Sports Betting Tools and Calculators: Online Gambling Resources

Sports betting tools can help you make the most of your bets. Online sports betting apps are rising in popularity across the United States, and many resources — like sports betting calculators — are available to bettors.

The right sports betting tools can help you measure your return on investment (ROI) before you choose a sportsbook in this fast-growing industry.

State legislatures are beginning to grasp the significant opportunity sports present as eager bettors await regulation in their home states.

As a result, the US is becoming a hotbed for sports betting, and many of the states that have sportsbooks allow betting online. This means bettors can place wagers via desktop or mobile devices, making sports betting easier than ever. Plus, playing at legal, licensed, and regulated sportsbooks keeps you safe as a player.

Luckily, there’s a wide variety of options to choose from.

Simply put, sports betting is weaving its way into many corners of the US. Below we have created exclusive sports betting tools and calculators to help you bet better.

Free Sports Betting Tools & Calculators

Sports Betting ToolsWhat It Does
Moneyline CalculatorThe most straightforward calculator of them all. Simply enter your odds and the wager, and see the potential win.
NFL Spread CalculatorThis tool will help you compare spreads at different sportsbooks to determine the better bet.
Parlay CalculatorBefore you place a parlay bet, use the parlay calculator to ensure you’re taking a higher risk for a worthwhile win potential.
NFL Prop Bet CalculatorAn NFL prop bet calculator attempts to find the fair price for a large number of props based on a limited number of inputs.
3-Way No Vig CalculatorFor events where a tie is possible (like soccer), three way fair odds calculator eliminates the vig and presents the odds as a percentage (implied probability) to better clarify the three options.
Arbitrage CalculatorThis calculator will help you determine if betting on two different sides on the same match on two different sportsbooks will move the odds to give you a guaranteed profit.
Fair Odds CalculatorThis one also strips out the vig from the odds, but designed for two possible results: win or lose.
Futures CalculatorDetermine implied probability based on all futures odds for a given sport.
Implied Probability CalculatorImplied probability is simply the American odds presented as a percentage rather than plus (+) and minus (-) lines. 
Kelly Criterion CalculatorCalculate how much of your bankroll you should be based on the probability of winning an outcome.
Martingale CalculatorThis calculator will determine how much you’ll need to wager to recoup losses.
Odds CalculatorAn automated way to convert a form of odds into a different form. For example, American odds to decimal or fractional odds.
ROI CalculatorCalculate the projected gains from a bet versus the total cost of the bet to determine your potential return on investment (ROI).
Super Bowl SquaresOnline super bowl squares or football squares with friends (no accounts needed)

How to Use Sports Betting Tools

Among other things, sports betting tools can help you determine what the odds mean or your potential payout if you were to place a specific wager. You can plug the odds and your desired bet amount into an odds calculator to learn what you’ll win if the bet hits.

Odds calculators are particularly useful if you’re trying to decide between several sportsbooks for a specific bet. Different sportsbooks offer different odds, so you can maximize your potential payout if you search for the best odds and use a calculator to help you decide your best path.

Gaming Today offers several calculators for various types of bets, including a moneyline calculator, parlay calculator, futures calculator, martingale calculator, and many others. Remember that ties and draws can factor in live betting, soccer bets, first five-inning (F5) baseball bets, and more. Use the 3-way fair odds calculator if a tie is among the possible outcomes.

Let’s take a look at how some of the top betting calculators work.

Moneyline Odds Calculator

Moneyline bets can be placed on a single team/individual to win a game or event, and the moneyline calculator is the easiest to use:

  1. Type your desired bet amount (in USD) into the proper field.
  2. Type the odds as the sportsbook lists them.
  3. The calculator will autofill the rest of the fields and show you how much the bet would pay if you were to win.

Parlay Odds Calculator

If you’re a fan of parlay bets (which combine multiple wagers into one bet slip), then you should use a parlay calculator. Here’s how:

  1. Plug your desired bet amount into the proper field.
  2. Enter the odds for each leg of the parlay into the moneyline fields. Legs do not have to be moneyline bets; just pull the odds from whichever bets you intend to use as part of the parlay.
  3. Click “Calculate” for your combined parlay odds and potential payout.

Check out some of the other top sports betting tools: 

How Sports Betting Odds Are Calculated

If you’re new to wagering, chances are you’ve been confused by how sports betting odds work. They can be complex to understand for a newcomer, but once you know the basics, you’ll bet like a pro.

The first thing to know is that odds are typically calculated based on how many people are betting on a certain outcome. So, if many bettors favor the Kansas City Chiefs to win over the Philadelphia Eagles, the Chiefs’ odds to win will increase as bettors place wagers on that outcome. Other factors, such as team record, past performance, and injured players, can come into play.

How the public is betting is often a significant determining factor as well. The betting lines will shift based on the amount of money placed on the favorite and underdog.

How to Read Odds and Determine Payouts

Sportsbooks display odds as positive and negative numbers, and those odds tell you how much you’ll win if your bet hits. Here’s a scenario to help you understand how they work.

  • Chicago Bears, +200
  • Denver Broncos, -230

This setup displays a moneyline bet with odds for either team to win outright. When you see a negative number (in this case -230), the team is favored to win the match, and a bet of $230 would net $100 in profit ($330 total). The positive odds (+200) display the underdog and tell you how much you would win if you placed a $100 bet. Here, you would win $200 in profit for a total payout of $300.

How Can I Bet on Sports in the US

Placing a bet is easy at legal sportsbooks. You just have to go through a few steps before you’re ready to wager.

You can access most sportsbooks via desktop, Android, and iOS app stores. Once you have the app or have visited the website, you can create your account. It’s similar to creating an online banking or social media account. Have your personal information ready, and the rest will be straightforward. Onscreen prompts will guide you through the process. You may also have to download a geolocation plug-in if you’re on a desktop. This is required to confirm that you are betting from a legal state.

Choose a Sportsbook and Create an Account

Rank
Sportsbooks
Bonus
Features
Play
1
UP TO $1,000
In Bonus Bets
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2
up to $1,500
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3
$1,000 FIRST BET
On Caesars
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4
Bet $5
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Win or Lose
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5
Up to $100
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Use Affiliate Code: TODAYRIV

1

Deposit Funds

Check out the sports betting promos currently offered by sportsbooks available in your state. Select your favorite deposit method (so long as it’s available on your sportsbook) and add funds to your account. PayPal, credit/debit cards, and online banking are available at most sportsbooks. 

Signing up with one of Gaming Today’s exclusive bonus offers will boost your account value and give you extra money to bet with from the get-go. 

2

Place A Bet

Now that you’ve registered for a sportsbook account, you’re ready to place a bet! Peruse the available odds and find the bets you might want to place. This is the perfect time to use an odds calculator, especially if you’re using multiple sportsbooks to shop for the best lines. After you’ve calculated your odds and figured out which bet(s) you’d like to place, make your wager. 

3

Withdraw Your Winnings

Once you win a few bets, you can withdraw your winnings. PayPal betting sites offer some of the easiest ways to withdraw funds. Online banking, ACH e-check, and check by mail are also common withdrawal methods, though some sportsbooks offer separate options.

What Sports Can You Bet on in The US?

The nature of legal online sports betting in the US creates a unique landscape in each state. Every state can regulate sports betting with its legislation, meaning some sports that are available for betting in one state may not be available in another.

Professional Sports

Pro sports regularly offer tons of betting markets in legal sports betting jurisdictions. You can bet on any of the most popular leagues without issue:

Plus many others.

College Sports

NCAA sports are somewhat of a mixed bag. They’re usually available to bet on, but some states put specific restrictions on them.

For example, in Illinois and New Jersey, you can only bet on college match-ups that don’t include a school from the state you’re betting in. So Illinois fans can’t place wagers on games including Northwestern or the University of Illinois, while New Jersey bettors can’t wager on Rutgers or Princeton matchups.

International Sports

Globally popular sports like soccer, rugby, and cricket are available for wagering in most states with legal sports betting — with few restrictions.

Esports

Esports betting runs the gamut from completely legal to prohibited to left out of legislation completely. Before you place an esports bet, make sure you check that it’s legal in your state.

Non-Sporting Events

Elections and awards shows are among the most popular non-sporting events on betting platforms. Not every state allows betting on them, though. It varies by state, so check your local laws or betting sites for more information.

Sports Betting Tools FAQ

What affects sports betting odds?

Odds are calculated based on various factors, including injuries and trades, current team form, and the weather. How players are betting also determines the odds (line movement), which is one of the reasons why you’ll see significantly different odds at one sportsbook versus another.

What is an odds calculator?

An odds calculator helps sports bettors determine their betting strategy. The most basic type is a moneyline odds calculator that tells you how much you’ll win based on your bet and the odds. However, different odds calculators have different purposes, such as comparing futures, identifying arbitrage, etc.

When should I use an odds calculator?

You should use an odds calculator when you want to save time or for when the math is too complex to perform manually. It’s never a bad idea to use an odds calculator, and they can ensure that no mistakes are made in your calculations, eliminating all chances of human error.

About the Author
Carson Mundy

Carson Mundy

Brand Content Manager
Carson Mundy is the brand content manager of Gaming Today. With a background in politics and sports, he covers the legislative side of the sports betting industry. Carson has more than a decade of experience in the Canadian media and marketing industries, with time spent at resulta, The Canadian Press, Microsoft News, and other national outlets.

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