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Betting Calculators 2024: Understanding Sports Wagering Mathematics

Last Updated on 09.04.2024
Fact checked by: Emily Carter

Looking for an easy way to assess the viability of various bet types? Look no further than sports betting calculators. There are calculators to help you with all types of betting, from hedging to complex parlays.

These calculators quickly let you see the potential winnings for various bets, allowing you to make well-informed decisions. My goal is to make these tools accessible and user-friendly for everyone, which is why I’ve created this guide. It’s packed with information about how sports betting calculators work and the benefits they offer.

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Compare the best sports betting sites for 2024

Bet365
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License
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4.7/5
  • Excellent variety of sports
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Caesars
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4.5/5
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1 – 5 Days
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Withdrawal
1 – 5 Days
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0 Days
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The pros and cons of betting calculators

Sports betting calculators are tools that have been designed to enhance your betting experience, and they offer many advantages. However, like any tool, there are both pros and cons. Here are the main ones to consider:

Advantages
  • Simplifies complex bet calculations
  • Aids in strategy planning
  • Great for hedging and other complex bets
  • Calculate your ROI
Disadvantages
  • Intuitive bet slips may make them unnecessary

Sports betting calculators explained

Imagine you’re planning to place an NBA bet, but you’re not quite sure how much you could win if your bet is successful. This is where sports betting calculators come in. They do the math for you, making it easier to understand the viability of your wager.

These calculators are designed to be user-friendly. You typically need to enter a few pieces of information, such as your stake, the odds offered on the bet, and the type of bet you’re making. The calculator then uses this information to show the potential returns if your bet is successful.

Sportsbooks worth your time

Bet365
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Players from Virginia accepted
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FanDuel
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Why you should use betting calculators

Most bet slips provided by sportsbooks essentially function as their own betting calculators. When you add selections to your bet slip, it automatically calculates the potential winnings based on the odds of the selections you’ve chosen. This is incredibly convenient because it allows you to see your potential winnings as you build your bet.

However, this built-in calculator feature is limited to the lines and odds offered by the sportsbook at that moment. If you’re looking to plan ahead or want to experiment with different odds and bet types not currently available, or compare the options across multiple sportsbooks, then standalone betting calculators offer a more flexible solution.

Perfect for planning ahead of time

Betting calculators let you enter any odds and explore various bet types beyond what’s currently available at a sportsbook. This flexibility is particularly useful if you like to strategize and explore “what-if” scenarios ahead of time.

For instance, if you’re considering a combination of bets for an upcoming event but the specific odds aren’t listed yet, or you want to understand how different odds would affect your potential returns, a betting calculator is the way to go.

It allows you to input hypothetical odds and mix and match bet typesβ€”such as singles or parlaysβ€”to see how they would affect your potential winnings. This way, you can plan your strategy in advance and gain a better understanding of how odds can affect the final outcome.

The main types of sports betting calculators

There are many different types of sports betting calculators, each with its own unique functionalities.

  • Parlay calculator: A parlay is when you combine two or more wagers into a single bet, and all of them need to win for you to see a return. The parlay odds calculator helps you figure out the potential payout of your combined bets based on their odds. It’s one of the most popular calculators out there because the more bets you combine, the more complicated the calculation becomes.
  • Odds calculator: A straight odds calculator is a versatile tool that lets you switch between different types of odds (like decimal, fractional, and American) and calculate the potential payout for any given stake. It’s ideal when you’re just starting out as a beginner or are betting in markets using odds formats that you’re not familiar with.
  • Betting ROI (Return on Investment) calculator: If you take your wagering seriously and want to track your betting performance over time, the betting ROI calculator is the perfect tool for you. This betting calculator gives you a clear picture of the amount of profit you have made by comparing your total winnings to the total amount you’ve wagered.
  • Hedge bet calculator: If you’re a bettor who likes to play it safe, the hedge bet calculator is a tool you should know about. Hedging allows you to bet on all possible outcomes of an event to secure a profit and minimize potential losses. This calculator helps you determine how much you need to wager to successfully hedge a bet.

Choosing the right betting calculator for you

From calculating the potential payout of a complex parlay to understanding the return on investment for your betting strategy, there are many types of betting calculators for different betting needs. Here is a comparison of the main types of sports betting calculators, which will help you choose the right one for you.

Calculator typePrimary useInput requiredIdeal for
Parlay calculatorCombines multiple bets into one and calculates the total payoutThe stake for the whole bet and odds for each selectionCombining multiple bets for higher payouts
Odds calculatorConverts between different types of oddsThe odds for your betUnderstanding unfamiliar odds formats
Betting ROI calculatorCalculates the return on investment for your betsTotal amount wagered and total winningsTracking your performance
Hedge Bet calculatorHelps to minimize risks or secure profits by betting on all possible outcomesOriginal bet odds, and the hedge bet oddsFinding ways to reduce risk on a bet

Tips on how to use sports betting calculators

A sports betting calculator can be a powerful tool if you know how to use it to your advantage. Here are some tips to help you do just that:

Understand different odds formats

If you’re betting on a sportsbook that uses decimal odds but you’re familiar with fractional odds, this is when it’s a great idea to use an odds calculator to convert them. For example, decimal odds of 2.50 converted to fractional odds would be 3/2, meaning for every $2 bet, you win $3.

Experiment with different betting scenarios

Suppose you’re considering a $100 bet on a team at +200 American odds. Using a calculator, you see this bet returns $300 if successful. Altering the scenario, if the odds were +250, the return would be $350 for the same stake. By using the betting calculator, you can get a clear picture of how the odds affect the potential returns.

Compare bookmaker odds

For an upcoming basketball game, one bookmaker might have odds of +150 for the Chicago Bulls to win, while another might have +175. By inputting these odds into a calculator, you will be able to see that a $100 bet on the second bookmaker will get you a $25 higher return if the Chicago Bulls win.

Calculate betting unit size

If you decide that each betting unit is 1% of your bankroll, and your bankroll is $2,000, then each unit is $20. Using a betting ROI calculator, you can adjust your unit size based on wins and losses. Perfect for staying consistent with your strategy and keeping within your risk tolerance.

Spot hedging opportunities

If you have a parlay bet that’s one win away from a big payout, but you’re nervous about the last game, you can use a hedge bet calculator to figure out how much to bet against your parlay’s final leg to guarantee profit. For example, if your parlay could win $1,000, you might hedge by betting $400 on the opposite outcome at even odds, ensuring you win something no matter the result.

Track your betting performance

After placing say 50 bets, it could be a good idea to use a betting calculator to find your ROI. If you invested $5,000 and have returns of $5,500, your ROI is 10%. This insight is great because it allows you to see which strategies are working and which might need revisiting.

Sports betting calculators: A powerful tool

Incorporating a betting calculator into your toolkit is highly recommended. Whether you’re looking to simplify complex parlay bets, convert odds between formats, calculate your betting ROI, or find opportunities to hedge your bets for guaranteed profits, there’s a calculator out there to suit your needs.

Of course, you can also calculate odds directly on the bet slips at sportsbooks, so you might not need a separate betting calculator. However, they are still useful because they let you input any bets and odds. This helps you plan ahead and improve your decision-making, which is essential for sports betting success.

Kickstart your betting journey with these top bonuses

Bet365
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At bet365 we don’t do ordinary, that’s why if you sign up now you’ll get the choice of two great New Customer Offers, the First Bet Safety Net up to $1000 or Bet $5 and Get $150 in Bonus Bets. Deposit required. Bonus Bets wager excluded from returns. T&Cs, time limits and exclusions apply. Gambling Problem? Call 1-800-Gambler 21+
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Sports betting calculators FAQ

❓ What does a betting calculator do?

A betting calculator helps you figure out how much you could win or lose from your bets. You just put in how much you’re betting, the odds, and the type of bet, and it does the math for you.

🧐 Why should I use a betting calculator?

It makes it easy for you to figure out the potential winnings for a bet, which is perfect for complex bet types like parlays and hedging.

πŸ‘€ What’s the difference between a bet slip and a betting calculator?

A bet slip is what you use on a betting site to place your bets. It shows your selected bets and potential payout, so it does act as its own calculator in a way. However, a betting calculator is a separate tool that lets you explore different betting scenarios, including odds and lines not yet listed on sportsbooks.

πŸ”Ž How do I pick the right betting calculator?

If you like to combine separate wagers into one bet, look for a parlay calculator. If you’re interested in hedge betting, go for a hedge bet calculator. Think about what bets you like to make and choose the calculator that best suits your needs.

Top Betting Sites
Top Betting Bonuses
Bet365
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Bet365 Review
4.7/5
BetMGM
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FanDuel
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FanDuel Review
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Caesars
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DraftKings
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DraftKings Review
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Bet365
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T&Cs apply
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At bet365 we don't do ordinary, that's why if you sign up now you'll get the choice of two great New Customer Offers, the First Bet Safety Net up to $1000 or Bet $5 and Get $150 in Bonus Bets. Deposit required. Bonus Bets wager excluded from returns. T&Cs, time limits and exclusions apply. Gambling Problem? Call 1-800-Gambler 21+
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