The internet is awash with websites and free-to-use tools that are designed to make our daily tasks faster and, therefore, our lives easier. One such popular tool is the online betting pay out calculator, which, after entering some basic information, instantly calculates a group of odds or converts the various types into a format that is familiar to you. Do you use such a calculator? Here is why you should if that answer was no.
Sportsbooks, including those found online, display the odds of their markets differently. British and Irish sites tend to lean towards fractional odds (i.e., 4/1), European sites show theirs as decimals (2.00), while American companies use American odds (+150). An experienced person would instantly look at a market for upcoming NFL games and know 6/1 is the same as 7.00 and +600, but would you? Do you know that odds of 1/1, 2.00, and +100 mean there is a 50% probability that you will win? If not, you need a calculator or converter in your life.
Table of Contents
Odds Converters Make Life Simpler
Each of the various odds is calculated in a different way, which makes working out any potential winnings difficult if you are only used to one type. For example, in the American way, the figures show what you stand to win if you wagered $100. An American market with +200 would see you profit $200, while a -140 market would see you win $40.
Fractional odds are more complicated, especially if the site offers an outcome at something like 6/4. To work out potential winnings here, you multiply your bet by the first number and divide the answer by the second. For example, a $10 bet at 6/4 would yield $15 plus your stake back (10×6 then divided by 4).
Decimal odds are as simple as the American format; they show what you can win per $1. You subtract 1 from the decimal figure and are left with your profit. Again, for example, winning on a 3.20 selection would yield a $2.20 profit, whereas a win on a 1.36 market would see you profit by $0.36.
Do You Need an Odds Calculator or Converter to Be Profitable?
Odds calculators and converters are not required for someone to be profitable, but they certainly help you seek out value. They allow you to see, at a glance, the implied probability of something happening, and that alone is worth its weight in gold. They also assist you in working out the various odds on the fly, freeing up time and saving you from having to make several calculations before trying your luck. Anything that makes your life easier is positive in our eyes.
Most of the pay-out calculators you find online are 100% free to use. Many are simple tables, whereas others require you to type in one of the three odds types before they display all three types alongside each other. There are more complicated converters and calculators that you can use to find your potential profit when placing a parlay or accumulator online. Some of these are also free but other charge a small subscription fee.
These wagers see you make several selections across the same event or many events, and all of your selections must win for you to profit. They are high-risk but high-reward. Calculating half a dozen outcomes is challenging even for people with top-tier math skills, so using a calculator for such a task is not only recommended but essential if you regularly use parlays or accumulators.
For the latest gadget and tech news, and gadget reviews, follow us on Twitter, Facebook and Instagram. For newest tech & gadget videos subscribe to our YouTube Channel. You can also stay up to date using the Gadget Bridge Android App. You can find the latest car and bike news here.