Using an odds calculator can provide a bettor with an edge by translating odds into a language sports fans can understand.
Like many pastimes, sports betting comes with its own unique terminology. Just as languages have regional dialects, so too does the jargon of sports betting. For example, what is known as a two-team parlay in the United States is called a double in the UK. In fact, even the numbers involved in sports betting odds have regional differences and these differences may be confusing for some bettors. The purpose of this odds calculator is to help you to take sports betting odds presented in any format and convert them into a format that you are comfortable with.
Betting Odds Calculator
Simply enter the odds in the appropriate space provided and it will automatically calculate to the odds and implied probabilities:
What Are Sports Betting Odds
In sports betting, the odds tell you how much you can win relative to the amount that you are willing to risk. This is generally directly related to the perceived likelihood of the event.
In America odds, an event that has a roughly 50% chance of happening (e.g, betting on either over or under a set number of points to be scored in a game) will generally have odds close to -110. The minus sign means that the amount that you will risk is greater than the amount that you will win. In the case of -110 odds, you will need to risk $110 to win $100.
On the other hand, an event that is less likely to happen may have odds with a + sign meaning that the amount that you will win is greater than the amount that you have to risk. For example, an underdog may have odds of +200 to win. That means that if you risk $100 you can win an additional $200. That is the convention that you will find at most US sportsbooks or sports betting websites.
On the other hand, in Europe or the UK, bettors will much more likely be familiar with fractional odds. So that same event that had a roughly 50% chance of happening which had American odds of -110 would have fractional odds of 10/11. The underdog which had American odds or +200 underdog would have fractional odds of 2/1.
What Is An Odds Calculator
An Odds Calculator is a way to quickly and accurately convert odds from any popular betting format into all other commonly encountered formats. It will also calculate the implied probability of the event in question.
How To Use An Odds Calculator
To use the odds calculator, simply enter the odds in the field corresponding to the starting format and let the calculator do the rest.
For example, if the sportsbook that you are using expresses everything in fractional odds and you see a team that you like listed as “⅔”, you would just enter ⅔ in the box under where it says “fractional odds” and the odds calculator will instantly convert that into all of the following formats: American Odds, Decimal Odds, Hong Kong Odds, Indonesian Odds, and Malay Odds.
Perhaps even more importantly, it will calculate the implied probability given the odds that you entered. This is especially helpful for sharp gamblers who are trying to decide if they have found a good bet. If they believe that a given outcome is more likely than the implied probability, then it is a good bet for them at the stated odds. If they believe that it is less likely than the implied odds, then they might want to find a better bet elsewhere.
Gaming Today Odds Calculators
Take a look at some of our other odds calculators:
FAQS – How To Use Gaming Today’s Odds Calculator
You should use an odds calculator if you are playing at a sportsbook or sports betting site that displays odds in a format that you are not familiar with.
Yes. The odds calculator is not giving you access to any information that is not available to the public. It just helps you reformat that information in a more accessible format.
Not exactly. An odds calculator will tell you the implied probability of a bet for given odds. It is up to you to determine if you think that the outcome has a higher probability than the implied odds (a good bet), a lower probability (a bad bet), or the same probability (a fair bet).