Kentucky joined the sports betting fray in Sept. 2023. The state is home to BetMGM, FanDuel, Caesars, DraftKings, and many more. Our ROI Calculator is a perfect fit for Kentuckians hoping to maximize long-term winnings.
Return on Investment (ROI) Sports Betting Calculator
Most bettors don’t have a bottomless bankroll to play with. That means each bet comes with various questions attached. Is this the right bet? Does it have a good potential upside? How do the risk and reward balance out? To help answer these questions, our sports betting ROI Calculator comes in handy.
ROI Calculator
Our ROI calculator can help you determine the potential profit and return on your desired sports bet. Before using the calculator, it helps to understand the key terms involved.
- Betting Amount: The amount you plan to bet (in US dollars)
- Your Probability of Winning: Your chances of winning the bet based on fair odds (we have a fair odds calculator as well)
- Odds: The odds listed by the sportsbook for your desired bet
- Implied Probability: The likelihood of your bet being successful based on the odds you plug in
- Winnings: What you stand to win if your bet hits
- Return: The profit you stand to make if the bet wins
How To Use the ROI Calculator
Follow these high-level steps to make the best use of our ROI Calculator. For more info, use our Implied Probability Calculator.
1
Collect Relevant Data
Including the odds for your desired bet, the amount you plan to wager, and the probability (we have an implied probability calculator and/or fair odds calculator you can use).
2
Enter Information
Input data into the calculator using the proper fields.
3
Click Calculate
Hit the button to obtain data.
4
Evaluate Data
Look at the results and use them to inform your betting decisions.
ROI Calculator Example
Let’s walk through using the ROI Calculator with an example. These odds are from FanDuel for an NFL game. We’ll use the Carolina Panthers moneyline with odds of +168 to calculate our potential ROI. In this example, we’ll say we want to bet $100.
First, we need to calculate the probability. For this, we used Gaming Today’s No-Vig Fair Odds Calculator to determine the Panthers have a 35.89% chance of winning, according to FanDuel.
Now we just need to plug in that data:
The fields for Implied Probability, Winnings, and Return are NOT yet correct. They will populate once we calculate our ROI.
Now, we click “Calculate” and let the ROI Calculator do the work. The results show up and look like this:
The results show that this bet has a negative return. Of course, you can still win money on the bet. You should only be concerned if your ROI is consistently negative over time and across numerous bets.
Feel free to shop around for different odds and plug them in to see if you can find advantageous lines on a given wager.
Legal States for ROI Calculator
Sports betting is legal in more than 30 US states. You can use our ROI Calculator to maximize your potential profits, including these three top markets.
Kentucky
Massachusetts
Massachusetts offers sports betting via numerous apps, including the MA-based company DraftKings. Other operators aren’t afraid to meet DraftKings on its home turf, though, so bettors in the state have access to all sorts of amazing options. Use our ROI Calculator to increase your potential earnings over time.
North Carolina
The latest state to legalize sports betting is North Carolina. After just half a year with legal sports betting, the state already has a bustling market with operators like BetMGM, Caesars, and more available. Our ROI Calculator can be of great use to NC sports fans.
ROI Calculator FAQ
You should use an ROI Calculator whenever you want to place smart wagers. The calculator can help you determine the efficacy of a particular bet based on its probability, the odds, and your budget.
ROI in betting measures a bet’s expected return if you place that wager with the same parameters multiple times. A positive ROI is good, while a negative one is less good (but not necessarily a sign that you should never place the associated bet).
When you use the ROI Calculator, any positive ROI percentage is considered good. The higher, the better. You can still place a bet with a negative ROI but do so sparingly.
Betting returns are calculated using formulas that account for probability, wager amount, and odds. Returns are not the same as winnings; ROI will always estimate the overall return percentage of a given bet as related to its true probability.
A $100 bet on odds of -110 will return $90.91. You get those winnings plus your initial $100 bet back.
