Odds and value calculator in betting

Bettings odds are a representation of how likely an event is to occur. Betting is a very volatile and interesting venture. Most people would like to know their potential win before placing a bet. They may also want to convert the betting odds into other formats. All you have to do is follow two simple steps, namely:

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📖 Published on: May 31st, 2023

✍️ Updated: 7 months ago

⏳ 11 mins read

Type in the odds

It would be best to input the odds of the bet you would like to place as one of the prerequisites to determine your payout. Betting odds calculators offer various odds formats for inputting the odds.

 

Input your wager amount

The second and final step involves inputting the wager you want to place on the bet. The bet payout calculator uses this information to calculate your payout and winnings.

"Why use an odds bet calculator?" you may ask. The reason is simple. Humans are prone to make mistakes, and the bet odds calculator helps reduce it to the barest minimum. Furthermore, it is very accurate and effectively consumes less time than manually calculating it. This is especially true when trying to build a parlay.

Why do betting odds matter?

Newbies in gambling are usually first confused when they see betting odds. This is a very important factor when it comes to placing any bet. What is the value of the bet I'm placing? What is the likelihood of its occurrence? What is my potential payout? All these can be answered when you've understood and digested how betting odds work.

You may ask “How to calculate odds?” Odds represent the likelihood of occurrence of an event according to a sportsbook, representing the relationship between your wager and your potential win. It also represents the ratio of wagers between two parties (the sportsbook and the bettor) on an outcome or bet. For example, odds of 80 to 1 mean that the sportsbook is taking a wager eighty times more than the bettor.

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There's also a direct correlation between odds imputed and payout amount. Odds of 80 to 1 indicate that you are getting eighty times your wager if you place a bet on the odds. Your potential winnings can be calculated using our 80 to 1 odds payout calculator.

The percentage expression of the chance of an event's occurrence can also be determined from its odds and, thus, the value of the bet. For example, odds of 80 to 1 translate to a 1.25% chance.

Betting odds explained

The best gamblers should have recognized their wealth and experience by knowing how odds function. They also have a good understanding of various odds formats and can decipher them anyway. Having betting odds explained helps to have a good understanding of the odds. No matter what you may be betting on, this will help you spread your bets well and make good decisions that will increase your chances of winning. Some popular odds

Props

Player or Team props are one of the newest odds types and may not be found in all bookies. These markets are usually purely statistical and are based on whether the event will occur. Examples of props include betting on the number of points a basketball player will score. You can calculate odds of winning the props the same way you calculate other odd types.

Totals

Totals betting is often called Over/Under. This odd type focuses on determining whether the combined points and goals of the parties are more than or less than a given number. The chance of either the over/under occurring more than the other can be found through our gambling calculator.

Futures

Futures bet focuses on long-term results. They are bets on events or series that may not be decided until later. They span over months or even a year! They are also called outrights.

Match Bet

Point spread bet odds representation of the midway point between two teams. The lines are usually adjusted to make both teams have equal odds, usually at (-110 American or 1.91 Decimal), which is a 52.38% chance of either party winning. It can easily be determined with our chance calculator.

Match bets are one of the most popular types of bets. They are bet odds placed on the direct outcome of an event. For example, you are placing a bet on either Team A or Team B. The payout on betting on either outcome may be calculated using an odds payout calculator.

Several forms of odds format may be offered across varying bookies. These odds formats are interpreted differently. The popular odd formats include:

• American Odds

• Decimal Odds

• Fractional Odds

Explanation of American odds

American odds, also called moneyline odds, is an odds format most popular in the United States. They are best expressed as wagers of $100. It may be preceded by a negative (-) or positive (+) sign.

A negative sign means the odds have a high likelihood of winning. It is the money needed to be staked to win $100. A -170 odd means that $170 must be earned to win $100. The total payout, if won, will be $270: $ 170 stake plus your $100 profit.

A positive sign is quite the opposite. It is an indication of a low implied probability. An odd with a positive sign shows the amount of money that will be won if $100 is wagered. For example, a +170 odds means that $170 will be won if you place a wager of $100 on the bet. Use our moneyline calculator to learn more.

 

Explanation of decimal odds

Decimal odds are the most common odd format used globally. It is also called European odds and is used virtually everywhere except the US, UK, Ireland, and some parts of Asia. One of the reasons why decimal odds is popular is because of the ease of understanding them. It is easy to calculate. Decimal odds are always greater than 1.

Decimal odds indicate your total payout on a bet after it is placed. All you have to do is multiply the odds by the amount of money you staked on the bet. For instance, if one places e a $20 wager on an event with decimal odds of 1.4, one's total potential payout will be 1.4 × $20, which is $28. Using our sports bet calculator will make things even easier!

 

Explanation of fractional odds

Fractional odds are most commonly used in the United Kingdom and Ireland, especially at racecourses. As the name implies, they are expressed in fractions.

To calculate your profit, you multiply your stake by the numerator(number on the top) of the fraction, then divide by the denominator (number at the bottom). For example, if you place a $50 wager on an event with fractional odds of 7/2, your potential profit will be $50 × 7, which is $350, then divided by 2 to give $175. $175 will be your profit on the wager. The total payout will be $225 ($175 + $50). Our sports betting calculator can also be used to save you stress.

A greater numerator than a denominator often indicates a higher likelihood, while a greater numerator than a denominator shows a lower likelihood.

Explanation of implied probability

Betting has always been an easy way of using your predictions of events to win money if correct. However, the probabilities of events differ. Events with higher probabilities have the most likelihood of occurring.

Implied probability is simply the chance of an event expressed in percentage. It is calculated from the odds offered by the sportsbook. It can prove to be a useful resource as it will help to understand the value of the odds better and also be useful in picking great-value spots. You can calculate the implied odds probability through our implied probability calculator or use the method below.

American odds

For negative odds, you use the formula "odds/(odds + 100) × 100" to give the implied probability. So, for example, if you are calculating, the probability of odds of -250 will be "250/(250+100) × 100, which will be 71.43%.

You use the formula "100/(odds + 100) × 100" to calculate the implied probability for positive odds. For instance, calculating the odds probability of +250 will be "100/(250+100) × 100, which is 28.57%. You can use our odds of winning calculator also to calculate it.

Decimal odds

The simplicity of decimal odds also translates here. To calculate implied probability, you only need to divide 100 by the odds offered.

If the decimal odds of West Ham beating Stoke City is 1.5, the implied probability will be 100/1.5, which is 66.67%. Our implied odds calculator may also be used to calculate it.

Fractional odds

Fractional odds, like American odds, have a unique method of calculation. To calculate them, you use the formula "100 - (numerator/(denominator + 1) × 100).

If the fractional odds attached to Everton beating Arsenal is ¼, the implied probability will be 100 - (1/(4+1) × 100), which is 80%.

Our gambling odds calculator can always make things easier and assist in the easy determination of the implied probability.

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Comparing true odds and implied odds

Many people gamble and gamble to enjoy themselves or erratically make money. They look at the odds and decide whether or not to risk their money on the likelihood of the event's happening. Implied odds are odds offered by the bookies whose probability will always add up to more than 100% due to the vig.

The implied odds can be calculated with our odds winnings calculator. This vig (or margin) is the bookies' money-making method. This margin can affect an unlikely event and make it look more appealing to players, thus giving players a higher chance of losing the bet.

As a result, the real chance of an event occurring isn't the implied odds. True odds are the actual likelihood attached to the occurrence of an event determined by a bettor using a set of algorithms or systems. The major problem with using true odds is that there is no surefire way of determining them, as they can't be determined with a sport odds calculator. The most popular methods include the following:

1

Launch the mobile app or visit the website via your device’s browser

2

Login to your account

Questions You May Have

Can I see the probability of winning my bet?

Yes, of course! Using our betting odds calculator, you can calculate the likelihood of winning a wager after you input the odds offered by the sportsbook.

How do you convert American odds to decimals?

This depends on if it is a negative or positive moneyline odds. For negative odds: 1 - (100 : - Moneyline odds) will give the decimal odds. For favorable odds: (Moneyline odds : 100) + 1 will give the decimal odds. You may always use the American odds calculator to make things easier and faster.

How can you convert American odds to their fractional equivalent?

This also depends on if the odds are negative or positive. If negative, divide -100 by the - Moneyline odds to get its fractional value. For favorable odds, divide the Moneyline odds by 100 to get its fractional value.

How do you change decimal odds to fractional?

All you have to do is subtract one from the decimal odds and express the answer in fractions. Even simpler, you may use our odds calculator sports payout to know your payout when you wager an event or to convert from decimal to fractional odds.

Author
Travis Asherton
Editor | Sports Betting Expert

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