How To Calculate Payout On Odds
Minimum bet is $2. An Exacta Betting slip would show $2 Exacta (2-7). This means you have placed a $2 Exacta Bet on horse #2 to finish in first place (Win) and horse #7 to finish in second (Place. Looking for Odds on the Super. NFL odds of +200 and -200 are indicators of which team is favorite, and which is the underdog, but also how to calculate.
Online Bet Calculator Guide
Do you ever wish you knew how much a bet would pay out before actually placing it? Do you regularly place multiple and accumulator bets, and aren’t sure whether placing a 'system' wager might be more profitable than a straight acca? Maybe you enjoy placing each-way bets on the horses and want an easier way to calculate your payout? A betting calculator allows you to work out all of the above for free, and they're a cinch to use. This guide will take you through the basics and outline the key system bets to consider.
How to Use a Free Bet Calculator
The premise behind a free bet calculator is simple: it helps you gauge your potential payout for a range of different wager types. From doubles and trixies to yankees, canadians, goliaths and more, a betting odds calculator identifies which bet type is the most profitable for your selections.
Let’s say you've picked out four selections that you want to bring together in a single bet. You could place a straightforward four-fold accumulator, where all legs need to be successful for your wager to win, or you could opt instead for a system bet—either a yankee or a lucky 15—which mitigates your risk while capping your maximum possible payout. The bet calculator will tell you how much you could win from each bet type to a flat stake, and with system bets it will even show you how much you will land if, for instance, only two selections are successful.
This is a key weapon in the armory of the bettor, as it will enable you to calculate how to effectively manage your bankroll if you are not completely confident in one or more of your wager’s legs. Remember, most bet calculators can be switched to and from American odds to decimals and fractions, if you are more familiar with one or the other.
What Kind of Betting Calculators Are There?
There are really basic sports betting calculators available online, as well as those that go into more complex detail. At the very least, the bet calculator you choose should have various bet types incorporated into it, as well as the ability to switch between American and fractional odds.
Some calculators offer a handy comparison guide that shows how much you can win for each bet type, without needing to re-enter your odds each time. Horse racing bettors would do well to seek out a specific horse bet calculator, as these help you determine each-way returns for horses that place, and understand how each system bet could benefit your betting. Advanced bet calculators even incorporate staking plans, such as Kelly and Martingale, into their offerings, and enable the user to add commission charges from betting exchanges to their calculations.
How Is a Trixie Bet Calculated?
A trixie is a bet made up of three selections, and you can place four bets on every possible outcome— namely, three doubles and a treble. So, if you backed the Philadelphia Eagles, Atlanta Falcons and Miami Dolphins, you would get a payout if just two of them won. And if all three were to prevail, you’d land quite the handsome prize.
How Does a Lucky 15 Bet Work?
A lucky 15 is a four-selection wager made up of 15 individual bets on four singles, six doubles, four trebles and a four-fold accumulator. So if you backed the Eagles, Falcons, Dolphins and Ravens to win, you would only need one of them to be successful to get a payout.
Moneyline bets present the most straightforward way to wager on a sports contest. A moneyline wager simply asks the bettor to choose which team will win a game, with no point spread involved.
The payout odds on the favorite and underdog can differ significantly on a moneyline bet. Using a moneyline calculator breaks down the math on the odds, which allows bettors to assess the true value on each side.
The following page includes the GamingToday.com MoneyLine Calculator, as well as several valuable tables and graphs designed to help bettors gain an edge with moneyline bets.
Moneyline Calculator
Fill in the dollar amount for your bet and the American Odds (for example -110) and calculate the implied probability and the return on the moneyline.:
What Is A Moneyline Bet?
Legal US sportsbooks generally present several different ways to wager on sports. Moneyline bets represent just one of several different wagering options, which include point spread, totals, parlays, and in-game betting.
Moneyline Bets
A moneyline wager allows the bettor to put a bet on which team or athlete will win a contest, straight up. The moneyline underdog will always pay out at better odds than the favorite.
Skilled bettors look for value on moneyline bets by evaluating teams that have a better chance of winning than the implied probability of the odds might dictate.
Moneyline favorites are listed with “-” odds, and the underdog is listed at “+” odds.
For example, here’s a look at a line offered by PointsBet on Game 1 of the 2020 World Series:
| Point Spread | Total | Moneyline | |
|---|---|---|---|
| Tampa Bay Rays | +1.5 (-150) | Over 7.5 (+100) | +140 |
| LA Dodgers | -1.5 (+130) | Under 7.5 (-121) | -165 |
American Odds
PointsBet sets the Los Angeles Dodgers as the favorite in the game, with -165 moneyline odds. To calculate “-” odds, divide 100 by the odds, then multiply that quotient by the amount you bet.
For example, suppose you want to calculate how much profit a $50 bet on the Dodgers would yield. First divide 100 by 165 (without the “-”), which yields 60.6. Then multiply that number by your $50 bet to arrive at the profit (60.6*$50=$30.30).
A $50 bet on the Dodgers at -165 odds would yield $30.30 in profit. The $50 wager would return $80.30 to the bettor ($30.30 profit plus the original $50 bet).
To calculate “+” odds, divide the odds by 100 and multiply that product by the amount of the wager.
A $50 bet on the Tampa Bay Rays, for instance, would calculate as 140/100 (which yields 1.4), multiplied by $50 (1.4*$50=$70). A winning $50 moneyline bet on the Rays returns $120 total to the bettor ($70 profit plus the original $50 bet.)
Decimal Odds
Decimal odds can be used to make a simple calculation of odds multiplied by wager amount to arrive at the total amount returned to the bettor.
The -165 odds on Los Angeles, for example, convert to 1.6061 decimal odds using the Gaming Today moneyline calculator. Multiplying that by a $50 bet yields $80.30, and subtracting the original bet amount yields the profit earned ($80.30-$50=$30.30).
What Is A Moneyline Calculator?
The Gaming Today Moneyline Calculator allows for quick calculations for any wager amount and payout odds. Using American, decimal, fractional, Hong Kong, Indonesian, or Malay Odds, you can input the odds and the amount of a wager and see the payout that would come if the bet is a win.
While it’s valuable to understand and be able to calculate favorite and underdog Moneyline odds for all of the different odds notations, the moneyline calculator can save a significant amount of time and energy.
One of the most important features of the Gaming Today Moneyline Calculator is the Implied Probability feature.
For any favorite or underdog input, the calculator produces the implied probability of that team winning. Astute bettors can use the calculator to find teams that have a higher actual win probability than the implied probability dictated by the odds.
The “To Win” window displays the amount of profit yielded by any combination of odds and wager amount. To calculate the return to the bettor, add the “To Win” number to the original amount of the wager.
How To Use The Moneyline Calculator To Place A Sports Bet
Suppose you wanted to put the Gaming Today Moneyline Calculator to work to decide how you wanted to bet on Game 1 of the 2020 World Series. Here’s another look at the lines offered on that game by PointsBet:
| Point Spread | Total | Moneyline | |
|---|---|---|---|
| Tampa Bay Rays | +1.5 (-150) | Over 7.5 (+100) | +140 |
| LA Dodgers | -1.5 (+130) | Under 7.5 (-121) | -165 |
To calculate a $50 moneyline wager on the Tampa Bay Rays, input $50 in the “Bet Amount” window and put “+140” in the “American Odds” window. Hit enter or click on the “Convert Odds” button and see how the moneyline calculator converts that information into several different useful categories.
The calculator converts the “+140” odds into all of the different notations you might see used by a sportsbook.
The +140 American odds convert to 2.40 decimal odds, 7/5 fractional odds, 1.40 for Indonesian/Hong Kong odds, and -0.7143 Malay Odds. A tool like our moneyline calculator can be a crucial component of a betting strategy when evaluating odds at sportsbooks that use different notations.
The “Implied Probability” output tells you that at +140 odds, the Rays have a 41.67% implied probability of winning. A skilled bettor will take that bet if they think Tampa Bay’s actual chance of winning the game is higher than that.
The “To Win” output yields the profit produced if the Rays win. A $50 winning bet on the Rays yields $70 in profit and a $120 total return to the bettor ($70 profit plus the $50 original bet).
Looking for other calculators to use when sports betting? Check out:
Calculating Positive And Negative Moneyline Odds
The math used in calculating the payout on a moneyline is pretty simple. It is one of the most important first steps to understanding sports betting and is crucial to success. Below is a graph of profit won on $100 bets for negative odds. Note that it is a curve that approaches, but will never get to $0. Even -1,000,000 odds still yields some profit from a win:
And here is a graph of profit for positive numbers. The really important difference is that the line is linear. as the odds increase, so does the profit. That goes on forever.
Looking at the odds offered by the sportsbook, note whether they are negative odds (for example -110) or positive odds (for example +120). The calculation changes based on if it is a positive or negative odd. Below we work through an example of a bet of $100 at -110 moneyline odds. It is important to notice that multiplying by -1 is required to give us the positive payout:
PAYOUT = BET AMOUNT / (-1 *MONEYLINE ODDS / 100)
So that looks like:
$90.91 = $100 / (-1 * -110/100)
That also means that you will be returned that amount AND your original bet, meaning you now have $190.91. Let’s work another negative example of a $100 bet at -150:
How To Calculate Payout On Odds Today
$100 / (-1 * -150 / 100) = $66.67
Now let’s work through a positive money example. Let’s say you bet $100 at +120
PAYOUT = BET AMOUNT * ODDS / 100
That looks like:
$120 = $100 * 120 / 100
In that case, you are returned your original bet plus profit, so you now have $220.
What Is Line Movement?
Sportsbooks make money by setting lines that bring in an appropriate amount of wagers on both sides of a bet. The house offers odds that factor in a cut of overall wagers, known as vig, that goes to the sportsbook.
In the World Series Game 1 example from above, if 90% of bets come in on the Dodgers, the sportsbook stands to lose big money if Los Angeles wins. A Tampa Bay win in that situation is even more disastrous for the sportsbook.
If the bets coming in on a game are too one-sided, the line on the game will start to move to try to prompt more bets for the other side. It’s important to remember that sports betting isn’t a zero-sum game, and you’ll be losing in the long run even if you win 50% of the time.
Legal Online Sports Betting In The US
A federal mandate known as the Professional and Amateur Sports Protection Act (PASPA) was overturned in May 2018, giving US states the legal clearance to offer state-regulated sports betting. Several states now offer both retail and online sports betting, including New Jersey, Pennsylvania, Nevada, Illinois, Indiana, Colorado, and several others.
The top online sport betting brands in the US include the following:
DraftKings Sportsbook
One of the biggest brands to emerge in the booming online sports betting industry, DraftKings Sportsbook offers mobile sports wagering in eight states. The sportsbook offers every imaginable kind of wager across multiple sports.
That betting menu includes daily moneyline opportunities on all major US sports leagues, as well as numerous international leagues. A tool like the Moneyline Calculator can be an indispensable tool to use for evaluating the odds and implied win probabilities at DraftKings Sportsbook.
FanDuel Sportsbook
Another huge player in the legal sports betting market, FanDuel Sportsbook offers mobile sports wagering in seven states. Along with DraftKings Sportsbook, FanDuel Sportsbooks stands as one of the top two mobile sports betting brands in the US.
FanDuel Sportsbook’s vast selection of moneyline wagering options becomes a potentially profitable market for bettors using a moneyline calculator. Such a tool allows sharp players to compare odds across multiple sportsbooks and only place the most favorable bets.
FOX Bet
A collaboration between FOX Sports and The Stars Group, the FOX Bet brand operates online sportsbooks in New Jersey, Pennsylvania, and Colorado.
The moneyline odds at FOX Bet can vary greatly versus some of its competitors, and bettors using a moneyline calculator tool gain a significant edge versus players that don’t.
Moneyline Calculator FAQs
Yes. More than a dozen states either currently offer online sports betting or have a launch of mobile sports betting products pending.
New Jersey, Nevada, and Pennsylvania represent the three biggest online sports betting markets in the US. Other states with legal online sports wagering include Colorado, Illinois, Indiana, Iowa, West Virginia, and a few others.
The Gaming Today Moneyline Calculator can be used as a valuable resource on any moneyline bet. It’s especially useful for evaluating the implied probability of winning and payout odds.
The moneyline bet calculator’s ability to display odds across multiple notation formats (American, Decimal, Fractional, Indonesian/Hong Kong, and Malay odds) allows bettors to compare lines across sportsbooks that use different notations.
Even if you’re a veteran sports bettor, running every bet you’re considering through the calculator provides significant benefit.
Yes. Nothing in the terms and conditions of any US legal online sportsbooks prohibits the use of a moneyline calculator.
Calculating Payouts Sports Odds
The calculator provides computations that any person could produce with pen and paper but in a much faster and more efficient manner.
For “+” American odds, divide the odds by 100 and convert that quotient into a fraction. To convert +160 into fractional odds, for example, divide 160 by 100 (160/100) and reduce that fraction to the lowest whole number denominator. American odds of +160 would convert to 8/5 fractional odds.
For “-” American odds, divide 100 by the odds and convert to the simplest form fraction. For -160 odds, for example, the calculation looks like 100/160, which reduces to 5/8 fractional odds.
To convert “+” American odds to implied winning probability, the formula looks like this:
100 / (“+” American odds + 100)*100 = implied probability
For example, +160 odds would be calculated as 100/(160+100)*100. This converts to 100/260*100, which ends up yielding a 38.46% implied probability.
To convert “-” odds, the formula looks like this:
“-” odds / (“-” odds + 100)*100 = implied probability
For instance, -160 odds would translate to 160/(160+100)*100, converting to 160/260*100, which yields a product of 61.54. The implied probability of -160 odds is a 61.54% chance of winning.
Several online sportsbooks offer comprehensive coverage of sports and ways to bet. Some of the best choices for online sports betting in the US include DraftKings Sportsbook, FanDuel Sportsbook, PointsBet, FOX Bet, and BetMGM.