Betting Odds Calculator. Our betting odds calculator is a simple tool that allows you to quickly convert different type of odds. Input your stake & odds in American, Decimal, or Fractional formats to quickly calculate the payout for your bets. To calculate your winnings when betting with decimal odds you simply multiply your stake by the odds and that will show you your total returns For example; A $50 wager at odds of 5.4 would be calculated as 50 x 5.4 = $270 for a profit of $220. Using Your Sportsbook Betslip To Calculate Your Winnings.

1. Betting Odds Calculator
2. Ufc Betting Odds Calculator
3. Sports Betting Odds Payout Calculator
4. How Do Betting Companies Calculate Odds
5. Betting Odds Calculator Payout
6. How To Calculate Underdog Betting Odds Payout

Many people start their betting journey with the same question. How do odds work? The answer to this question is incredibly important if you want to become a successful bettor, but it’s also only the start of a long journey. Read on to find out why all bettors need to know how odds work.

There is a conversation that all seasoned bettors will have had numerous times with friends and relatives who want a casual bet on a major sporting event. What are the odds on x? What do they mean? What will I win if I bet x amount?
The answer you give to these types of questions will vary depending on how much detail you want to go into, but they will centre around the same concept. Probability.

What do odds represent?

Bookmakers present their odds in decimals, fractions or an American format. They all look different but they all mean the same thing. All odds are a representation of the probability of something happening.

The fact that there are many different odds formats - American, Decimal and Fractional - illustrates the point that odds are simply a means to an end, i.e. offering betting. Bookmakers really deal in risk measured by probability.

Betting is about assessing the chance or probability of an event happening and bookmakers like Pinnacle use odds because it translates implied probability into a more usable form in order to offer betting.

Using implied probability in betting can also help you compare odds between bookmakers. However, if you consider betting to be just about odds, you're missing the bigger picture. To really expand your understanding of odds and betting, you must also understand how to calculate probability.

With a good understanding of how to calculate probability yourself and how it compares to the odds provided by the bookmaker, you can begin to make more informed decisions when it comes to what you should bet on, when you should bet and how much you should stake for the bets you make.

Basics of Betting How does betting work? - Episode 1

The basics of probability

Considering how we are faced with a problem to solve or an assessment of risk every single day of our lives, it is surprising how unfamiliar the average person is with being able to calculate probability.

How often do you think: “What are the chances of me making that train on time?” or “How likely is it to rain?”

We rarely attribute a numerical figure to answer these questions but we are still dealing with a question of probability.

Using implied probability to calculate a bookmaker’s margin is easy and very useful as few, if any, bookmakers publicly share it.

In the simplest of terms, probability is a scale running from 0 (where there is no chance of an event occurring) to 1 (a certain future event). The likelihood of all other potential outcomes fall somewhere in between those two end points of the probability spectrum.

A coin toss is a great way to explain how to calculate probability because we know the true probability for each outcome. The coin will definitely land on either heads or tails, which taken together provide us with the certain event. We now know this certain event has a probability of 1.

Of course as a bettor what you really want to know is the probability (or chance) of your chosen call, which we will say is heads. To do this there is a simple equation:

Favourable outcomes / all possible outcomes

If you are calling heads, then the favourable outcome will be heads. Therefore to get your probability value, you divide the favourable outcome (in this case there is one, heads) by the number of possible outcomes (this is two as it will either be heads or tails). This leaves us with a probability of 0.5.

In general people are more comfortable with percentages, so by multiplying the probability of your event (0.5 for heads) by 100 you can say that there is a 50% chance of the coin landing on heads, and you winning your bet.

How to calculate betting odds

Getting a handle on how to calculate probability yourself and converting it into odds is the first step in developing your own assessments of betting value.

Once you know how to calculate probability, turning that figure into odds is a straightforward process. Decimal odds are one of the three main formats used by bettors and bookmakers alike.

You can arrive at the Decimal odds value for your coin toss choice with the simple equation:

So the Decimal odds for a coin being heads is 1 (certainty) divided by the probability of it occurring which we know is 0.5, producing decimal odds of 2.0. At this point you can equally take odds and reverse engineer the implied probability with the inverse of the equation for turning probability into odds:

1/decimal odds = probability

Take your newly found knowledge and work out the implied probability for your coin toss with your friend and you'll see the aggregate implied probability of both outcomes in the coin toss is 100% - (0.5/1+0.5/1)*100 - no surprises as a certain event is 1 (100/100).

However, performing the same calculation for actual odds from your favourite bookmaker will produce a value greater than 100%. So what is happening here?

Calculating a bookmaker’s margin

In simple terms the odds don't reflect the true likelihood of the outcomes concerned with an event. The amount by which the implied probability diverges from 100% is the margin the bookmaker has added to that particular that market.

This is an essential piece of information for a value-seeking bettor as it highlights the true cost of placing a bet with a bookmaker. Using implied probability to calculate a bookmaker’s margin is easy and very useful as few, if any, bookmakers publicly share it.
While it is important you are able to use the above information to convert odds into probability and calculate a bookmaker’s margin, you don’t have to do it yourself for every single bet. If you want a quick way to calculate how much margin a bookmaker has applied to the odds, you can use Pinnacle’s Margin Calculator.

Using odds to calculate your payout

Calculating odds and probability opens up a new world for calculating value but you also want to know what your bet will payout if you win. For our coin toss example this requires a simple multiplication:

So if you bet €10 on heads with odds of 2.0 your return including stake is 2.0 x €10 which equals €20 (this includes your €10 stake + €10 profit).

• Read: Do you know how difficult betting is?

Being able to calculate probability and understand where odds actually come from is an essential part of evolving as a bettor because it enables you to calculate your own expected frequency for an event - starting to model your own odds - and then compare what you think will happen with what odds are available.

Where the two diverge you can potentially turn that edge in your favour, and generate profit, which is what a bettor should be focused on.

If you want to calculate the return and profit of your bet, Pinnacle's Bet Calculator will do the work for you.

Now that you know how to calculate betting odds, you can take advantage of Pinnacle's low margin odds or read more expert betting articles to help make more informed betting decisions.

Online sports betting apps are popping up all across the US. Almost two dozen states already have sports betting in some format, and more are on the way. State legislatures are beginning to grasp the large opportunity presented by sports 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 online 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!

What Types Of Sports Betting Tools & Calculators Are There?

How To Use An Odds Calculator

Odds calculators help you determine what your payout would be if you were to make a specific bet. You can plug in your desired bet amount and the odds a sportsbook gives you, then the calculator will tell you what you’d win if the bet hit.

Odds calculators are particularly useful if you’re trying to decide between a number of 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.

We have a number of odds calculators on our site for various types of bets, including moneyline, parlay, and futures calculators.

Moneyline Odds Calculator

Because moneyline bets are on a single team to win, it’s the easiest calculator to use. Here’s how:

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), you can use a parlay-specific calculator. Here’s how:

1. Plug in your desired bet amount in USD in the proper field.
2. Enter the odds for each individual leg of the parlay into the moneyline fields. Note that they don’t 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 our other odds calculators:

How Sports Betting Odds Are Calculated

If you’re new to sports betting, chances are you’ve been confused by how odds work. They can be complex to understand for a newcomer, but once you understand the basics, you’ll be betting 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 the Kansas City Chiefs are favored by many bettors to win over the New York Giants, the Chief’s odds to win will increase as bettors place wagers on that outcome.

Other factors can come into play, such as team record, past performance, injured players, etc., but bets placed are the biggest determining factor in most cases.

How To Read Odds And Determine Payouts

Sportsbooks display odds as a 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
• Tennessee Titans -230

This setup is showing a moneyline bet, which means those are the odds for either team to win outright. Whenever you see a negative number (in this case -230), that means that team is favored to win the match and a bet of $230 would win you $100. The positive number (+200) shows which team is the underdog and tells you how much you would win if you placed a $100 bet.

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 all set to wager.

Choose A Sportsbook And Create An Account

You can access most sportsbooks via desktop, Android, and iOS devices. If you’re using an Android device, head to your preferred sportsbook’s website to get the app. Google doesn’t allow sportsbooks in its Play Store marketplace, but you can download the app directly from the provider’s website.

Once you have the app or have visited the website, you can create your account. It’s a similar process to creating an online banking or social media account. Have your personal information including your SSN ready and the rest will be straightforward. Onscreen prompts will guide you through the process.

If you’re signing up on a mobile device, that’s it! If you’re on desktop, you may also have to download a geolocation plug-in. This is required to confirm that you are betting from a legal state.

Deposit Funds

Pick your favorite deposit method (so long as it’s available at your sportsbook) and add funds to your account. PayPal, credit/debit cards, and online banking are available at most sportsbooks.

When you deposit, also check for bonus offers. They can boost your account value and give you extra money to bet with.

Betting Odds Calculator

Place A Bet

Now, 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 bets you’d like to place, make your wager.

Withdraw Your Winnings

If you’re lucky enough to win a few bets, you can withdraw your winnings. PayPal, online banking, ACH e-check, and check by mail are 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 individual state. Every state can regulate sports betting with their own legislation, meaning some sports that are available for betting in one state may not be available in another.

Ufc Betting Odds Calculator

Professional Sports

Pro sports are fair game pretty much across the board in legal sports betting markets. You can bet on any of the most popular leagues without issue:

• NFL
• MLB
• PGA
• MLS
• NWLS
• WNBA
• NASCAR
• UFC

Plus many others.

College Sports

Sports Betting Odds Payout Calculator

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

In Illinois and New Jersey, for example, 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 match-ups.

International Sports

Globally popular sports like soccer, rugby, and cricket are available for betting in most legal markets 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.

Legal Online Sportsbook Apps In The US: Common Questions

Not everywhere. In 2018, the Supreme Court struck down the Professional and Amateur Sports Protection Act. Rather than legalizing sports betting across the board, it put the issue in individual states’ hands.

Many states have legalized online sports betting, and more are working on legislation to do so. While it’s not legal everywhere, sports betting is swiftly making its way to more US markets beyond the two dozen that already allow it.

How Do Betting Companies Calculate Odds

You can find sports betting odds by visiting the sportsbook website of your choice. They will usually display their odds without requiring you to log in or create an account.

Online resources also exist that compare and contrast the odds at top sports betting platforms. Sports news sites, including CBS Sports and NBC Sports, will often list the lines as well.

Using an online odds calculator or by calculating the odds manually. Gaming Today has several odds calculators to choose from.

How to read sports betting odds depends on how the odds are displayed. Decimal, fractional, and American odds all require different math for calculation. However, each are relatively easy to understand.

DraftKings, FanDuel, and BetRivers have the consistently best odds out of all the online sportsbooks in the US market. However, that isn’t always true. In many cases, other sportsbooks will have better odds. The most successful sports bettors compare and contrast different options before placing a bet for that very reason.

Range of factors. Sports betting odds are calculated based on a variety of things including injuries and trades, current team form, the weather, and beyond. How players are betting also determines the odds, which is one of the reasons why you’ll see significantly different odds at one sportsbook versus another.

An odds calculator helps sports bettors determine their betting strategy. The most basic 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, and more.

Betting Odds Calculator Payout

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.

How To Calculate Underdog Betting Odds Payout

DraftKings Sportsbook. The sports betting website and app that consistently offers the best odds is DraftKings Sportsbook. It also offers a range of betting options, a deep sports selection, and impressive promotions. You can also seamlessly switch between the sportsbook, daily fantasy sports, and casino games (where legal). The DraftKings Sportsbook app is available for iOS and Android.