Welcome to one of the best odds calculator available for Canadian players. Totally adapted for users in this part of the world.
Understanding how betting odds work can be confusing, especially for those who are new to sports betting. There are different types of betting odds, and calculating the potential payout can be a daunting task.
That’s where our odds calculator comes in handy. Enjoy our free sports betting calculator and bet smarter.
Work Out Your Winnings with our Free Odds Calculator
What’s a Sports Betting Calculator?
You might have heard of the term sports betting calculator, or betting calculator if you’re interested in sports betting. But, what is it? And what value could it bring to your betting?
A sports betting calculator is a tool that calculates possible payouts for various types of bets. A betting odds calculator will allow you to easily and quickly calculate how much your profits for a specific bet can be, taking your betting knowledge to another level.
Our sports betting calculator has been designed to cover the most common bet types out there and we have tested it throughout to ensure that the given results are fully accurate.
What are Betting Odds?
Betting odds are numerical representations of the likelihood of an event occurring.
In sports betting, odds are used to determine the potential payout for a particular wager.
Odds are typically displayed in three formats: American, decimal, and fractional.
American odds are expressed as a plus or minus number; decimal odds are shown as a decimal, and fractional odds are presented as a fraction.
We have also prepared a glossary with all the most common betting terms explained, for those who are new to sports betting.
How Our Betting Odds Calculator Works
Our betting odds calculator tool helps bettors calculate the potential payout for a particular wager by inputting minimal information such as your wager, your outcome choices, or if the bet is each way or not (you may choose yes or no).
It is an easy and well-designed sports betting calculator that is simple to use and requires you to enter the odds and the amount you want to bet. Once you input this information, the betting calculator will determine the potential payout for your bet.
Let’s explore step by step how to use our betting odds calculator:
1. Choose Your Bet Type
There are two ways to choose your bet type: either at the main menu (green square on the screenshot below) or by selecting it on the drop-down menu.
2. Customize Your Bet According to Your Preferences
You can choose if you want to do an each-way bet, add any Rule 4’s (designed for Horse Racing betting, mainly), and/or Dead Heats. The terms are all explained further in the glossary.
At this point, you can also choose whether you want to use the Fractional, Decimal or American format for your odds.
3. Enter Your Odds and Outcome
In this step, you may enter your odds. You will be able to add many raws to calculate combined bets (Parlays, for example) or delete them if necessary. Then you must choose your outcome for the bets.
A nice feature that you will find on our betting odds calculator is that you will be able to add notes to your bet selections if you wish to do so.
4. Enter Your Stake
You can then select whether you want the wager to display as per bet line or for the total wagered amount, as some bet types include many different bets within one overall bet. Once a wager amount is then selected the calculator will instantly display the Return and Profit. This will obviously differ depending on the odds you input.
You may also add selection notes and save your bet if you want to run another calculation while keeping a record of your previous calculations.
Example of How a Bet Calculation Works
Let’s say you want to bet on a hockey game between the Toronto Maple Leafs and the Montreal Canadiens. The odds for the Maple Leafs to win are -130, the odds for the Canadiens to win are +110, and the odds for a tie/draw are +300.
If you bet CAD 100 on the Maple Leafs to win, you would potentially win CAD 176.92 ($100 x 1.77), including your original wager. If you bet CAD 100 on the Canadiens to win, you would potentially win CAD 210 ($100 x 2.10), including your original wager.
To use the odds calculator, the user would simply enter the amount they want to bet and the odds for the team they want to bet on. The calculator would then calculate the potential payout based on the odds and the amount bet.
Advantages of Using a Betting Odds Calculator
Using a sports betting calculator has several advantages for sports bettors.
- You can change the outcomes of your bets, such as: win, lose, void, etc., and see how it alters the returns. Whereas with many sportsbooks this function is not available – you can generally only see your open/closed bets and what they return if all the selections were to win.
- The possibility of trying many types of bets and their outcomes from one tool without losing your data.
- It makes calculating potential payouts quick and easy: bettors don’t have to spend time doing the math themselves, which can be especially helpful for more complicated bets that involve multiple outcomes.
- Betting odds calculators help bettors make informed decisions about their wagers: by seeing the potential payout for a bet, bettors can weigh the risks and rewards of different bets and make more informed choices.
- Bet calculators can help bettors avoid making costly mistakes: by knowing the potential payout for a bet before placing it, bettors can avoid accidentally betting more than they want.
Types of Bets that You Can Calculate on our Odds Calculator
When it comes to betting, there are various types of bets that you can place depending on the sport or event you’re interested in. Here are some common types of bets you’ll come across:
Straight or Moneyline Bet
This is the most straightforward bet, where you place a wager on one selection. If your selection wins, you receive a payout based on the odds. Check our straight bet calculator here.
With a moneyline bet, you simply pick the team or individual you believe will win the game or match. The odds will determine the potential payout, with favorites having lower odds and underdogs having higher odds.
For example, if you bet $100 on Team A with odds of +150, a win would result in a potential payout of $250 ($100 x 2.50), including your initial stake.
Parlay or Accumulator
Parlay Bet combines multiple individual bets into one, increasing the potential payout. To win a parlay bet, you must correctly predict the outcome of all the individual bets within the parlay. If any of the bets within the parlay is incorrect, the entire bet is lost.
| Bet Type | Selection | Odds |
|---|---|---|
| Moneyline | Montreal Canadiens | +150 |
| Point Spread | Toronto Maple Leafs (-1.5) | +220 |
| Over/Under | Over 5.5 goals | -110 |
Also known as an accumulator, mainly in Europe, this bet type combines multiple selections into one wager. The potential payout is higher than for a single bet, but the risk is also greater.
For instance, if you place a parlay bet on three teams with odds of +200, -150, and +300, the combined odds would be +2700, resulting in a potential payout of $2,700 for a $100 bet.
Calculate your parlay/accumulator bets with our parlay odds calculator.
2 Pick Parlay / Double
A 2-pick parlay is a bet type where there are 2 different selections on two different events.
To win the bet, both selections must be successful. A 2 pick parlay can also be known as a double bet, a term that is more traditionally used in Europe.
Explore our 2 Team Parlay Calculator here.
Each Way
An each-way bet is commonly used in horse racing or futures markets for golf, tennis, hockey, etc. It consists of two parts: a winning bet and a place bet.
The win bet is placed on the selection to win, while the place part is on the selection to place in one of the specified places (usually the top two or three, depending on the market/sportsbook terms).
The stake is divided equally between the win and place bets. If your selection wins, you receive a payout for both the win and place bets. If the selection finishes in the places but doesn’t win then you will receive a payout for the place bet only.
3 Pick Parlay / Treble
This bet combines three selections into one wager. To win, all three selections must be successful.
Find out more about treble or 3-pick parlay bets and work out your 3 pick parlay bets in our calculator.
Trixie
This is a bet on three selections, consisting of 3x two pick parlays and 1x three pick parlay. At least two selections must be successful to receive a payout.
Calculate Trixie bets for free on our Trixie bet calculator.
Patent
This is a bet on three selections, consisting of 3x straight bets, 3x two pick parlays, and 1x three pick parlay. At least one selection must be successful to receive a payout.
Check out our Patent bet calculator.
Yankee
This bet is on four selections, consisting of 6x two pick parlays, 4x three pick parlays, and 1x four pick parlay. At least two selections must be successful to receive a payout.
Find our Yankee bet calculator here.
Canadian or Super Yankee
Also known as a Super Yankee, this bet is on five selections, consisting of 10x two pick parlays, 10x three pick parlays, 5x four pick parlays, and 1x five pick parlays.
At least two selections must be successful to receive a payout.
Check out our Canadian bet calculator.
Lucky 15
This bet is on four selections, consisting of 4x straight bets, 6x two pick parlays, 4x three pick parlays, and 1x four pick parlays. The name comes from the 15 bets in total.
At least one selection must be successful to receive a payout.
Check out our Lucky 15 calculator for free.
Lucky 31
This bet is on five selections, consisting of 5x straight bets, 10x two pick parlays, 10x three pick parlays, 5x four pick parlays, and 1x five pick parlay. There are 31 bets in total. At least one selection must be successful to receive a payout.
Check out our Lucky 31 calculator for free.
Lucky 63
This bet is on six selections, consisting of 6x Straight bets, 15x two pick parlays, 20x three pick parlays, 15x four pick parlays, 6x five pick parlays, and 1x 6 pick parlay. There are 63 bets in total. At least one selection must be successful to receive a payout.
Check out our Lucky 63 calculator for free.
Round Robin Parlay
In a Round Robin Parlay, you select a group of teams or events that you want to bet on. These selections are then used to create a series of smaller parlays. For the Round Robin Parlay to be successful, each of these parlays must win.
However, the beauty of this type of bet is that even if some of your selections lose, you can still win some of your parlays.
Learn more about Round Robin Parlay bets and use our Round Robin Calculator here.
System bet
In a system bet, you don’t need all your selections to win to get a return. A system bet is made up of several combinations, including 2 pick parlays, 3 pick parlays, and 4 pick parlays or even more depending on which system bet you wish to calculate / place.
Calculate your system bets in our System Bet Calculator.
Quick Comparison of The Most Used Bet Types
| Bet Type | Selections | Pros | Cons |
|---|---|---|---|
| Straight | 1 | Simplest type of bet; only one selection | Lower potential payouts |
| Parlay | 2+ | Potential for high payouts with multiple selections | Risky; all selections must win for a payout |
| 2 Team | 2 | Higher potential payouts than Moneyline | Both selections must win for a payout |
| 3 team | 3 | Higher potential payouts than Moneyline | All 3 selections must win for a payout |
| Trixie | 3 | Combines three Double bets | At least 2 selections must win for a payout |
| Patent | 3 | Combines three Single bets, three Doubles, and one Treble | At least one selection must win for a payout |
| Yankee | 4 | Combines six Doubles, four Trebles, and one Fourfold | At least two selections must win for a payout |
| Canadian | 5 | Combines ten Doubles, ten Trebles, five Fourfolds, and one Fivefold | At least two selections must win for a payout |
| Lucky 15 | 4 | Combines four Singles, six Doubles, four Trebles, and one Fourfold | At least one selection must win for a payout |
| Lucky 31 | 5 | Combines five Singles, ten Doubles, ten Trebles, five Fourfolds, and one Fivefold | At least one selection must win for a payout |
| Lucky 63 | 6 | Combines six Singles, fifteen Doubles, twenty Trebles, fifteen Fourfolds, six Fivefolds, and one Sixfold | At least one selection must win for a payout |
How a Sports Betting Calculator Can Help You
A betting calculator is a useful tool that can assist you in making more informed decisions when placing bets. Here’s how a betting calculator can help:
Odds Conversion:
Betting calculators can convert different odds formats (such as decimal, fractional, or American) into a format that you’re more familiar with, making it easier to compare odds and determine potential payouts.
Stake and Profit Calculation:
By entering the odds and stakes into a betting calculator, you can quickly determine the potential profit you stand to make if your bet is successful. This helps you evaluate the risks and rewards of different bets.
Parlay and Accumulator Calculation:
If you’re planning to place a parlay or accumulator bet, a betting calculator can calculate the potential payout based on the odds of the individual bets you’ve selected. This allows you to see the potential returns before placing the bet.
Hedging Strategies:
In some cases, you may want to hedge your bets to minimize potential losses or guarantee a certain level of profit. A betting calculator can help you calculate the ideal stakes for hedging purposes, considering the odds and potential outcomes.
Bankroll Management:
Good bankroll management is crucial for long-term success in betting. A betting calculator can help you determine the appropriate wager size based on your bankroll and desired level of risk, allowing you to manage your funds more effectively.
What Sports Can You Work Out with Our Betting Odds Calculator
Our odds calculator can be used for various sports and betting activities where odds play a crucial role. Some of the sports and betting types where our sports betting calculator is commonly used include:
Horse Racing:
Calculating odds for horse racing is one of the most traditional uses of an odds calculator. It helps bettors determine potential payouts based on the odds of each horse winning the race. The most specific horse racing bets are Lucky 15, Lucky 31 and Lucky 63.
Find the best horse racing sites in Canada here.
Ice hockey:
This is another sport where an odds calculator is frequently used for various betting options. Some of the common betting markets in ice hockey where odds calculators come in handy include moneyline, puckline, over/under, futures, player props, and parlays, among others.
Football (Soccer):
Odds calculators are widely used in football betting, including match outcomes, over/under goals, Asian handicaps, and other popular betting markets.
Basketball:
Basketball betting involves odds for point spreads, moneylines, and totals, which can be calculated using an odds calculator.
Check our selection of the best NBA betting sites in Canada here.
Tennis:
In tennis, odds are commonly used for match winners, set winners, and various other betting options.
Baseball:
Baseball betting includes odds for moneylines, run lines, and totals, and an odds calculator is useful for determining potential returns.
American Football:
An odds calculator is handy for calculating point spreads, moneylines, and over/under totals in American football betting.
Cricket:
Odds calculators are used in cricket betting for match outcomes, innings totals, player performance, and more.
Golf:
Golf betting involves odds for outright winners, individual matchups, and other specialized bets.
Boxing/MMA:
Odds calculators help estimate potential payouts for boxing and mixed martial arts betting, including moneylines and round betting.
Motorsports:
Betting on racing events like Formula 1 and NASCAR involves calculating odds for individual drivers and race outcomes.
Rugby:
Rugby betting includes odds for match winners, handicaps, and totals.
Esports:
As esports betting gains popularity, odds calculators are used for various video game tournaments and matches.
Other Sports:
Odds calculators can also be applied to sports like volleyball, handball, snooker, darts, and more.
What Makes Our Odds Calculator Different from the Rest?
The main feature that we can highlight is that it is designed for the Canadian audience, according to the most used terminology and type of bets.
Also, you will find definitions for terminology inside the calculator, such as Dead Heat, Each Way, and Rule 4, that some new bettors might not fully know about.
Another plus that you will encounter in our betting calculator is that you can save bets, and keep calculating new outcomes and types of bets, without losing your previous bets in between the same session.
You will also be able to add notes to your odds selections.
Betting Starting Guide for Newbies
For those who are new to sports betting and gambling, we have prepared guides that will help you make the most of your betting experience.
Find below, classified by sections, some of our most helpful guides for new players.
Payments
When it comes to finding the best payment methods we recommend you to read our guides to:
Those above are the most straightforward options for Canadian players and many sportsbooks offer them as payment methods.
If you want to check other options of payment methods, check our different payment options guide.
Reviews
Read reviews before signing up to the casinos so you can have an overview of what the sportsbook or online casino has to offer and the pros and cons of choosing it.
Find out important information about your sportsbook such as the minimum deposit amount, loyalty programs, reputation on the Internet and among other players, etc.
Speedy Transactions and KYC
Finding trustworthy casinos and betting sites has a lot to do with the speed of the transactions. We have elaborated a guide to fast payout casinos, where you will be able to choose among the fastest options we found out there, after signing up and playing there for some time.
On another hand, the KYC (Know Your Customer) process is one of the main reasons why online casinos and betting sites could delay payments. That’s why most Canadian players look constantly for no verification casinos. Although these are rare, there are a few options and we have listed them in the previous link. But bear in mind that, in most cases, especially if you play from Ontario, where gambling is fully regulated, you will have to provide a photo of your ID and proof of address.
Conclusion: Using a Sports Betting Calculator Will Help Your Betting Experience
In summary, our sports betting calculator is an invaluable tool for Canadian sports bettors. It empowers users to swiftly and effortlessly calculate potential payouts for their wagers, enabling them to make well-informed decisions.
By utilizing our betting calculator, bettors can optimize their time, enhance decision-making, and steer clear of expensive errors.
Whether you’re an experienced bettor or a newbie, our free-to-use sports betting calculator is an essential resource that can significantly improve your overall betting experience.
With our calculator, you can effortlessly assess the potential outcomes of your bets, gaining a comprehensive understanding of the potential rewards. It eliminates the need for manual calculations, saving you valuable time and effort. By removing the guesswork, you can focus on strategic analysis and make more precise wagering choices.
Additionally, our odds calculator is designed specifically for the Canadian audience. It takes into account the unique betting odds formats and regulations prevalent in the country, ensuring accurate and reliable calculations tailored to your needs.
Don’t miss out on the opportunity to make informed decisions and increase your chances of success. Try our bet and odds calculator today and experience the difference it can make in your betting strategy. Start leveraging the power of data and knowledge to take your sports betting to new heights.
FAQ – Betting Odds Calculator
What is an odds betting calculator?
An odds betting calculator is a tool used to calculate potential payouts from various types of bets. It allows bettors to input the odds, in various formats, and the amount they plan to wager. The calculator then computes potential profits based on these factors.
Why should I use an odds betting calculator?
Are odds betting calculators legal to use in Canada?
Yes, they are. An odds betting calculator is simply a tool that provides information about potential betting outcomes. It does not influence the outcome of a bet or facilitate betting in any way. Remember that while betting itself is legal in Canada, each province sets its own regulations, so it’s important to be aware of the rules in your particular province.
How do I use an odds betting calculator?
Do odds betting calculators work for all types of bets?
Many odds betting calculators are designed to work with a range of bets, including single bets, accumulator bets, each-way bets, and more. However, the types of bets a calculator can handle depend on its specific features and design. Always ensure the calculator you are using is suited to the type of bet you’re placing.
