Our odds calculator can be a very helpful tool for sports bettors to have handy. It can show in seconds exactly how much any type of winning sports bet will pay based on the odds and amount wagered. Using a calculator bypasses the cumbersome task of performing the necessary calculations manually, which is both time-consuming and susceptible to error.
Keep reading to learn how our easy-to-use odds calculator works and will allow you to determine in advance exactly what the payout will be on your winning moneyline, point spread, over/under, or prop bet. If math is not a strong suit of yours, no problem. Our sports betting calculator will do the work for you in seconds.
Why Sports Betting Odds Are Important
Whether or not you make a profit from sports betting depends not only on your win-loss percentage but also on the odds you are betting into. Favorites have a higher probability of winning than underdogs, but they also come with negative odds, which means that you have to risk more money to make the bet than the amount you will get back as profit if the bet wins. The bigger the favorite, the higher the negative odds, and the higher your winning percentage will need to be to show a profit.
By knowing in advance how much a winning bet costing X dollars will pay, you will know whether or not you are getting good value. Is this a bet that you can afford to make, or should you skip it and wait for a better opportunity?
Furthermore, upsets occur frequently in all sports, so you will probably be more successful if some of your bets are on live underdogs rather than relying on favorites exclusively. Live underdogs are teams and players, based on talent, past performance, experts’ analyses, and other factors, where a strong case can be made for them in the bet you are considering.
On the other hand, huge underdogs are priced that way for a reason. Do not be tempted solely by the prospect of a ginormous payout. These types of bets hardly ever win.
For example, a sportsbook might offer a prop or futures bet with American odds of +2000 (the equivalent of 21.00 in decimal odds or 20/1 in fractional odds). But before you jump at the opportunity, here is another stat to consider. The implied probability or likelihood of a bet with these odds winning is only 4.8%.
Sports Betting Odds Calculator Guide: Four Different Uses
Our free betting odds calculator can compute payouts based on any of the following odds formats:
- American odds
- Decimal odds
- Fractional odds
You are probably most familiar with American odds. However, decimal and fractional odds are also available at most American sportsbooks for bettors who prefer one of those formats. Regardless of which odds format you use to calculate the payout, the amount you stand to win on a given size bet will be the same. You can also use our betting odds calculator to show the implied probability of your bet.
American Odds
A minus sign precedes the betting odds for favorites. The whole number greater than 100 that follows is the amount you would need to risk to make a $100 profit if the bet wins.
For example, if the odds are -130, for every $100 you hope to win, you would need to bet $130. Then, if you win, your total payout will be $230 (the $130 cost of the bet + $100 profit).
A plus sign precedes the betting odds for underdogs. The whole number greater than 100 that follows is the amount of profit you would make on a bet of $100.
For example, if the odds are +110, for every $100 you wager, your potential winnings would be $110. Therefore, if you win, your total payout will be $210 (the $100 cost of the bet + $110 profit).
Decimal Odds
These odds appear as whole numbers followed by a decimal point. They indicate the total payout on a winning bet of $1. Since your actual bet would probably be more than $1, simply multiply the number shown by the amount of your bet. For example, the total payout for a winning bet of $50 at 1.70 odds would be $85.
An important difference between decimal odds and American odds is that decimal odds indicate the total amount you will be paid if you win, not just the profit on your bet but also the cost of the bet. Thus, your profit on a winning $50 bet of $50 at 1.70 odds would be $85 – $50 or $35.
Fractional Odds
This way of expressing betting odds is popular in the UK. For favorites, the numerator is less than the denominator; for underdogs, the numerator is bigger than the denominator. In either case, to get the payout, multiply the fraction by the amount of your bet and then add the amount of your bet.
For example, let’s say the odds are 6/5 and you place a $100 bet. If the bet wins, you will be paid 6/5 X $100 or $120 + $100 = $220.
Implied Probability
There are different formulas for computing implied probability, as shown below, depending on whether your bet is based on American odds, decimal odds, or fractional odds. While you can perform the calculations manually, why bother when the sports betting odds calculator can get the job done so much faster?
Positive American Odds: Implied Probability = 100 / (Odds +100)
Negative American Odds: Implied Probability = (-Odds) / (-Odds + 100)
Decimal Odds: Implied Probability = 1 / Odds
Fractional Odds: Implied Probability = Denominator / (Denominator + Numerator)
How to Use Our Free Sports Betting Odds Calculator
As soon as you place your bet, your bet slip will show your payout if you win. But with our free sports betting odds calculator, you can find out instantly, before you place your bet. Then if you are not happy with the return, you can pass and look for alternative bets offering more favorable odds.
You can use this versatile calculator to determine the payouts for a wide variety of bet types, including moneyline bets, totals, point spread bets, and prop bets. Here are the simple steps you need to follow:
- Enter the American, decimal, or fractional odds (your choice) for the bet you are considering.
- Enter the amount you wish to bet.
Moneyline Bets
One way to use our free betting odds calculator is to give you the payout on a moneyline bet. This is a bet simply on which team you think will win outright. The margin of victory is immaterial.
The following example, using American odds, is for an NFL game between the Cincinnati Bengals and the Philadelphia Eagles.
PHIL. +100
CIN. -120
Suppose you want to bet $100 on the favorite, the Bengals. But first, you want to ask the calculator what the payout will be if you win. This is how to proceed.
- Find the section labeled American odds and enter -120.
- In the section labeled Bet Amount, enter $100.
The calculator will show if you win your bet, the total payout will be $183.33 (the $100 cost of your bet plus $83.33 profit).
Conversely, if you want to bet $100 on the underdog Eagles, enter +100 under American odds and $100 as the bet amount. The calculator will then show that if you win, the payout will be $200 (the $100 cost of the bet plus another $100 in winnings.
Over/Under Bets
You can also use the calculator in the same way to determine payouts on over/under bets (totals). The most frequently made bet of this type is whether the total number of points scored by both teams combined will be over or under a certain number. Usually (but not always), the odds are -110 for both the over and the under.
Thus, for example, the over/under lines for the Bengals-Eagles game might look like this:
Over 47.6
-110
Under 47.6
-110
Since the odds for the Over and Under are the same, in this case, the same odds of -110, the payouts on any given bet size are also the same. A bet of $110 to win $100 on either the over or the under would pay $210 (the $100 cost of the bet and $100 in winnings).
Point Spread Bets
Point spread bets, unlike moneyline bets, take into account the margin of victory. If you bet on the favorite, the team not only has to win the game outright but also by more than the designated point spread. However, if you bet on the underdog, you can still win your bet even if the team loses outright, as long as it does not lose by more than the point spread. If the favorite’s margin of victory falls exactly on the number, any point spread bet is a push.
Returning to our Bengals-Eagles game example, let’s say the point spread is listed as follows:
Phil. Eagles +2.5
-110
Cin. Bengals -2.5
-110
If you bet on the Bengals, the team would have to win by 3 points or more to win your bet. If you bet on the Eagles, you would win as long as they do not lose by 3 points or more.
Team and Player Prop Bets
These are separate bets you can make on specific game outcomes either before the game starts or during the game independently of which team wins outright. Prop odds change frequently, especially live odds, so by the time the calculator gives you the payout, the odds that interest you might no longer be available.
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