What is a betting calculator?
A betting calculator is a tool that can simplify all of your betting calculations and give you instant results. We have a whole manner for betting odds calculators here, from basic to advanced, but let's begin by looking at the score functions of these tools.
When using our basic calculator, you need to type in the betting odds, enter your stake, and you will instantly get your total returns, potential profit and the implied probability of your bet. Using a betting calculator is essential for several reasons, not least of all for bankroll management and minimizing risk.
Briefly, let's take a look at these two concepts in more detail:
- Bankroll management
- The betting calculator can help you decide how much of your total bankroll you should place on the bet. Ideally, you don't want to use more than 5% of your bankroll on a single wager, even if it's a bet like a points spread where the odds are often relatively even (they usually start at -110 in American odds for each outcome). You can also take any bonus bets that you have in your account into consideration when managing your bankroll.
- Minimizing risk
- At the end of the day, sports betting is always going to be risky to an extent, but you want to manage your risk as much as possible. Our betting calculator shows you the implied probability as well as the odds, so you can get an idea of the risk you're taking on vs the possible rewards. What you want to aim for is balance - short odds have a good Implied probability but small returns, meanwhile longshots have decent potential profits, but a very low chance of winning.
Pros and cons of using sports betting calculators
Above all, betting calculators are essential tools for anyone who wants to wager on sports in a way that is responsible and controlled. With that in mind, here is a look at the main advantages and disadvantages of using an odds calculator:
Betting Calculator: Pros & Cons
- Figure out what returns you could get
- Understand your chances of winning the bet
- Helps to balance risk with potential reward
- Ensures you bet on sports responsibly
- Takes some of the mystery out of sports betting
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Types of betting calculators
The good news is that you will get a variety of betting calculators that cover all manner of different bets. As such, you could do anything from construct a massive NBA parlay or try to hedge your bets on a March Madness game and get a helping hand from one of our calculators. Here are just some of the most popular betting calculators that you’ll come across:
1. Odds calculator
The odds calculator is the most common kind of bet calculator that helps you to to calculate what the potential payout will be. It will allow you to enter the odds, your bet amount, and select the bet type. You have the option to enter the betting odds in the following formats using our calculator: American odds, decimal and fractional, Hong Kong, Malay, and Indonesian.
Alternatively, you can enter the implied probability, and when you click the "Calculate" button, you will instantly get the probability translated into all of the odds formats listed above. As well as using this tool to calculate your potential returns, you can also use it as an odds converter if you need to switch between formats for any reason. For example, you might be on a sportsbook that only uses American odds. If you're not familiar with this format, our calculator can help you convert the odds into your preferred format.
2. Hedge calculator
This calculator can help you calculate your ideal bet amount when hedging. For the uninitiated, hedging is where you bet on two opposing outcomes on the same sporting event to try and lock in a profit. The calculations here are crucial, as if you get it wrong, you could guarantee a loss regardless of the outcome. You can check out our
guide to using a hedge bet calculator
here for a detailed breakdown of how this calculator works, but we'll give you a quick explainer here.
Firstly, you must choose your odds format (American odds, decimal, or fractional). You then must enter the odds for your original bet and the amount that you staked on it. After that, you can type in the odds for the hedged bet and click "Calculate". This will instantly give you the ideal bet amount for your hedged wager, as well as a detailed breakdown of the possible outcomes.
3. Parlay calculator
You can use this tool to calculate what your potential returns will be from a parlay bet. A parlay bet involves combining multiple bets into a single wager, and your selections can be everything from moneylines to point spreads and more. To use the calculator, you must type in the odds for each of the selections in your parlay and then see what the combined odds will be, along with your potential payouts.
The calculator has three rows for your selections by default, but you can add more by clicking on the "Add Team Moneyline" button. Ultimately, you can use this calculator to determine the ideal number of selections for your parlay to balance the risk vs the potential rewards. For example, it might not be worth adding that final risky selection just to add a further $10 to your payout.
A step-by-step guide to using our betting calculators
The betting calculators on this page are simple to use, but here is a quick walkthrough that shows you what to do:
- Go to your preferred sportsbook and find the odds that you want to bet on
- Select which bet type you want to make in our betting calculator
- Enter the betting odds (you can use American odds, decimal, or fractional format)
- Type in your bet amount
- Submit your request
Once you have done this, the betting calculator will instantly show you what kinds of returns you could get from your bet. It really is that simple, although you will also have the option to add selections, alter bet types, and more when you use one of our more advanced odds calulators.
Example of the odds calculator in action:
Sometimes it’s best to explain things with an example. So let’s imagine that you wanted to bet on the Diamondbacks to beat the Phillies in the MLB.
The Diamondbacks have odds of +115 to win the game, and you want to bet $10. Here's how you would use the odds calculator:
- Enter +115 into the "American odds section"
- Type in $10 as your betting stake.
- Click "Calculate"
- Here, you will see that if the Diamondbacks won the game, your returns would be $21.50.
- You will also see that this bet has an implied win probability of 46.51%
Alternativel, you could use the calculator to bet on the Phillies as favorites. Here, you would type in the Phillies' moneyline odds of -140, and the calculator would reveal that your returns would be $17.14.
As such, the betting calculator offers you a great way of seeing whether you should play it safe by backing the favorites, or add a little more risk by backing the underdogs and potentially get some slightly larger returns.
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Top tips for making the most of our sports bettins calculators
Now that you know the basics of using a betting calculator, it’s time to take things up a level. Here are a few things to keep in mind for when you fire up our bet calculator:
Play around with the odds
The calculator will let you experiment with different odds values to see which offer you returns that are worth betting on. You can check the top sportsbooks via the banners on our page to find the betting sites that generally offer the best odds and bonus bets. Moreover, you can also play around with the different odds formats (American, Decimal, and fractional, etc.) so that you can better understand how each one works.
Calculate your parlay risk level
These calculators are great for letting you know when things like parlay bets are spiralling out of control. So experiment with how many selections are included to find a parlay that has a decent balance of risk and potential reward. Parlay bets can be a great way to bet on multiple favorites so that you can combine multiple short odds selections to get a bigger potential payout. For example, if the odds for the Eagles at -7.5 on the points spread are -125, that's not a great straight bet, but it's a favored outcome and therefore could be a good selection for a four-legged parlay.
You should also use our bet calculator to see what kinds of returns you could potentially get from your stake (bet amount) or bonus bet, which is a vital step towards managing your bankroll. As we said earlier, you ideally want to bet between 1% and 5% of your total bankroll on a single bet. As a general rule of thumb, the riskier the bet is, the smaller your stake should be.
Our betting calculators shouldn't be used in one-off instances. We recommend that you keep a record of all your bets and calculations so that you can track your overall progress and your profit/loss record. Moreover, you can work out if your bonus bets have really benefited you in the long run.
While the facts and figures that you get by using betting calculators are essential, they are not the only thing that you should consider when determining if a sports bet is worth your while. You also have to study the teams, athletes, weather conditions, and everything involved with the game itself to help you make informed decisions and pick your wagers wisely. For example, H2H records and recent points/goals totals are essential study material before betting on a team to beat the points spread.
Conclusion - Use our betting calculators to guide your bets
As we have proven, betting calculators offer you an invaluable way to get an extra degree of precision over your sports bets. Not only will you get to understand exactly how much you could win with that bet, but you will also see how much risk you are exposing yourself to.
Moreover, you will find that each of the sports betting calculators featured here works in different ways to refine the process of making bets on anything from the money line to a parlay. You can use these betting calculators in conjunction with our sportsbook reviews to find the best value odds available for every wager you place. On top of that, you can discover the best bonus bets on offer right now vy checking the banners on this page.
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Sports betting calculators FAQ
🧮 Are there any free sports betting calculators?
Yes, all of the betting calculators featured at our resource can be used completely free of charge. Not only that, but they are all supremely easy to use too.
❓ How do I use a parlay calculator?
It’s usually just a matter of picking how many selections you want to include, typing in the odds and then entering in your betting stake. Check out our guide to using a
parlay calculator
for more about this.
💸 If I bet $100 how much do I win?
It depends on what kinds of odds you are betting on. But as an example, if you are betting $100 on odds of -100, you would get a total payout of $20.
💵 What is a money line bet calculator?
This refers to a betting calculator that shows you how much you would win from betting on the moneyline. For example, it could be a moneyline bet that the 49ers would beat the Seahawks, and the calculator would show you what your returns would be according to your betting stake.
🤞 Do I really need a betting payout calculator?
Not really, but these betting calculators are invaluable if you want to know how much you could win from your bets. Plus they are very useful for some of the more advanced bet types like parlays.
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