Betting Calculators 2024

What are the Odds?

Sportsbooks set the odds to reflect the likelihood of various outcomes in a sporting event. These odds are carefully calculated using a mix of statistical analysis, historical data, and current information such as player injuries and team performance.

The odds not only indicate the probability of an outcome but also determine the potential payout for winning bets.

There are three primary types of odds used worldwide: American odds, decimal odds, and fractional odds, which can be compared using sports betting calculators. Each format presents the same information differently, and understanding how they work is crucial for any bettor who wants to use multiple betting sites.

American Odds

American odds are commonly used in the United States and are presented as either positive or negative numbers. Positive betting odds indicate how much profit you can make on a $100 bet, while negative odds show how much you need to bet to win $100.

For example, consider an NFL game between the New England Patriots and the Kansas City Chiefs. The moneyline might look like this:

New England Patriots: +150

Kansas City Chiefs: -170

In this scenario, if you bet $100 on the Patriots and they win, you would make a $150 profit, plus your original $100 stake, totaling $250. On the other hand, to win $100 on the Chiefs, you would need to place a $170 bet. If the Chiefs win, you get your $170 back along with the $100 profit, totaling $270.

Decimal Odds

Decimal odds are popular in Europe, Canada, and Australia. They are straightforward as they represent the total payout rather than just the profit. The number displayed includes your stake, making it easy to calculate your total return.

For instance, let’s look at a spread betting example in an NBA game between the Los Angeles Lakers and the Golden State Warriors. The decimal odds might be:

(+2.5) Los Angeles Lakers: 1.80

(-2.5) Golden State Warriors: 2.10

If you bet $100 on the Lakers and they cover the spread, you would multiply your stake by the decimal odds (100 x 1.80), giving you a total return of $180 (which includes your $100 stake). If you bet on the Warriors and they cover the spread, your $100 bet would return $210 (100 x 2.10).

Fractional Odds

Fractional odds are most commonly used in the UK and Ireland. These odds are presented as fractions and show the profit relative to the stake. The numerator (first number) represents the profit, while the denominator (second number) represents the stake.

Let’s consider an over/under bet on Nikola Jokic’s total points in a basketball game. Suppose the odds are set at 5/1 for Jokic to score over 25 points. If you place a $100 bet and Jokic scores 26 points or more, you win $500 in profit (5 x $100), plus your original $100 stake, totaling $600.

Conversely, if the odds were 1/5 for the under (Jokic scoring 25 points or fewer), you would need to bet $500 to win $100 in profit, for a total payout of $600. Fractional odds can be particularly useful for understanding potential high-reward scenarios in betting.

What Is Implied Probability?

Implied probability represents the percentage chance of a bet’s success based on the odds displayed by the sportsbook. It’s important to note that this percentage does not equal the actual probability of an event occurring, as sportsbooks incorporate the juice/vig (their guaranteed profit margins) into the odds.

To calculate implied probability for positive odds, use the formula: 100 / (odds + 100). For negative odds, use: odds / (odds + 100). However, the simplest way to determine implied probability is by using a betting win calculator.

How to Properly Use a Betting Calculator

Using a betting return calculator is about as straightforward as it gets. Follow these quick steps to make smarter and more informed betting decisions and maximize your bonuses.

1. Select the Bet Type: Choose whether you are calculating for a single bet, parlay, or another type of wager.
2. Enter the Odds: Input the odds in the appropriate format (American, decimal, or fractional).
3. Input the Stake: Enter the amount you plan to bet.
4. Calculate: Hit the calculate button to see your potential returns.

Why You Should Use A Calculator Before Placing Your Bets

Using a betting winnings calculator before placing your bets is essential for making smarter wagers. It allows you to:

Understand Returns: Know exactly how much you stand to win or lose on any given play.

Identify Arbitrage Opportunities: Spot discrepancies between different sportsbook apps’ odds that can guarantee you a profit.

Comprehend Risk/Reward: Fully grasp the potential risks and rewards associated with each bet, ensuring you make the right play every time.

Calculating Other Bet Type Returns

Understanding how to calculate returns for different types of bets is crucial for maximizing your profits. Using a sports betting units calculator can simplify this process, making sure you manage your bankroll effectively and make smart plays. Below, we’ll explore how to use calculators for over/under, prop bets, and spread betting.

Over/Under Calculations

Over/under bets, also known as totals, involve betting on whether the total score of a game will be over or under a specified number. To calculate returns for over/under bets, you can use an odds converter calculator to understand different odds formats.

Let’s imagine that you want to bet on the total points scored in an NBA game between the Celtics and the Knicks. The over/under is set at 210.5 points. You decide to bet on the over with fractional odds of 5/4.

To convert fractional odds to American odds using an odds converter calculator, input the fractional odds (5/4). The calculator shows that 5/4 fractional odds convert to +125 in American odds.

Now, using a betting calculator, you input your stake (say $100) and the American odds (+125). The calculator will show that if the total score is over 210.5 points, you will win $125 in profit plus your initial $100 stake, totaling $225.

Prop Betting Calculations

Prop bets, or proposition bets, focus on specific outcomes within a game, such as player performance. Calculating returns for prop bets can also reveal arbitrage opportunities when different sportsbooks offer varying odds.

For example, let’s pretend you’re betting on Patrick Mahomes to throw over 2.5 touchdowns in a game. Sportsbook A offers odds of +150, while Sportsbook B offers odds of -130 for the under. Using an arbitrage calculator, you can determine how much to stake on each side to guarantee a profit.

Input the odds (+150 and -130) into the arbitrage calculator and your total stake (say $200). The calculator will split your stake into $88.89 on the over at +150 and $111.11 on the under at -130. If Mahomes throws over 2.5 touchdowns, you win $133.33 from the over bet, giving a profit of $22.22. If he throws under, you win $85.48 from the under bet, giving a profit of $14.38. This ensures a win regardless of the outcome.

Spread Calculations

Spread bets involve wagering on the margin of victory. To calculate returns and hedge opportunities, a betting calculator can be invaluable.

Imagine you bet $100 on the Jets to cover a +10 spread against the Patriots with odds of -110. As the game progresses, the Jets take a surprising lead. You now want to hedge your bet to ensure a win regardless of the final score.

Using a hedge betting calculator, you input your initial bet amount ($100) and the odds (-110). Next, enter the current odds for the Patriots to cover their spread (say now at +150). The calculator suggests the ideal hedge amount to bet on the Patriots.

In this case, if you hedge with $66.67 on the Patriots at +150, you cover all outcomes. If the Jets cover, you win your initial bet minus the hedge ($90.91 – $66.67 = $24.24 profit). If the Patriots cover, you win the hedge bet ($100 profit – initial bet $100 = break even). This strategy ensures you don’t lose regardless of the game’s outcome.

What Are The Different Betting Calculators Available?

Betting calculators come in various forms to help you make informed picks on a wide range of bets. These tools go beyond traditional bets, offering specialized functions for different betting strategies, ensuring you maximize your potential returns and manage risks effectively.

Here’s a quick breakdown of the types of betting calculators you can find at Overtime Heroics.

Odds Converter

An odds converter is essential for converting odds from one format to another, such as American, decimal, and fractional odds. This tool is particularly useful when comparing odds across different sportsbooks that use various formats. By understanding the equivalent odds, you can identify the best value bets and ensure you’re getting the highest potential return on your wagers.

Arbitrage

Arbitrage betting involves placing bets on all possible outcomes of an event across different sportsbooks to guarantee a profit regardless of the outcome. An arbitrage calculator helps you determine the optimal stakes for each bet to maximize your profit. By inputting the odds from different sportsbooks, the calculator provides the exact amount to wager on each outcome, ensuring a risk-free profit.

EV

Expected Value (EV) betting focuses on the long-term profitability of your bets. An EV calculator helps you determine the expected value of a bet by considering the probability of winning and the potential payout. By inputting the odds and your estimated probability of winning, the calculator shows whether a bet has a positive or negative expected value, guiding you to make more profitable betting decisions.

Hedge

Hedging involves placing additional bets to minimize potential losses, break even, or guarantee a profit. A hedge betting calculator helps you determine the ideal amount to wager on the opposing outcome to secure a win or reduce risk. By inputting your initial bet and the current odds, the calculator provides the exact amount to hedge, ensuring you manage your bets effectively.

Parlay

A parlay is a single bet that combines multiple selections, offering higher potential payouts but requiring all selections to win. A parlay calculator helps you see the total payout for your parlay bet by inputting the odds of each selection and your stake. This tool simplifies the process of calculating potential returns and helps you understand the risk-reward ratio of your parlay bets.

Betting Calculators: The Bottom Line

At the end of the day, betting calculators are essential tools for making informed wagers, maximizing profits, and managing risks. By using a free betting calculator like ours, you can easily analyze potential returns, find arbitrage opportunities, and ensure you’re making financially sound decisions.

Make these calculators a part of your daily betting and DFS strategy and you’ll be seeing better results in no time.