Online Betting / Odds Calculator

Odds Calculator: Compare Multiple Odds Formats & Implied Probabilities

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

It’s always helpful to have some betting tools at your disposal. It can help you better understand the logistical side of placing bets. For that reason, having an odds calculator can be a game-changer for your betting experience.

In this review, we’re going to cover everything you need to know about these odds calculators, and how you can use them to aid your sports betting. We’ll go over what they do, what valuable information they produce, and even give you extra tips to help step up your online betting with our very own calculator.

Read More

Use Our Odds Calculator to Help You with Your Bet Selections

Odds calculator

What Exactly is an Odds Calculator?

A betting odds calculator is a tool that allows you to put in the odds of your bet, and it will calculate the implied probability of your wager being successful. Though not all odds calculators are exactly the same.

In our case, our odds calculator will also simultaneously convert the odds you insert into other formats so you can compare them easily with other odds in various formats across bookmakers. Our odds calculator allows you to input/view equivalents in the following formats to truly give you an overall picture: American, Decimal, Fractional, Hong Kong, Indonesian, and Malay odds.

Why Should I Use This Odds Calculator?

The primary reason you use any betting calculator is that it saves time, and that is no different with an odds calculator. If you want to make a quick bet that you’re sure has a high probability of being a winner, the calculator will do the maths instantly with a single odds input. That means you can rapidly decide if a bet is worth making or not.

What are Odds in Sports Betting?

If you want to take sports betting seriously, it’ll require a basic understanding of betting odds. You want to avoid placing blind bets on just any odds you’re offered, and that’s where implied probabilities come in. The lower the odds, the higher the implied win probability is, and the safer the bet. Then, vice versa. Odds are an essential part of betting, as they determine who the favourites are and who the underdogs are.

Basic Example of Understanding Odds

Imagine you wanted to put a huge bet on the upcoming Crystal Palace and Manchester City game on Unibet. The odds on City winning are at 1.3, making them the clear favourite. For Palace to win as the underdog, it is 11.5, and a draw is 5.8. Let’s say you wanted to find the implied probability of winning by betting on Palace, but you also prefer betting with fractional odds.

11.5 aren’t odds that you can easily convert. But if you stick it into the calculator, you’ll find out that the fractional odds are 21/2, with an 8.7% implied win probability. Now you know that’s a wager that’s difficult to pay off, and why Crystal Palace is the underdog in that match.

What are the Benefits of Understanding Odds?

There’s no way to avoid odds in sports betting; using odds calculators is popular in the sense that navigating odds is a pure necessity as a bettor. The more you can accurately read and interpret odds, the likelier you are to have an engaging and sustainable betting experience.

The benefits of understanding odds are plentiful. First, they can be used to determine how much you can win based on your stake. Second, odds are the most straightforward way of telling you how much your bet will be worth if it is a winner or loser. Third, they are a fantastic way of determining value; odds often vary from sportsbook to sportsbook, so it is a great way to compare and contrast which sportsbooks offer better value odds to their bettors.

What Sports and Bet Types Can I Use My Betting Odds Calculator On?

Odds are naturally found across all types of sports in all online betting sites, whether that’s football, basketball, baseball, tennis, golf, and plenty more. Of course, the only time you won’t find odds is when a certain sport, event, or market is entirely unavailable to bet on, based on the bookie’s offerings.

With that being said, you can use your sports betting odds calculator on any kind of bet. Though, it’s worth noting that a single bet is the most common type of bet you can make on a sportsbook, which involves placing a single wager on a straight result (win, draw or loss). You will thus often find yourself using the odds calculator here, as it will help you convert odds of your selected outcome and find the implied probability of it being a winning bet.

Try Our Odds Calculator

If you’re looking to try out this calculator yourself, don’t worry. We have our own free odds calculator available for you right here, so you can try out the tool yourself, and see how useful it can be for you. Simply insert the odds of your chosen outcome into one of the odds format fields (American, decimal, fractional, Hong Kong, Indonesian, or Malay). Then click ‘Calculate’. This odds calculator will convert your odds into the other formats displayed, and it will show you the implied probability of your bet, purely based on the odds.

Odds calculator

Three Main Reasons Why You Should Use a Betting Odds Calculator

We’ve put together the three primary benefits of using a betting odds calculator while you are at a bookmaker. It’s a more essential tool than you’d believe.

Reason 1: It’s An Essential Time Saver

The first tip we can give you, and arguably the most important, is that a sports betting odds calculator will save you the time, and stress, of making manual calculations yourself. That goes for many other types of calculators, such as the yankee, parlay or the acca calculator. They all have complex formulas to solve; in this case it’s for implied probability.

Reason 2: Great For Comparative Purposes

Another reason we are such a proponent of odds calculators is because of how they can compare odds across multiple sportsbooks quickly and easily. You won’t have to toggle between the odds format settings of the different sportsbooks; just use the odds calculator. That way, you can efficiently find out which odds are valuable, and what odds aren’t worth your time.

Reason 3: Allows For Quick Changes In Odds

Let’s say you like to bet live, or in play. In this case, the odds will always be shifting and changing as a game progresses. You have to pick your moment carefully before you place your bet, to know that you’re getting the best possible winnings you can.

With a betting odds payout calculator, you can easily make those changes, by just inputting the new odds into the calculator. Within moments, you’ll have your new implied probability available to you. This gives you a full spectrum of what your probability is at a moment’s dime, no matter how quickly the odds change.

The Top Bookmakers For Your Odds Betting Approach

Now that you have the calculator on hand, there are some sportsbooks that are worth checking out in tandem with this tool. Here’s a list of the top five sportsbooks to use with your odds calculator.

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

Tips for Using an Odds Calculator: How To Be Efficient

Now that you know exactly why the odds calculators are so important, it’s just as important to optimise how you use them. We’ve put together a brief list that will help you use your calculators to the best of your ability.

Understand the Meaning of Implied Probability

You know at this point that implied probability generated by a sports betting odds calculator is an indicator of if the odds on your wager are valuable or not, as it shows the likelihood of your bet winning. However, you also need to remember that implied probability always factors in the vig, or the sportsbook’s profit margin. Don’t confuse it with ‘true’ or ‘fair’ odds or probability, which factors out the juice. The implied probability percentage you see in the odds calculator is likely going to be lower than the true likelihood of that outcome occurring, which is also important to consider.

Make Sure All Your Odds Inputs Are Accurate

Again, this may seem basic, but it is another essential tip. It can be easy to make a mistake, and input a wrong figure at any point when using one. We’re all only human, after all. However, an odds calculator is designed to be mathematically accurate, so it needs exact odds to calculate the implied probability. Double check all your odds before you confirm your bets.

Trust The Calculators Guidance

One tip we always emphasise, across all betting mediums, is to never bet on emotion. If you put a wager into an odds calculator, and it recommends that the bet isn’t worth the investment, then listen to it. These tools are built purely on probability, and that is the one definitive factor you can rely on most when betting. Listen to reason, and an odds calculator will give you the blunt facts of if a bet is worth it.

All The Other Calculators Available On This Site

Fortunately, we don’t just have odds calculators available on our platform. We have all kinds of betting calculators at our disposal:

An Odds Calculator Is An Invaluable Tool

Many people look at a standard odds calculator as just another basic tool. We disagree, and we believe it is one of the most valuable tools that a bettor can have at their disposal, especially since betting odds are the foundation of all sports bets. It can help you decide what bets are worth it and what aren’t and is a valuable timesaver.

Now that you have a full understanding of what the calculator is, and how it operates, you can use it as much as you like. Most odds calculators online are free, but we’d recommend ours, as it not only dishes out the implied probability of your bet in an instant, but it also saves you the hassle of converting multiple bookie odds into various formats.

Use The Odds Calculator With These Betting Bonuses

If you’re looking to see what bets you can make with your latest bookmaker bonuses, look no further. Here’s the best bonus offers to use with your odds calculator.

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

Sports Betting Odds Calculator FAQs

⏲What are odds calculators?

Odds calculators are tools that often allow you to input the odds of a bet, and they calculate how much your potential bet winnings will be based on that.

📉 Can I use multiplied odds on an odds calculator?

You can use multiplied odds on your odds calculator. You just need to input the multiplied odds into the calculator, and the calculator will calculate your implied probability, no matter the type of odds.

✍️Can I use an odds calculator with a triple bet?

No, you cannot. An odds calculator is typically used for single and parlay bets. A tricast odds calculator is a specific calculator for triple bets.

📝 Can I use any type of odds on the odds calculator?

Many odds calculators let you use various odds formats. Whether it’s decimal, fractional or American, most odds calculators will have all these options available. Our odds calculator includes American, fractional, decimal, Indonesian, Malay, and Hong Kong formats.

❓ How does an odds calculator work?

Using mathematics, an odds calculator calculates the implied probability your bet will win based on the odds of your selected outcome.