Betting Odds Calculator
Our Betting Odds Calculator offers you the chance to quickly tot up the potential winnings should you place any bet with a US land-based Sportsbook.
You can use American, Decimal or Fractional Odds (whichever you are more comfortable with) to check potential payouts.
A guide to how to use the odds calculator and the various popular bet types in the US can be found below the calculator.
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Summary
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How to Use Our Betting Odds Calculator
It may look like there's a lot of data to imput into our betting odds calculator, but it's actually extremely easy to use once you know how it all works. Here's a quick step-by-step breakdown for using our odds calculator to help you get started.
Types of Bet in Our Odds Calculator
Unsure of what distinguishes a double bet from a parlay bet? Below is some details on all the different types of bet featured in our odds calculator.
What is a Single Bet?
A single bet is where you place a bet on one single market or one simple outcome. For example if you think the Dallas Cowboys will beat the New York Giants as a -140 favorite, a $10 bet will net you a $17.14 return, which includes your original $10 bet. Meaning you get a $7.14 profit.
What is a Double bet?
This is where you bet on two markets in one bet. For example if you bet on the Dallas Cowboys to win the aforementioned game at -140 but also bet on the over/under 47.5pts market at +109 then you need both legs of the bet to hit to get a payout. Should they, then a $10 bet will payout $35.83 including your $10 stake for a $25.83 total profit.
What is a Treble Bet?
Exactly the same as above but with three legs rather than two.
What is a Parlay Bet?
A parlay bet is when you combine at least four selections in one bet. Naturally, a parlay bet tends to have much longer odds than singles, doubles and trebles as every leg will have to come in for the bet to be successful. A popular time to place a parlay bet is when watching the NFL RedZone on a Sunday afternoon, as it adds even more excitement to the proceedings and can result in some considerable payouts. For example, if you were to place a $10 over/under bet on six games at odds of +109 each — standard odds on an over/under bet — your returns would total $833.45 if every leg came in. Use our parlay calculator to figure out how much you stand to win.
How are Betting Odds Calculated?
Essentially, betting odds are calculated by how likely the outcome of a certain bet is. The more probable an outcome is, the shorter the odds will be. For example, odds of +300 mean that the sportsbook considers there to be a 25% chance of success, and if successful, you would receive back $300 dollars for every $100 you bet. Don’t worry about doing the math for yourself though, all you have to do is enter your odds and your stake into our sports betting odds calculator and it'll do the rest.
Betting Odds and Probabilities
As previously discussed, odds are based on probability. Now, how sportsbooks arrive at these odds is naturally a little more complicated, and is contingent on a number of different factors. It involves plenty of experience, sporting expertise, and a lot of research to arrive at an accurate representation of how likely, say, the Rams are to beat the Bengals at the Super Bowl. This, of course, is not an exact science, so can’t necessarily be equated with probability. This is why it will always be referred to as ‘implied probability’ in sports betting.
What’s more, moneyline odds are likely to fluctuate based on the activity of your fellow bettors. For example, if a disproportionate number of bettors were to put money on the Bengals, then the odds are likely to change in favor of the Rams. Also, the probability of both outcomes won’t always add up to 100% due to the ‘vig’, which is the sports betting term for the house edge.
Generally speaking, though, odds and probability are more or less interchangeable, and our betting odds converter will help you figure them out.
Frequently Asked Questions
How do you read fractional odds?
Fractional odds — which is how betting odds are most commonly presented in Europe — are easy to read. Odds of +300 would be read as 3/1 in fractional form, which essentially means that if the event in question was to happen four times, then your predicted outcome should happen once. If you prefer this format, you can select it in our odds calculator.
How do you read decimal odds?
Decimal odds are very similar to American odds. To read decimal odds and calculate your potential winnings, all you need to do is multiply the decimal number by your stake. For example, if you successfully bet $10 on odds of 3.0 (+200 as American odds), you would win $20. Again, if you're more comfortable with decimal odds, feel free to change the format in the odds calculator.
What is ‘implied probability’?
Implied probability is the conversion of betting odds into probability. A probability calculator, for example, would convert odds of +400 into a probability of 20%.
How do you convert American odds into probability?
To convert negative American odds into implied probability, you use the following formula:
Negative American odds / (Negative American odds + 100)
And for positive American odds:
100 / (Positive American odds + 100)
What is the ‘vig’?
The vig — short for vigorish, but also referred to as ‘juice’ — refers to the sportsbook house edge, or the fee charged by a bookmaker for taking a bet. This exists to help ensure that the bookmaker always makes a profit on both sides of the bet, and is taken into account in our sports betting calculator. Remember that the house always wins in the end.
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