How To Use The Betting Odds Calculator
Using the Pickswise betting odds calculator couldn’t be more simple. A quick two-step process to calculate your potential winnings and payout for any bet, using any form of odds.
- First add your bet stake into the top box where it states ‘Bet Amount’
- Secondly you must add the odds of your pick into the box of your preferred odds format, with American, Fractional or Decimal options all available. The calculator will instantly calculate your potential winnings and payout.
- To check the payout of a different bet, just hit the reset button at the bottom and follow the same steps above again.
How Are Sports Bets Calculated?
Sports bets are given odds, which are based on the probability of something happening or not happening, this can be a team to win a match, or a whole host of other types of bet. These odds are then multiplied by the bettor’s stake, which is how much they wish to wager, to calculate your total payout, along with the profit of the bet, which is simply the payout minus the total stake.
How To Calculate American Odds Payouts
The way American odds are formatted are to be based around the number 100. When American odds start with a ‘-‘, they’re telling you how much you have to wager to *win* $100. When American odds start with a ‘+’, they’re telling you how much you’ll win if you *wager* $100. If a team is -220 on the money line, that means you’d need to wager $220 to win $100. If a team is +175, that means you’d win $175 if you bet $100 and your bet cashes. To find out what it means for smaller numbers, you simply do the division proportionally. Just like how you’d have to wager $220 to win $100 on a -220 favorite, you’d wager $22 to win $10. But simply just add your american odds into the calculator above, along with your stake and the Pickswise odds calculator will take care of the rest.
How To Calculate Fractional Odds Payouts
Fractional betting odds are easy to calculate. Like we just broke down, it’s the amount you’d win as the numerator, with the amount you’re betting as the denominator. If a horse has fractional odds of
7/2, that means you would need to bet $2 to win $7. From there, you can just do the math to extrapolate for any wager amount. You just take the fraction, do the division, and then multiply it by the wager amount. 7/2 = 3.5, so you just multiply whatever you want to bet by 3.5. If you’re looking to wager $50 and see 7/2, you would just multiply $50 by 3.5, which means you would win $175 if the bet cashes. But simply just add your fractional odds into the calculator above, along with your stake and the Pickswise odds calculator will take care of the rest.
How To Calculate Decimal Odds Payouts
Decimal odds are easy to calculate. Whatever the number is, that’s how much you’ll get back for every $1 you bet. That’s not all profit though, that includes your stake. If the decimal odds are 1.98, that means you’ll get back $1.98 total if you bet $1. So you’d only be making 98 cents profit in that scenario. Say the decimal odds are 1.95, and you want to know how much you’d make if you bet $50. You just multiply 1.95 times 50, and get $97.5. That means you’d make $47.5 profit in that scenario. 2.00 means the odds are +100 in American odds, because you’d be betting $1, winning $1 in profit, and getting back $2 total. Anything above 2.00 means it’s a plus-money underdog. But simply just add your decimal odds into the calculator above, along with your stake and the Pickswise odds calculator will take care of the rest.
What Is A Probability To Odds Calculator?
Both probability and odds are a way of stating the chance of the occurrence or non-occurrence of a particular event. Where they differ, is that the probability an event will occur is the fraction of times you expect to see that event in a number of trials. Whereas the odds are defined as the probability that the event will occur divided by the probability that it will not occur.
For example, If the probability of an event is 0.60 (60%), then the probability that the event will not occur is 1-0.60 = 0.40, or 40%. Meaning the odds chance would be 0.60 / (1-0.60) = 0.60/0.40 = 1.5/1 or +150
Fortunately, the Pickswise Betting Odds Calculator takes care of all of this for you. Just like calculating the winnings and payout for your bets, it will also calculate the probability of the pick for you.