Betting Odds Calculator
To quickly calculate the payout for your bets, enter your stake and odds in American, Decimal, or Fractional formats into the odds betting calculator.
To quickly calculate the payout for your bets, enter your stake and odds in American, Decimal, or Fractional formats into the odds betting calculator.
Without any doubt odds are a very critical component of sports betting. There is a lot to be said about odds in sports betting, as they are how sportsbooks communicate their opinions regarding the chances of a given game, event, or proposition. Sportsbooks offer lower odds on a particular event the more likely it is that it will happen. Betting odds are also used in calculating a bettor's potential payout based on their stakes. The higher the sum the bettors stake on a particular bet, the larger the payout they get if the bet returns positive.
Mathematically, betting odds reveal a bettors' potential winnings based on their wager by appearing in the form of numbers. Different parts of the world use different formats of betting odds, which all communicate the same thing in alternate ways. There are three main odds formats present around the world, namely fractional odds, decimal odds, and moneyline odds. Each of these betting odds formats has their own unique way or formula by which it is calculated. Some sportsbooks are equipped with the functionality that let users switch between the odds.
Having a good understanding of betting odds is extremely important for bettors who dream of huge success in their betting career. It is not required of a bettor to read betting odds, as the mathematics behind it is not much complex. Odds vary from one country to the other. As noted earlier, there are three major odds formats used around the world. In this article, we will focus on the American odds which are used on all sportsbooks available in the United States. Bettors are likely to come across basic terms like the moneyline, point spread and totals while dealing with the American odds. The odds appear in the form of 100s, along with a negative (minus) and positive (plus) sign. For a deeper understanding of how odds are read in the three formats, take a look at our guide on odds calculation.
Moneyline: This bet results in outright wins. It is a form of bet in which a bettor is backing a team to win a match over the opponent. The odds of the favorites to win the game appear with the negative sign while the underdog has the positive sign attached to its odds. With the odds format centering around 100, the odds of favorite team communicates how much to be staked to win $100 while the underdog's odds reveal how much to be won if $100 is staked. Read more on moneyline bets here.
Point Spread: Spread betting involves the margin of victory in a contest, rather than just the outright result. It is designed to create a level playing field for both teams involved in a matchup. It pretty much represents the oddsmakers' opinion and the market best guesses at the numerical separation. Read more on points spread here.
Totals: Also known as Over/Under betting, these are bets that deal with the total number of points/goals scored by both teams involved in a matchup. It involves bettors precisely predicting the total score in a game, whether they will be higher or lower than the number stated by oddsmakers. Read more on total bets here.
Sports betting odds are basically based on implied probability, which is calculated by converting the moneyline, decimal or fractional odds into percentages. It is essentially the probability at which sportsbooks believe that a situation will occur. Simply put, implied probability is the likelihood of an event or outcome occurring as opined by the sportsbook’s odds. Sports betting sites frequently adjust their implied probability statistics to gain an edge, otherwise their profit margin will be slim. In the case when bettors believe a bet has a greater chance of winning than its implied probability, the bet is obviously a good value to wager on. Conversely, if bettors feel that the odds of winning are lower than implied by the sportsbook, it is advisable to back out of such bets. With implied probability, bettors are essentially comparing their opinions on the matchup with that of the sportsbook’s.
In sports betting, odds basically serve two important purposes. The first purpose is the usage of it in calculating potential payouts. Sportsbook provides bettors odds at the moment they are placing every bet, this is essential in determining what the potential payout will be should the wager return positive. When the odds are high on a particular market or selection, bettors stand a chance of winning a big amount relative to their stake.
Another purpose odds serves in sports betting is indicating the likelihood of an event or outcome to occur. In sporting events, some situations are very likely to happen due to certain factors surrounding them. On the other hand, the occurrence of some situation in a sporting event will come as a surprise or upset. Odds in essence showcases the probability of events happening. The more likely the outcome can occur, the lower the odds will be; while the more unlikely events can happen, the higher the odds ascribed to it by the oddsmakers.
