Betting calculators, commonly known as odds calculators or yield calculators, are specially programmed web-based tools that help bettors determine the winnings of different bets.
They also give them a fair idea of how much to bet on a certain outcome. There are many betting calculators to choose from online.
Most of them have been created to work with different types of bets and can provide useful information about any sporting event or other similar results.
How Essential Sports Betting Calculators Are?
Sports betting calculators are an essential tool when it comes to knowing the probabilities of benefits to be able to make smarter bets.
They allow bettors to calculate the odds and probabilities and, therefore, determine the amount to bet based on the odds offered by the different bookmakers.
Take Into Account These Elements
In short, the betting calculators will allow bettors to be more efficient when placing their bets, taking into account three elements:
- The odds
- The amount to bet
- The potential winnings
Calculators are allies for bettors. Single bet calculators make the job easier and allow bettors to see what they could potentially make on a simple wager before laying down any money.
Different Types of Betting Calculators
In general terms, there are two types of betting odds calculators - simple and comprehensive calculators. However, the basic base and software programming of the calculators are the same.
Bettors new to betting and still finding their way in this world should always go for simple betting calculators.
The options offered in this type of calculator are:
- Limited
- Have a simple design
- And are suitable for almost any user
Calculators for Experienced Bettors
For experienced bettors, simple betting calculators are not enough. The calculations and results that simple calculators provide are quite rudimentary.
Expert bettors can figure them out for themselves, in their head, or by scribbling on the back of a small piece of paper.
In addition, experienced bettors require a calculator just to use some advanced features like:
- Parlays
- Hedge bets
- Back-and-forth betting
In that case, they would require a full betting calculator that some betting websites offer.
How To Use Betting Calculators
Free bet calculators found online have a specific way in which they work. These are the steps one needs to follow to use the betting calculators. At the start, bettors must choose the type of bet they are aiming for.
For example, choosing a "win bet" will mean that the player is simply betting on the winner of one game. A "multiple bet" means that the player is betting on several different events.
Successive Wins at Parlays
Players also have the option of placing parlays, where successive wins from two or more bets will yield a higher payout if all predictions turn out to be true.
An example of a double bet will be if you bet on the New Orleans Saints to beat the L.A. Rams and the Denver Broncos to beat the Las Vegas Raiders at the same time.
There are also "accumulator bets," where bettors place bets on a large number of events, most commonly seen in different tournaments, and have the opportunity to win large amounts for relatively small bets.
Choosing the Odds Format
After choosing the type of bet, players must input the info and have their odds at hand. They can enter the odds as fractions, in decimal format, or the U.S. moneyline format.
There are also simple conversion tools found online in case players need to modify the form.
American Odds
As far as the American sports betting odds format is concerned, it is used in North America, especially the U.S. and Mexico, and by international sportsbooks that deal heavily with American sports.
To make money line bets, positive and negative symbols are used, which indicate different scenarios.
Positive and Negative Sign Meaning
The positive sign reflects how much you will earn for every $100 wagered.
On the other hand, the negative sign reflects how much you need to bet to win $100 (or its equivalent in another currency with which you are going to bet).
To know the odds a figure represents, convert it to a decimal odd if it isn't already, and then divide 100 by the decimal odds you are dealing with.
For example, suppose we divide 100 by a selection with a decimal odds of 1.33.
In that case, the result will be 75, which indicates that, according to the bookmakers' experts, that option has a 75% probability of occurring.
Decimal Odds
To get the decimal in the decimal (or European) format, perform a calculation in which you divide one by the probability that your favorite team or player will win. For example, 1 in 70% chance of winning.
Potential Earnings Relatively
Potential earnings are relatively easy to calculate in this odds format, as the decimal represents your return for every $1 wagered.
In this regard, assuming that you bet $1, you will see returns of 16.7%, or $0.16, representing total winnings of $1.16.
Fractional Odds
The fractional odds format is used in particular for U.K. betting sites, which is why it is sometimes called the British odds system.
Instead of using decimals, these odds for bookmakers use a presentation in the form of fractions. However, this can lead to how bets are read, with this particular format becoming a bit confusing.
For example, instead of having decimal odds of 0.5, this quantity will be represented at a rate of 5/10, so the calculation does not substantially change. The only thing that changes is the format in which the odds are presented.
Decimal Quota
If you do not have the possibility to opt for the decimal quota, which is much easier to understand, you can always do a manual conversion.
To carry out this operation, you have to do the division that presents the fraction, and you are going to subtract one from the result.
When it comes to how to know the probable profit you can get from an odd, all you have to do is multiply the amount bet by the odd and divide it by 100.
Using A Calculator
Entering the odds correctly is key. You have to enter the betting sites' figure on the bet's value. Betting sites and sports betting analysis platforms provide a tentative value of any outcome of an event.
Players need to know about them before placing a bet. Once you enter these figures into the calculator, you will be able to see the following results.
Results Will Clear Everything Up
These calculator results will clear everything up. Bettors will be able to correctly determine when to abandon a bet and when and how to jump at the chance to maximize their winnings.
The online betting calculator is a very useful companion when carrying out operations over the Internet.
You can have a browser tab open with it and, at the same time, the website you work with and rely on for the numbers it offers to determine the exact amounts of your stakes.
By using a calculator, bettors improve the profitability of your operations and reduce the spreads.
Understanding a Single Bet
A single bet can win or lose depending on the outcome of the supported events. The bettor must decide the amount they wish to wager. The potential winnings are higher if the stake is higher.
The bookmaker will keep the bet if the selection loses and return nothing to the bettor.
However, in the event the bet wins, the odds of the winning selection are multiplied by the amount of the bet, and the customer takes the winnings.
Bookmakers will offer better odds for selections that they think are less likely to win. Higher odds mean higher payouts when a selection wins.
You should place bets on selections you believe are more likely than the odds. These bets are sometimes called "value" wagers.
Other Important Terms
To make the best betting decisions, it's important to know some terms, including quotas, bankroll, and stake. This is because bets are much more than a simple forecast linked to luck.
Stake
One of the most important of these is stake since this is the monetary amount you will bet. In addition, this allows you to control your budget at all times and avoid excessive losses.
When learning what stake means, it is also important to know that it has levels that will allow you to determine the value that you will place in a certain bet. Generally, to calculate the stake, you need to know these different levels.
For example, if you determine that you will bet on a stake level 1-2, it means that it is an unlikely bet. Therefore, it means that you will only bet 0.5 or 1% of your full stake.
Full Stake
The full stake or the total/maximum amount of the stake translates to 5% or 10% of your bankroll. In other words, if you have a $150 budget fund, your total stake is $7.5 or $15, respectively.
Finally, the amount you will bet (your stake) will depend on the level where it is located; The most common bets are level 5, 6, or 7, where you have good information that guarantees 60-80% of your bet.
However, the 9-10 stake bets offer the greatest returns. They are those where you are sufficiently informed for your bet to hit.
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