Betting Odds Calculator
The betting odds calculator allows you to input your stake & odds in American, Decimal, or Fractional formats to quickly calculate the payout for your bets.
Why are Betting Odds Important?
It is very important to know what payout you are getting on a bet. The odds that a sportsbook offers you is directly related to the implied probability of that outcome happening. If you find a bet where the implied probability of an outcome is lower than the true probability, then that is usually considered a good bet to make. With this being said, lets look at an example from an NFL game.
True Odds vs. Implied Odds
When you decide to bet on sports, it is important to have a grasp on a few things. These are listed below:
- What are implied odds?
- What are true odds?
Implied odds and true odds are important in determining if you are making a bet that has good value. You can use our odds calculator above to calculate the implied odds of a given bet as long as you know the odds of the bet. Implied odds are the conversion of a sportsbooks offered odds into an implied win probability. A spread bet in football is normally offered at -110 on both sides of the bet. This gives both outcomes a win probability of 52.38%. The implied probability of this spread bet winning would be 52.38%
True odds are the odds that a bettor gives a certain outcome to happen. Let's use the above bet of -110 for both outcomes on a NFL spread bet. We know that both outcomes have an implied probability of 52.38%. If that same outcome has a true probability of 52.38% or higher, then you would want to take that bet. This seems easy, but how do you find true odds? Essentially, true odds are subjective. There is no concrete, “true probability” for an outcome. However, one person can calculate true probability by using predictive models. This is where handicapping comes into play. True probability is what you think a certain bet’s win probability is after you handicap the game/situation. If true probability > implied probability, that is a good bet to take.
Example Game: Tennessee Titans (-150) vs. Buffalo Bills (+130)
Let's say Caesars Sportsbook is offering the Titans v. Bills game at even odds. By using our odds calculator, you can calculate the implied probability of either team winning. In this scenario, the implied probability that the book is giving for the Titans to win is 60%. Since the same odds are offered for the Bills to win, the implied probability for the Bills to win are 43.48%. What can you do with this information?
If you are able to calculate true probability, you can use those odds to make an informed decision on who to bet on. If you have a predictive model and it gives the Titans a win probability of 65%, then betting on the Titans would be a good bet. It is important to note that if your true probability is higher than the implied probability that a sportsbook is giving you, then that is a valuable bet.
Creating an accurate predictive model can take years to perfect. This is not something that everyone can take advantage of, but if you are looking for a place to start you can check out the resources we have on our betting education page. Be sure to shop around at different books and get the best odds possible. The difference of (-115) and (-110) can save you a lot of money over the course of your sports betting career. You can visit our sportsbook review hub and see which books offer the best odds.
Why are Betting Odds Important?
It is very important to know what payout you are getting on a bet. The odds that a sportsbook offers you is directly related to the implied probability of that outcome happening. If you find a bet where the implied probability of an outcome is lower than the true probability, then that is usually considered a good bet to make. With this being said, lets look at an example from an NFL game.
True Odds vs. Implied Odds
When you decide to bet on sports, it is important to have a grasp on a few things. These are listed below:
- What are implied odds?
- What are true odds?
Implied odds and true odds are important in determining if you are making a bet that has good value. You can use our odds calculator above to calculate the implied odds of a given bet as long as you know the odds of the bet. Implied odds are the conversion of a sportsbooks offered odds into an implied win probability. A spread bet in football is normally offered at -110 on both sides of the bet. This gives both outcomes a win probability of 52.38%. The implied probability of this spread bet winning would be 52.38%
True odds are the odds that a bettor gives a certain outcome to happen. Let's use the above bet of -110 for both outcomes on a NFL spread bet. We know that both outcomes have an implied probability of 52.38%. If that same outcome has a true probability of 52.38% or higher, then you would want to take that bet. This seems easy, but how do you find true odds? Essentially, true odds are subjective. There is no concrete, “true probability” for an outcome. However, one person can calculate true probability by using predictive models. This is where handicapping comes into play. True probability is what you think a certain bet’s win probability is after you handicap the game/situation. If true probability > implied probability, that is a good bet to take.
Example Game: Tennessee Titans (-150) vs. Buffalo Bills (+130)
Let's say Caesars Sportsbook is offering the Titans v. Bills game at even odds. By using our odds calculator, you can calculate the implied probability of either team winning. In this scenario, the implied probability that the book is giving for the Titans to win is 60%. Since the same odds are offered for the Bills to win, the implied probability for the Bills to win are 43.48%. What can you do with this information?
If you are able to calculate true probability, you can use those odds to make an informed decision on who to bet on. If you have a predictive model and it gives the Titans a win probability of 65%, then betting on the Titans would be a good bet. It is important to note that if your true probability is higher than the implied probability that a sportsbook is giving you, then that is a valuable bet.
Creating an accurate predictive model can take years to perfect. This is not something that everyone can take advantage of, but if you are looking for a place to start you can check out the resources we have on our betting education page. Be sure to shop around at different books and get the best odds possible. The difference of (-115) and (-110) can save you a lot of money over the course of your sports betting career. You can visit our sportsbook review hub and see which books offer the best odds.