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DunkOrThree > Betting Calculators 2024 > Odds Calculator 2024

Odds Calculator 2024: Convert Betting Odds With Ease

Last Updated on 09.07.2024
Fact checked by: Jackson T. Pierce

An odds calculator is a handy tool that calculates your potential returns, depending on the odds and how much you wager. This application gives instant results in simplified terms, helping you decide if a specific bet is worthwhile.

Having used the feature several times, Iโ€™ve realized that it saves time and makes gambling more enjoyable. Since there are multiple odds formats, the sports betting odds calculator allows you to switch to the mode you are most comfortable with. Iโ€™ve put together this review to help you understand how this application works.

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Use our odds calculator today!

Odds calculator

Odds calculator pros and cons

There is no doubt that a free odds calculator has its uses and Iโ€™ve summarised them below for you. However, to be completely fair there are a couple of drawbacks to consider as well.

Advantages
  • Saves you lots of time
  • Enables you to make better decisions
  • Quickly switch to a familiar odds format
  • Helps bettors understand the chances of winning
  • More accurate than manual calculations
Disadvantages
  • Only calculates implied probability which is not always reliable
  • May be difficult for novices to use

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What is an odds calculator?

Sports betting is fun but to get the most out of your experience, you need to understand how odds work and how they determine your returns. If you do not want to strain your mind too much, you can use a sports betting odds calculator. This is an online tool that computes your potential payout when you input your bet amount and the odds for a given wager.

There are different odds formats and betting markets, so itโ€™s not always straightforward. For example, if you want to place the Match Winner bet, you can use a moneyline calculator. ย The calculator does all the heavy lifting for you in a second, enabling you to make intelligent decisions on the spot.

Why is a sports betting odds calculator important?

In sports betting, the numbers are imperative for two reasons. Firstly, the odds determine the likelihood of a particular outcome. Secondly, the odds determine the amount you could win if your bet is successful.

Using these features simplifies your experience. For instance, manually figuring out what an accumulator will pay is complex, but a breeze with a parlay calculator. The odds calculator instantly crunches the numbers and interprets the data, leaving you better placed to decide on your picks. You can also compare different picks easily and go for the one with the most favorable potential.

Odds conversion

As I mentioned earlier in this betting guide, there are different types of odds formats and this is sometimes confusing. To simplify your experience, an odds calculator allows you to use your preferred format. You can also view the implied probability (IP), which is the perceived likelihood of a particular outcome for a sports event, presented as a percentage.

Moneyline Odds (USA)

typically used in the United States, moneyline odds are prefixed with a positive (+) or negative (-) symbol and default to a $100 stake amount. Odds of +150 indicate you could win $150 with a $100 stake and -150 means you must bet $100 to win $150.

Fractional Odds (UK)

These are relatively easy to read. An example of fractional odds is 2/1. This means that for each $1 or ยฃ1 you bet, you can win $2 or ยฃ2.

Decimal Odds (EU)

in most EU countries bookies employ a decimal notation. For instance, you can get 2.1. You simply multiply this figure by your staked amount. In this case, a $1 bet gets you $2.10.

The table below shows you a direct comparison between the most common odds formats, plus the implied probability for each example.

Decimal OddsMoneyline OddsFractional OddsImplied Probability
1.25-4001/480.0%
1.20-5001/583.3%
1.3-333.33/1076.9%
2.25+1255/444.4%
10.0+9009/110.0%

How to use an odds calculator

Using a free odds calculator is very simple. You only need to take a few steps and the application will do the job for you. If you are new to sports wagering, this quick guide should help:

  1. Launch the Calculator on your device. Open the odds calculator on your computer or your smartphone.
  2. Enter the odds. There are three sections to enter your odds: American, Fractional, and Decimal. Select the format to suit your preference.
  3. Input your bet amount. Enter your wager amount then click the calculate button. The odds calculator will display your total return as well as your potential profit.

Calculate the odds with ease

A sports betting odds calculator is an easy-to-use tool that helps you to determine your potential returns for a specific bet. Using implied probability, the application also helps you assess the percentage likelihood of a particular outcome. This makes it much easier for you to place informed bets, especially when youโ€™re looking to make the most of the best sportsbook promotions.

However, from personal experience, I can tell you that a calculator is only really helpful if you have at least a rough idea of how odds work and what they represent. Hopefully, my guide has enlightened you on that aspect and all you need to do now is to go ahead and find the odds calculator you feel most comfortable using.

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Odds Calculator FAQs

๐Ÿงฎ Why are betting calculators important?

You can use the betting odds to determine your potential return for a particular wager, if you know how to do the math. An odds payout calculator can work this out for you pretty much instantly, making it easier for you to make fast and informed betting choices.

๐Ÿ“ˆ What is implied probability?

Implied probability is what the sportsbook perceives as the likelihood of a given outcome. You can assess this for yourself by converting the odds to a percentage, but a bet calculator automatically computes this figure quickly and accurately for your convenience.

๐Ÿ’ฒ Do I have to pay to use the odds calculators?

No. Itโ€™s really easy to find a free odds calculator app. You might find that your favored sportsbook includes one somewhere on its platform, or you can do a quick web search and find the one that is most suited to your needs.

๐Ÿ’ฑ Which odds format must I use with an odds calculator?

Most odds calculators can also convert the format of the odds to simplify things for you, with the most common options being American, fractional or decimal odds. It is entirely up to you as a bettor how you prefer to see them displayed and a good calculator should allow you to use the format you are most familiar with.

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