So, like before, we are going to use an example to help illustrate what this means. Let’s use the same teams as before. So, if the White Sox have 2.0 odds to win the game, that means that for every dollar you put down on them, you would get $2 in return. This means you would receive back your stake of $1 and $1 in profits.
The way to calculate profits for decimal odds is to multiply the stake by the odds and then you minus your stake. That looks like:
Profits = (Stake x Odds) – Stake
So, using $100 as the stake and the example above, that would look like:
Profit = (100 x 2) – 100
Profit = (200) – 100
Profit = 100
Calculating your decimal odds is pretty easy, as you can see. However, it is always recommended that you use a betting odds calculator to double check your figures.
Calculate Fractional Odds
Fractional odds are used more widely in Europe than in the United States. They are especially popular in horse race betting in the United Kingdom. Fractional odds mean that you will be given the profits in proportion to your stake. We will illustrate what that means using the same example from above.
So, say the White Sox have been given 5/3 odds. That means that for every $3 you put up, you will receive a profit of $5.
The equation to calculate fractional odds works like this:
Profit = (Stake/Denominator) x Numerator
So, when using the above example and the stake of $50, then that would look like this:
Profit = (Stake/Denominator) x Numerator
Profit = (50/3) x 5
Profit = (16.666667) x 5
Profit = $83.33
So, now you understand not only how to use the betting odds calculator, but also, how it works. In a pinch, you should be able to calculate your own odds. However, remember, it is always best to check your figures using the calculator.