Odds Calculator » Betting Odds Calculator

Betting Odds Calculator

The betting odds calculator allows you to input your wager and odds in American, Decimal, or Fractional formats to quickly calculate the payout for your bets. It takes into account various factors such as the amount wagered, and the odds provided by the sportsbook. Use the Odds Calculator to effectively and efficiently calculate the outcomes of all possible combinations of bet types.

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  • What are Odds in Sports Betting and How a Calculator helps?

    Odds are the core of sports betting because they imply:

    1. How likely is something to happen (for example, a horse to win or a football team to score)
    2. What your payout will be if you place the bet.

    The odds that you get from a sportsbook are correlated to the implied probability of that outcome happening. If a bettor finds a bet where the implied probability of an outcome is lower than the true probability, that is a very desirable bet to place.

    An odds calculator helps you to work out the return of your bets by automatically doing the maths between the odds and your wager, and converting odds into different formats (Decimal, American and Fractional). This helps bettors make informed decisions about their bets by providing them with an estimate of the potential return on the amount bet.

    Guide to using our Odds Calculator

    Our Odds Calculator is free of use and it’s a very powerful tool to calculate almost any type of bet, bet lines and bet formats. You may switch between calculators on the main calculator menu or the drop-down to calculate other types of bets (Parlays, Trixies, Canadians, System, etc).

    To use our odds calculator you only need to input minimal information such as:

    • Wager.
    • Your outcome choices.
    • If the bet is each way or not (you may choose).

    Let’s explore step by step how to use our tool:

    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.

    Choosing bet type in our sports betting calculator

    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

    Step 3, insertion of odds at the sports betting calculator

    In this step, you may enter your odds. You can 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 in our betting odds calculator is that you will be able to add notes to your bet selections.

    4. Enter Your Stake

    Sports Betting Calculator Enter 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 be offered 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.

    How Do You Convert Odds to Probability?

    Converting odds to probability can be done with an odds calculator. Although, the mathematical process is rather simple.

    Odds are typically expressed as “X to Y” (for example, 3 to 1) or in a decimal format (for example, 4.0), which means the same thing. Here’s how you convert both types of odds to probability:

    For Traditional Odds (e.g., “X to Y”)

    The formula to convert the odds of “X to Y” to a probability is:

    P= X+Y / Y

    Where P is the probability, X is the number of ways an event can happen, and Y is the number of ways the event cannot happen.

    For Decimal Odds

    Decimal odds can be converted to probability using the following formula:

    P= 1/Decimal Odds​

    Then, to get the probability as a percentage, you multiply P by 100.

    Example 1: Traditional Odds of “3 to 1”

    If the odds are “3 to 1” against an event happening, to find the probability that the event happens, use the formula:

    P= 3+1/1 =1/4​

    So, the probability is 0.25 or 25%.

    Example 2: Decimal Odds of 4.0

    If the decimal odds are 4.0:

    P=1/4.0=0.25

    So, the probability is 0.25 or 25%.

    An odds calculator automates this process for you. It’s a tool designed to convert odds into different formats, including the conversion from odds to probabilities. By entering the odds, whether they’re in fractional, decimal, or American format, the odds calculator will quickly compute and display the equivalent probability.

    True Odds vs. Implied Odds

    Implied odds are the sportsbook way to understand how likely an event is to happen, according to how a bookmaker sets the odds. The idea is that every set of odds carries with it an implied chance of events happening.

    It’s important to note that the implied probability will not always accurately reflect the true likelihood of an event due to the bookmaker’s overround, which is their built-in profit margin.

    For example, if a bookmaker offers decimal odds of 2.00 for a particular event, the implied probability is 1/2.00, which equals 0.5 or 50%. This means the bookmaker assesses the chance of the event occurring as 50%.

    In another hand, True odds reflect the actual probability of an event occurring, free from any bookmaker’s margin or bias.

    For bettors and statisticians, comparing true odds with implied odds is a critical strategy. When the true odds of an event happening are more favorable than the implied odds suggest, it indicates a value bet.

    Example of How a Bet Calculation is Done

    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.

    Types of Bets that You Can Calculate on our Odds Calculator

    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 Bets

    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 moneyline bet calculator to do single bets.

    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.

    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 like 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 parlays. 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 parlays. 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 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.

    Goliath Bet

    A goliath bet involves 1 wager spread across the different combinations of multiple bets across 8 selections. In total, there are 247 different bets.

    Calculate your Goliath bets on our Goliath bet calculator.

    Quick Comparison of The Most Used Bet Types

    Bet TypeSelectionsProsCons
    Straight1Simplest type of bet; only one selectionLower potential payouts
    Parlay2+Potential for high payouts with multiple selectionsRisky; all selections must win for a payout
    2 Team2Higher potential payouts than MoneylineBoth selections must win for a payout
    3 team3Higher potential payouts than MoneylineAll 3 selections must win for a payout
    Trixie3Combines three Double betsAt least 2 selections must win for a payout
    Patent3Combines three Single bets, three Doubles, and one TrebleAt least one selection must win for a payout
    Yankee4Combines six Doubles, four Trebles, and one FourfoldAt least two selections must win for a payout
    Canadian5Combines ten Doubles, ten Trebles, five Fourfolds, and one FivefoldAt least two selections must win for a payout
    Lucky 154Combines four Singles, six Doubles, four Trebles, and one FourfoldAt least one selection must win for a payout
    Lucky 315Combines five Singles, ten Doubles, ten Trebles, five Fourfolds, and one FivefoldAt least one selection must win for a payout
    Lucky 636Combines six Singles, fifteen Doubles, twenty Trebles, fifteen Fourfolds, six Fivefolds, and one SixfoldAt least one selection must win for a payout

    Moneylines

    A moneyline is a straight bet where you choose the winning team. It is the easiest and most simple bet that you can place at any sportsbook.

    Point Spread

    In sports betting, a spread bet is a way to even the odds between the team likely to win (the favorite) and the team likely to lose (the underdog).

    The betting company sets a point spread, which is just a way of saying how much the favorite team needs to win for bets on them to pay out. If the favorite wins by more than this number, those who bet on them win.

    The underdog team can lose by less than this number or even win the game, and bets on them will still pay out. The whole idea of the point spread is to make it just as tempting to bet on the underdog as it is to bet on the favorite, keeping things fair and interesting for bettors.

    Example:

    Toronto Maple Leafs vs Montreal Canadiens: Point Spread

    • Toronto Maple Leafs +1.5 (-110)
    • Montreal Canadiens -1.5 (-110)

    Here’s the breakdown:

    • The Toronto Maple Leafs are listed as +1.5 with odds of -110. This means if you believe the Maple Leafs can win the game or lose by just 1 goal, you’d place your bet here. The -110 indicates that you need to bet $110 to win $100.
    • The Montreal Canadiens are at -1.5 with odds of -110. This suggests that for a bet on the Canadiens to pay off, they need to win by at least 2 goals. Again, you’d need to bet $110 to win $100.

    So, if you bet on the Canadiens, you’re hoping they’ll win by a margin of 2 goals or more. If you’re betting on the Maple Leafs, you’re betting they win outright or lose by just a single go

    Totals or Over/Under

    Totals, also known as OVER/UNDER betting, is pretty straightforward. You’re betting on whether the total score of both teams in a game will be higher or lower than what the experts at the sportsbook predict.

    The sportsbook sets a number based on how many points they think will be scored in the game. Your job as a bettor is to decide if you think the actual total score will be more or less than this prediction. It’s a popular way to bet because it lets you focus on the game’s overall scoring action, rather than picking a specific team to win.

    Props

    Prop bets are kind of side bets on various parts of the game that don’t necessarily tie back to which team wins or loses. They focus on specific events that may happen during a game or over a season, like whether a player scores a certain amount of points or a team achieves a specific milestone.

    These bets aren’t about who wins the game or by how much. Instead, they let you bet on other interesting aspects of the game. They are considered ‘novelty bets’ because they’re about individual achievements or special moments, making watching sports even more exciting.

    Let’s take a look at an example with a fictional player, let’s say “Alex Maple”, a known scorer for the Raptors. A betting site might set up a bet like this:

    • Alex Maple – Total Points Scored (25.5)
    • Option: OVER 25.5 Points, Odds: -115
    • Option: UNDER 25.5 Points, Odds: -115

    In this scenario, if you think Alex Maple will score 26 points or more during the game, you’d bet on the OVER. If Maple scores 26, you win the bet. If you think he’ll score 25 points or fewer, you’d bet on the UNDER. If he ends up with 25 points or less, you win that bet.

    It’s a fun way to get more into the game, betting on how well you think certain players will do, not just who wins or loses the game.

    Futures

    Futures betting is like predicting a big event that will happen later on, like guessing who’s going to win a championship way before the season ends.

    It’s perfect for those who like to think ahead and try to pick the winner early.

    When you bet on futures in sports like basketball, you might choose who you think will win the big championship trophy at the end of the season. If you’re using a sports betting calculator, you’d put in their odds (the betting numbers that show how likely they are to win) in the American or Decimal formats to see how much money you could win if you’re right.

    Now, let’s talk about a Canadian hockey example, using the NHL as our setting.

    Imagine it’s the beginning of the hockey season, and you’re looking at the teams, trying to pick who will lift the Stanley Cup months later. If you think the Toronto Maple Leafs have what it takes this year, you could place a futures bet on them.

    The odds might be something like +1000, meaning if you bet $100 on the Maple Leafs to win the Stanley Cup at these odds, you’d win $1000 if they actually do win it. This kind of bet is exciting because you’re in for the long haul, watching your team throughout the season, hoping your early prediction comes true.

    Live Betting

    This involves placing bets on events as they are happening. The odds change in real time based on the action taking place in the game or event.

    Asian Handicap

    In Asian Handicap, instead of just betting on who wins or loses, it gives the weaker team a head start in terms of goals or points before the game even begins. This makes the betting fairer and more interesting because now, the stronger team has to overcome this head start to win your bet. It’s like giving the underdog a head start in a race to even out the chances of winning.

    Example:

    Imagine a game between the Toronto Maple Leafs and the Ottawa Senators, where the Maple Leafs are heavily favored to win. In an Asian Handicap bet, the Senators might start with a 1.5-goal advantage. This means the Maple Leafs need to win by 2 or more goals for a bet on them to pay off. If you bet on the Senators, they can win, draw, or even lose by 1 goal, and you’d still win your bet, thanks to their 1.5-goal head start. It’s a great way to level the playing field and make bets more engaging, no matter the sport.

    Our odds calculator is powerful and can handle almost any type of bet you want to make, even bets placed during a game (live betting) or more complex bets such as the Asian Handicap mentioned above.

    Functions of a Sports Betting Odds Calculator

    Here are all the functions and possibilities that our Odds Calculator can offer:

    Odds Conversion:

    Our Betting calculator 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.

    Find also an odds conversion table where you will see displayed odds formats and their equal into decimal, fractional, American and Probability.

    Wager and Profit Calculation:

    By entering the odds and stakes into an odds 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, our free tool 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. An odds 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.

    Use Our Betting Odds Calculator for Any Sport

    Our calculator can be used for various sports and betting events where odds play a crucial role. Some of the sports and betting types that you can work out in our free tool are:

    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.

    Ice hockey:

    Some of the common betting markets in ice hockey where betting odds calculators come in handy include moneyline, puckline, over/under, futures, player props, and parlays, among others.

    American Football:

    Odds calculators are widely used in football betting, including match outcomes, over/under goals, and other popular betting markets.

    Basketball:

    Basketball betting involves odds for point spreads, moneylines, and totals, which can be calculated using a bet calculator.

    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 a bet calculator is useful for determining potential returns.

    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.

    UFC/MMA:

    A betting calculator can 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:

    Bet calculators can also be applied to other sports like volleyball, handball, snooker, darts, and more.

    What Makes Our Betting 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 notes and bet calculations, and keep calculating new outcomes and types of bets, without losing your previous bets within the same session.

    Main Advantages

    1. 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.
    2. The possibility of trying many types of bets and their outcomes from one tool without losing your data.

    FAQ

    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.

    An odds betting calculator can provide you with a clear understanding of potential returns on a bet, which can inform your betting strategy. It helps remove the complexity from calculations, particularly when dealing with odds in different formats (decimal, fractional, or moneyline). This allows you to focus more on making informed betting decisions and less on math.

    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.

    Using an odds betting calculator is straightforward. You typically input the type of odds you are working with (decimal, fractional, or moneyline), the specific odds for the event you are betting on, and the amount you wish to wager. Once you’ve input this information, the calculator will display the potential payout should your bet be successful.

    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.

    American Odds are the default odds at American sportsbooks. These odds are based on winning $100 for a given bet.

    Betting a Favorite: The odds for favorites will have a minus (-) sign, and represent the money you need to risk to win $100.

    So if you’re betting on the Packers at -140 against the Vikings, that means Green Bay is a slight favorite. You need to risk $140 to win $100 on the Packers. If they win, you profit $100 and get your original $140 back.

    Betting an Underdog: The odds for underdogs will have a plus (+) sign in front, and represent the money you can win for every $100 risked.

    The rest of the world uses Decimal Odds, in part because it’s easier to convert them to implied probabilities than American Odds. Decimal odds represent the amount a bettor wins for every $1 wagered. And the number represents the total return, not just the profit like American and fractional odds.

    Fractional Odds are used primarily in the UK and Ireland. Few bettors use fractional odds for betting sports (other than horse racing), because the conversions to understand return are difficult.

    To calculate winnings on fractional odds, multiply your bet by the top number (numerator), then divide the result by the bottom (denominator). So a $10 bet at 5/2 odds is (10 * 5) / 2, which equals $25. A $10 bet at 2/5 odds is (10 * 2) / 5, which is $4.

    Odds correlate to the probability of a team winning, which is the implied probability. A -140 favorite has about a 58.34% chance of winning, while a +120 underdog has a 45.45% chance.

    Did you notice those percentages add up to more than 100%? That’s because of the vig, which is a sportsbook’s cut for facilitating your bet. To calculate implied probability, use the following formulas:

    For negative numbers (favorites), drop the minus sign, then do:

    Negative Odds / (Negative Odds + 100) * 100

    For positive numbers (underdogs):

    100 / (Positive Odds + 100) * 100

    The stake is the bet amount is how much you’re risking on a given bet.
    Your payout includes your potential winnings, plus whatever you bet originally. So if you bet $10 on a +150 underdog, your payout will show $25.

    If you bet $100 on odds of -110, you would profit $90 for a total payout of $190 on a winning bet.

    If you bet $10 on odds of -110 and won, you would profit $9 for a total payout of $19.

    Odds of +200 mean that if you bet $10, you would profit $20 on a winning bet, for a total return of $30.

    Conclusion: Using an Odds Calculator Will Help Your Betting Experience

    Our odds 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.

    With our tool, you can effortlessly assess the potential outcomes of your bets, gaining a comprehensive understanding of the potential rewards. It eliminates manual calculations, saving you valuable time and effort. Removing the guesswork lets you focus on strategic analysis and make more precise wagering choices.

    Additionally, our odds calculator is designed specifically for the Canadian audience. It considers the unique betting odds formats and regulations prevalent in the country, ensuring accurate and reliable calculations tailored to your needs.