Online Betting / Fair Odds Calculator

Fair Odds Calculator: Calculate True Probabilities & Fair Odds

James Leeland
Editor
Fact checked by: Jim Knight
Last Updated on 15.05.2024

Our fair odds calculator is an insightful tool designed for sports betting enthusiasts. It effortlessly converts betting odds to fair odds and true probabilities, providing insight into house edge. Our calculator is indispensable for making informed betting decisions.

You will discover a lot of in-depth information for using this calculator effectively, with step-by-step instructions suitable for both novices and also veteran bettors as well. Additionally, we’ll uncover strategies built around fair odds calculations to enhance your betting outcomes. Expect practical tips, expert insights, and real-life examples to turn theoretical knowledge into betting success going forward.

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Calculate Fair Odds with Our Free Betting Calculator

Fair Odds calculator

Odds Format
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What Are Fair Odds Calculators?

Fair odds calculators are a type of odds calculator which offers more accurate predictions regarding the likelihood of any two-way bet being successful, by eliminating the house edge/vig and offering fair odds. As a result, these tools enable more precise assessments of future returns on investment (ROI).

Purpose Behind Fair Odds Calculators

The key functionality of the fair odds calculator lies in its ability to remove bookmakers’ built-in edge (known as “vig” or “juice”) from their betting odds, providing you with more transparent odds that represent what would happen if the bookmaker wasn’t manipulating them to make a profit. Doing this reveals allows you to gain greater insight into real value bets, which enable more informed decisions.

Fair Odds in Sports Betting: What Are They?

To determine the real value behind bets, it is imperative that we have a clear picture of the concept of fair odds, often also called true odds, which you’ve probably heard a lot in the world of sports betting. Fair odds refer to an event’s true probability of occurring (winning) without factoring in margin or juice from bookmakers.

If an event has a 50% chance of occurring, its fair odds should be even, which could be indicated with 2.0 on a fair odds calculator in decimal format or, +100 in American odds, or 1/1 when considering fractional odds.

Of course, bookmakers adjust odds in order to guarantee profit regardless of event outcomes. By calculating fair odds, you can determine to what extent a bookmaker’s odds provide decent value to the bettor. This is done by comparing the bookmaker’s odds against calculated fair odds to identify bets with positive expected value.

Using Football to Understand Fair Odds

Here’s an example to help illustrate how fair odds work. We’re going to use the Premier League and consider the odds for a game between Sheffield United and Burnley. Remember, the bookmaker will apply the vig or juice in order to tip the odds in their favour. That’s where the calculator comes in.

So, let’s say Sheffield United are at 2.7 to win. Burnley are at 2.5. These odds match those offered in this match during the 23/4 season. When you put these figures into the calculator, you will see the true probability of Sheffield United is 48.08%, making the fair odds 108 (2.08). For Burnley, it is 51.92% and -108 (1.93). So, you can see that the bookmaker’s odds aren’t too far from the fair odds, thereby indicating value.

Benefits of Using Fair Odds

Fair odds are popular with bettors for their ability to quickly identify bets with positive value. By comparing true probabilities of events against bookmaker odds, you can more quickly identify where their best value lies. Using fair odds represents an effective approach to sports betting as it empowers users to make decisions based on mathematical probabilities rather than intuition alone.

Can Fair Odds Be Implemented Across All Sports?

Fair odds can be successfully applied across a variety of sports, enhancing the strategic aspect of betting in each. Here are specific examples where fair odds play a pivotal role in sports betting:

Football (Soccer)

The rich data availability and the global market of football allow for accurate calculation of fair odds, making it a prime candidate for this approach. Because of the dynamic nature of football, with its constantly changing odds and events, it can be easier to search for odds that are as close to the fair odds as possible. Football is very popular to bet on, so you’ll find lots of bookmaker sites to compare the odds you are given.

Basketball

The high-scoring nature and the detailed statistical tracking in leagues like the NBA lends itself to fair odds strategies. Basketball’s fast-paced action and frequent scoring shifts offer unique opportunities for applying fair odds, especially in live betting scenarios. This helps you make the most of discrepancies between real-time developments and pre-match odds. Furthermore, fair odds analysis in basketball can be particularly effective due to the sport’s heavy reliance on player performance and statistical outcomes, allowing for more accurate predictions.

Horse Racing

With its long tradition of odds betting, the application of fair odds can significantly impact betting outcomes by assessing the true performance potential of each horse. Additionally, in horse racing, fair odds take into account factors such as track conditions, jockey experience, and recent form of the horses. This method allows you to identify undervalued horses with higher chances of winning, providing an edge over traditional betting lines. By meticulously analysing race variables, you can improve your decision-making.

Introducing Our Fair Odds Calculator

Our calculator is one of the better fair odds calculators out there. All you have to do is enter your two sets of odds. Then hit calculate! It’s that easy. You’ll have the true probability and the odds with no vig!

Fair Odds calculator

Odds Format
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Why Use a Fair Odds Calculator to Determine Fair Odds: 3 Benefits

Determining fair odds is crucial for making informed betting decisions and maximising potential returns. They provide smart insights into the real value of your wagers.

1. Improves Your Decisions

The first benefit of using a no vig fair odds calculator is the enhancement of decision-making accuracy. Remove bookmaker margins (vigs) from odds, and you are provided with a more accurate depiction of true probabilities behind every wager. This allows bettors to refine their strategies by placing more emphasis on those offering genuine value instead of ones heavily biased by the bookmaker’s edge.

2. Saves Time and Effort

The second benefit of using our calculator is the effort and time you’ll save. Manually calculating fair odds involves complex maths and an in-depth knowledge of betting markets. Automating this calculation process with the calculator simplifies this task and allows you to quickly and accurately determine their true betting value without doing the complex analysis yourself.

3. Gets More Out of Your Financial Management Strategy

The third crucial advantage of using our calculator is the boost in financial management. By accurately determining their true odds, you can make more informed decisions about how much to wager while matching your strategy with your budget and risk tolerance. This approach can reduce risks significantly while encouraging a more sustainable betting practice.

Bookmakers That You Can Use with Fair Odds Calculators

So now that you know the benefits of using a fair odds calculator, you’ll want to know the process for finding the best betting sites to use this approach on. We’ve put together a helpful list of bookies where you can put our fair odds calculator into action:

1.
Bet365
  • Bonus: First Bet Safety Net up to $1000 OR Bet $5 and Get $150
  • VIP Club, Loyalty Program
  • Cash Out, Partial Cash Out
Play Now
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+
2.
BetMGM
  • Bonus: Up To $1500 in Bonus Bets Paid Back if your First Bet Does Not Win
  • VIP Club, Loyalty Program
  • Cash Out, Live Streams
Play Now
T&Cs apply, 21+
PayNearMe
Skrill
PayPal
Bank Transfer
+9
3.
DraftKings
  • Bonus: 20% up to $1000
  • VIP Club
  • Cash Out
Play Now
T&Cs apply, 21+
PayPal
VIP Preferred
Play+
Discover
+5
4.
BetRivers.com
  • Bonus: Second chance bet: Get up to $500 in Bonus Bets
  • VIP Club
  • Cash Out, Live Streams
Play Now
T&Cs apply, 21+
PayNearMe
Bank Transfer
VIP Preferred
PayPal
+6
5.
FanDuel
  • Bonus: Bet $5 Get $150 in Bonus Bets if your bet wins
  • VIP Club
  • Cash Out, Live Streams
Play Now
T&Cs apply, 21+
Prepaid Card
PayNearMe
PayPal
Bank Transfer
+8

Easy Tips for Using Fair Odds Calculators

This section is dedicated to giving you a few useful tips on how to actually use our fair odds calculator effectively within your own style and strategy.

Understand the Basics of Probability

When you actually sit down to use a fair odds calculator, it is integral that you fully know how probability works in regards to betting. Expressed as a percentage, probability basically measures the chances of an outcome occurring. Understanding this concept will allow for a more accurate interpretation of results and informed decision-making. Keep in mind that calculators are just tools designed to facilitate betting strategies. They shouldn’t replace developing an understanding of betting markets themselves!

Evaluate Betting Markets and Options

Fair odds calculators require that users not only consider odds but also consider all available betting markets and options. Each market can vary in terms of its variables that can alter its outcome and impact how its fair odds calculations are determined. By diversifying across markets you can increase the likelihood of finding better bet opportunities overall. Take time to research each market’s specific characteristics that could have an effect on its fair odds calculation.

Avoid Parlays/Accumulators

Try to avoid entering the odds of a parlay into our fair odds calculator because the complex nature of having multiple bets makes it very hard to accurately ascertain the true odds. The more variables that are introduced, the less reliable the fair odds calculation will be. It’s better to use a single event or market when using the calculator.

Other Important Calculators We Offer

Diversifying your tools is as crucial as diversifying your bets. Below, we’ve listed our other key betting calculators that can be essential in refining your betting strategy, each with unique features to help you.

The Final Word on Using Fair Odds Calculators

Using our fair odds calculator gives you an efficient way to gain an edge in sports betting. By eliminating bookmaker margin, this tool gives a clearer indication of true odds without bookmaker’s cut factored into the results. Saving both time and improving strategy, our tool can be used across numerous sports and markets to help you find the best value bets available. What are you waiting for? Give it a go today!

Use Fair Odds with These Betting Bonuses

We’ve compiled a list of betting bonuses that you can use to boost your fair odds strategy. Check them out below.

1.
Bet365
First Bet Safety Net up to $1000 OR Bet $5 and Get $150
Play Now
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+
2.
BetMGM
Up To $1500 in Bonus Bets Paid Back if your First Bet Does Not Win
Play Now
T&Cs apply, 21+
PayNearMe
Skrill
PayPal
Bank Transfer
+9
3.
DraftKings
20% up to $1000
Play Now
T&Cs apply, 21+
PayPal
VIP Preferred
Play+
Discover
+5
4.
BetRivers.com
Second chance bet: Get up to $500 in Bonus Bets
Play Now
T&Cs apply, 21+
PayNearMe
Bank Transfer
VIP Preferred
PayPal
+6
5.
FanDuel
Bet $5 Get $150 in Bonus Bets if your bet wins
Play Now
T&Cs apply, 21+
Prepaid Card
PayNearMe
PayPal
Bank Transfer
+8

Fair Odds Calculator FAQs

⚖️In sports betting, what are fair odds referring to?

Basically, if you are talking about fair odds, you’re just taking away the bookmaker’s margin and seeing the true odds. That means you then understand the proper probability of their outcomes occurring, thereby increasing the accuracy of your bets.

🧮What exactly are fair odds calculators?

Fair odds calculators are tools designed to assist bettors in eliminating bookmaker margin or vig from odds, providing a more accurate depiction of true odds for sporting events. This allows more precise assessments of possible outcomes while aiding gamblers in finding bets with genuine value compared to the market.

🎾Can you apply fair odds to any sport?

Yes, fair odds can be applied to any sport where betting markets exist. This universal applicability allows bettors to analyse and evaluate odds across a wide range of sports, including football, basketball, tennis, golf, and more.

🧃Is juice the same thing as vig in sports betting?

Yes. There are many terms used in sports betting to describe the bookmaker’s profit margin: vig, juice, edge, etc.

🤝What sportsbooks offer true fair odds?

It’ll be difficult to find sportsbooks that offer true or fair odds given that adding a vig to their odds is their main source of profit. Therefore, while you shouldn’t hope to find a sportsbook with no vig, you can shop around for sportsbooks whose odds are as close to the fair odds as possible, giving you the most potential value for your bet.