How to Calculate Betting Odds – #1 Guide
Sports betting odds have a huge effect on the outcome of a winning bet. When your bet wins, you might be celebrating, as you should. But, how much did you win? That all depends on odds that you got.
Before you place bets, you should know what your potential profit would be based on the gambling odds that are set. Your potential return will depend on these odds, as well as the outcomes of the event that you gamble on. Knowing what to expect as a payout when you win bets is almost as important as figuring out where to place your money on a wager.
Below, we’ll describe what betting odds are, how they work, the different odds format that you could see, how to convert odds using a bet calculator and how to read the potential winnings you could get.
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With sports betting, it’s important to not only choose the right bet that will win, but also the right bet amount based on the odds. It’s essential that you figure out not just how much your original stake will be, but what the probability of your bet winning is.
When you find the betting sites with the highest odds, you’ll be maximizing your expected profit. This is always key in sports betting, no matter what your stake is and which type of sports you are gambling on.
If you’re looking for the best odds for any type of bet, whether it be a parlay bet or straight bet, check out our site. We provide a breakdown of all the best bookmaker sites for you to place your wagers at.
We include whether a bookmaker has an ongoing bonus that you can take advantage of that would help boost the amount of money your wagers could win. So, check our site first to find the best sites with top odds so you can maximize your profit when you’re betting on sports.
There are a few different formats that betting odds can be listed in. When you’re searching through to see the odds oof all the total bets that are offered on a site, you need to quickly figure out how to read and calculate odds. But, this might be difficult to understand your total payout if you don’t know how to read each of the different betting odds.
In the following paragraphs, we’ll describe each of the many types of betting odds so that you can understand how they work and what your potential total payout would be for a bet that you place on their site.
American odds, not surisingly, are most popular in the United States. American odds have a plus and minus system for laying out what the odds are depending on the game. The underdog in a game will be listed with plus odds, in most cases, while the favorite will have minus odds. For instance, a set of American odds might be:
- Los Angeles Dodgers -140
- New York Mets +130
In this example, the American odds are listed next to the two teams. American odds are always based around a wager of IRP 100. In this example, the minus odds tell you how much you would have to wager in order to win IRP 100 on this bet. In this case, you would need to wager IRP 140 to win IRP 100 on the Dodgers.
At the same time, the positive odds determine how much you would win based on that same IRP 100 bet. In this example, if you wagered IRP 100 on the Mets and the outcome of the game is that they won, then you would win IRP 130.
A bettor needs to keep in mind that, unlike other formats, American odds are always based around a wager of IRP 100. If you bet more or less than that, you’ll need to calculate how much the conversion would be so you could determine the potential outcome and how much money you’d make in winnings from your stake.
Decimal odds are most popular in much of Europe. Many bookmakers will list this as a an option on their site. Decimal odds represent how much you need to multiply your original stake by in order to see what your payout would be if your bet results in a win.
One of the biggest advantages of using decimal odds is that you can quickly calculate how much money you would win from a bet, regardless of how much you bet. This is why many people prefer to use decimal odds when calculate their potential profit. A decimal odds example might be:
- Los Angeles Dodgers 1.20
- New York Mets 1.60
In this example, you’ll see the decimals odds next to each team, and it is a positive number. All you do to calculate your payout is multiple the amount of your bet by the decimals odds to determine your payout. In this case, if you wagered IRP 50 on both teams, your profit would be IRP 60 on the Dodgers (50 x 1.20) and IRP 80 on the Mets (50 x 1.60).
A bettor may love decimal odds because it’s very easy to predict how much winnings will be based on the outcome of their gambling choices.
Fractional odds are most closely associated with the United Kingdom, and also in horse racing. The fractional odds are displayed by a fraction, with the number to the left of the fraction representing your positive profit, and the number to the right of the fractional odds being your bet stake.
For example, fractional odds could be listed at 5/2. This would mean that you would win IRP 5 for every IRP 2 you bet. For all bets, you would simply use that calculation to determine the potential winnings you would get from the outcome of your bets.
Fractional odds are a little more difficult to calculate, so not everyone loves them. It does take a little bit of math to figure out the right ratio when you’re calculating how much you wagered on an event with fractional odds.
How Do Moneyline Odds Work?
Moneyline odds are pretty straightforward, in that the sportsbook will place odds on the teams involved in a game depending on which one they determine to be the favorite and which one is the underdog. Moneyline odds will simply be listed next to each team, to show you how much you would have to wager, or how much you would win, depending on the type of odds you are seeing.
For example, the odds for a moneyline bet using American odds might be:
- Sacramento Kings +150
- Los Angeles Lakers -135
Keep in mind that with moneyline wagering, you are just trying to predict who you think will win outright. You don’t have to worry about how many points they win by. That’s what makes moneyline betting so simple.
In terms of the odds, if you bet IRP 100 on the Kings and they won the game, you’d win IRP 150. Likewise, if you wanted to win IRP 100 on the Lakers, you’d have to bet IRP 135 on them.
What Are Totals?
Total bets are focused not only which team wins a game, but on how many total points or goals they scored in the game. For every event, there will be only two outcomes in a totals bet — either over or under. You will be gambling on whether you think the two teams will combine for more or fewer points in a game than the line that the sportsbook sets.
The sportsbook will set a betting line, and then you place your stake. You will win if the final score equals what you predicted and lose if it doesn’t. The odds for these bets are typically the same or at least close to the same, meaning you would win the same amount of money if you wagered on each side.
Point Spreads: Which Team Will Cover?
When you bet against the point spread, you will be engaging in handicap betting. Sportsbooks will set handicap lines for games, and then the team you’re backing in the event will have to win the match by that many points or goals, or lose by not more than that many. For instance, a point spread line might be:
- Chelsea -2.5 vs. Tottenham
In this instance, Chelsea would have to win by 3 or more goals in order for a bet on them to win. At the same time, Tottenham would have to lose by 2 or fewer goals, or win the match outright, to win your handicap bet on them.
The odds for this type of bet are typically the same for each team. This means your winnings would be the same no matter which team you placed your stake on.
Futures bets try to choose the outcome of an event or situation way in advance of it happening. It’s most popular to use for the winning player or team of a big tournament, such as the World Cup.
Before the World Cup begins, sportsbooks will set futures odds for each nation to win the entire tournament. Then, you place money on the nation or nations that you think will win, and you’ll get paid out based on the futures odds that are set.
Many people love to use a bonus they get from a sportsbook to place futures bets. That’s because it’s a great way to use the bonus to try to get a big payout, and it provides plenty of entertainment purposes as well.
Coverting Betting Odds to Implied Probability
Implied probability in sports betting is what odds are suggesting that the likelihood of a certain outcome may be. Calculating implied probability from the betting line odds is quite simple. Just take the the number 1 and divide it by the decimal odds for a bet.
So, if Chelsea is assigned odds of 2.50 in a match against the Tottenham, you will figure out that their implied probability equals 0.4, which equates to 40%. From this implied probability, you can then figure out what the odds represent in terms of the money that you can win on this match. That’s why it’s important to have the odds explained before you bet.
The same implied probability can be calculated no matter what format of odds you are looking at, whether it’s decimal, fractional or American. Knowing the implied probability can give you an advantage when you’re wagering with a bonus, whether it’s reading the fraction in fractional odds or decimal odds.
Why Does the House Always Win?
The house advantage is present in every bet, no matter what the probability of you winning is. Whether there is one outcome or six possible outcomes, the probabilities don’t matter for the house. They build in what’s known as a vig so that they can try to guarantee themselves a profit no matter what the probabilities are for bettors.
They use the ratio of bets and the different fractional or decimal odds so they can guarantee a profit for themselves. That’s why they’re OK offering a bonus to players with a solid probability, because they can still win.
How to Use Our Betting Odds Calculator
It’s great to use a betting odds calculator if you want to know how much you could win from your bonus. An odds calculator can show you your potential payout depending on how much you bet with your bonus, depending on the probability. Th odds convertor can help you convert odds from one format to the next.
Using the calculator can help you see the probability, and then you can use that probability to make smarter betting decisions.
Odds are extremely important in betting, as it shows you the potential payouts for your bets as well as the probability that they will win. So, check out our site for all the best sportsbooks with the best odds. Remember to always play responsibly.
If you think you have a gambling problem, don’t hesitate to get help from the many of available resources.