The most comprehensive and reliable bet calculator. It's important to know how much you need to place on both sides of the bet - your back stake with the bookmaker and the lay stake with the exchange such as Betfair. A betting odds calculator takes the odds and stake of a particular bet and figures out the payout automatically. Below, we run through the different types of odds. For each-way bets select the tick … This odds calculator and converter will convert lines offered by your sportsbook and sports betting sites to the major betting formats: American, Decimal, Fractional, Hong Kong and Indonesian Odds and Implied Probability. Calculate what your odds are to win on certain types of lotteries. Just enter the bet type from the options on the drop down menu below, enter your stake and the prices of the your selections and our betting odds calculator will do the rest for you. Enter Your 'Bet Amount' - that's what you're risking, along with the American, fractional or decimal odds. By converting fraction to percent, we can say that the chances of winning are 5/6 = 83.33%, and of losing 1/6 = 16.67%. ShopLVA - Announcements on new books/products and exclusive offers from our online store. If something can never happen, its probability is 0. Gambling is not only a matter of luck, it is often a matter of statistics, probabilities and odds. Variables that can be calculated and we gather them here. Multiply the decimal odds together to get your multiplier. Such tools tend to operate in a standard format, with them first asking you to input the type of bet that you have made or are planning to make. It also has the added advantage of including the implied probability for those unfamiliar with odds. Calculate the probability of an event based on the odds set by a betting company. Rather, they're carefully set so that, in the long run, the bookie or casino will make money, regardless of any short-term outcomes! This back vs lay calculator determines the best course of action when wagering in a two-outcome market with a betting exchange. Here you can calculate the average and actual value of an offer from a casino site such as "deposit $50 and get an extra $100 to play for". Calculate probability from odds Fortunately for ease and efficiency, you can find our conversion calculator which will do all of the work for you. The implied probability provides the simplest reflection of how likely a bookie believes a particular event is to happen. Gambling is not only a matter of luck, it is often a matter of statistics, probabilities and odds. Add Odds for Multiples. There are some explanations of the various odds formats: A $10 bet at 2/5 odds is (10 * 2) / 5, which is $4. Select a bet amount in the left column. This means you need to have a reasonable grasp of what odds are and how they work. Betting Calculator Before making any bet, it helps to know what you're risking for the expected payout. The betting odds calculator will work for all types of bets: point spread, moneyline, total, or props. Understand how gambling odds are set. Enter your stake, bet type, odds (fractional or decimal), place terms (if applicable) and then hit the calculate button. Know how to calculate odds against an event happening. This post explains how to calculate probability in gambling and why it matters to gamblers. That way, you’ll know the exact amount you would win prior to placing any picks at your favorite sportsbook. How to use the calculator. Thus, in order to understand how to use a betting odds calculator, we must first understand the different types of betting odds. With this in mind, make Calculate bet returns for Accumulators, Lucky 15's, Doubles, Trebles, Football, Horse Racing and more. Select the horses to include in the wager. Simply put: Betting odds calculators are everywhere. Probabilities expressed as fractions, decimals, percentages, and odds. So a $10 bet at 5/2 odds is (10 * 5) / 2, which equals $25. For example, an implied probability of 10% shows that a bookie believes there is around a 1 in 10 chance of that event occurring. Calculate how many days there are between two given dates. American Odds Particularly you will find it useful when given fractional odds and looking to convert them to American odds, when an American sports bettor heads to the horse track or futbol pitch. Choose your preferred odds format; decimal, fractional or American. Because different odds formats are used in different regions and sports, it is always best to convert odds to a format you are familiar with. Implied Probability Calculation for Negative American Odds. You don’t have to break out the pencil and paper and start figuring things out, you can calculate probability from odds quickly by just plugging in the numbers. In games of pure chance, each instance is a completely independent one; that is, each play has the same probability as each of the others of producing a given outcome. The mathematics of gambling are a collection of probability applications encountered in games of chance and can be included in game theory.From a mathematical point of view, the games of chance are experiments generating various types of aleatory events, the probability of which can be calculated by using the properties of probability on a finite space of events. Here’s an example of something with a 0 probability: You have a standard 6-sided die. Overround 3.09%. ), you can ignore that part and simply enter the odds associated with that bet. Variables that can be calculated and we gather them here. Learning how to calculate implied probability from betting odds is key to assessing the potential value in a betting market. Email Address Sign me up for: Question of the Day - Daily email with that day's answer to questions about Vegas. Calculating implied probability is a little more complex for American odds. That said, you don't need to use them. Follow these simple steps to figure out how much to bet. Implied probability. The odds that bookmakers and casinos set aren't usually calculated from the mathematical probability that certain events will occur. a probability of 20% = (20 / (1 - (20/100))) * -1 = -25. To calculate winnings on fractional odds, multiply your bet by the top number (numerator), then divide the result by the bottom (denominator). A bet calculator for calculating combinations from bet selections for horse racing, harness racing and greyhound racing. Fractional Odds Select a bet type in the right column. 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