Calculating betting odds payouts is also one of the best ways to learn about sports betting. You will enhance your chances and boost your wins! It may be a little confusing for beginners at first, but worry not – this guide will answer all your burning questions about bet types, payouts, probabilities and the different types of odds.
Table of Contents
Table of Contents
Sports Betting Odds Payout Calculators
Use our calculators below to help you calculate payouts and margins!
Margin And Payout Percentage Calculator
Here’s a handy calculator that shows you the payout percentage of both 3-way and 2-ways markets, apart from the margin (overround):
Net Winnings Payout Calculator
Download ThePuntersPage Payout Calculator to find out what your net winnings would be if you place a bet of up to 10 selections at any particular stake you enter. It's available for all three main odds format: fractions, decimals and American odds!
How Can you Calculate Your Betting Odds and Payouts?
Calculating your odds is vital to your strategic approach to winning games like roulette and poker, or sports betting and horse racing. Whether a high roller or curious newcomer, calculating odds can transform a game of chance into a far more enjoyable and profitable pastime. So how do odds work correctly? The answer to that question is crucially important if you want to succeed at betting and are just the beginning of your learning curve.
You should also understand the difference between odds and probability. These two concepts are related, but not identical. Probability is essentially a representation of how many times a given outcome can occur. You can calculate the probability by dividing the number of chosen outcomes with the number of total possible outcomes. Betting is primarily about assessing the chances or probabilities of events. Bookmakers use odds since they can be translated into a more usable and more easily understood form for betting.
How to Calculate Sports Betting Odds Payouts
Firstly, you need to differentiate between the three significant odds formats you will frequently see mentioned. Decimal odds are the easiest to use since they clearly demonstrate your return for each unit bet. For instance, decimal odds of 3.24 tell us that every one unit you stake pays 3.24 units back if the bet is ultimately successful.
When it comes to fractional odds, they are marginally more complicated. Although they show the same information as decimal odds, they are expressed differently.
The number located on the left side of the “/” will be the eventual profit you receive when you bet on the number located to the right of the “/” (if your bet is successful, of course). You also get your stake returned. Decimal odds of 3.24 are expressed in fractional form as 9/4. So, if you want to make the 9 units of profit, you need to wager 4 units.
When it comes to American odds, or Moneyline Odds as they are also called, they share similar information as decimal odds; however, in a marginally alternative manner. When you use American odds, your payout is directly correlated to a 100-unit base figure. The minus symbol means you will have to wager that amount to win 100 units.
Examples of Bet Types to Calculate Potential Earnings and Betting Odds Payout
Here is a round-up of the most common bet types you can find at most bookmakers.
Most Common Bet Types
Odds and Lines are common, and spread bets are also known as ‘straight bets' or even ‘handicap bets'. These bets rely on the outcome of a game after addition for a given team or a point penalty.
Total bets are several points or goals you think will be scored during a game. Bettors can also choose to bet “over” or “under” the number depending on whether they think more or fewer points or goals will be scored.
Money Line bets are stakes on a team to win the game.
Parlay bets are otherwise also known as multiple or accumulator bets. Parlays involve combining at least two selections into a single bet. All the outcomes will have to be favourable for the wager to win, and in the process, bettors secure higher odds.
Teaser bets are an alternative take on a parlay. They involve tweaking the point spreads in favour of the bettor in return for marginally lower odds.
Outright bets involve betting on a team or an individual player to win a competition.
Head-to-head bets are placed on the winner of two competitors going head-to-head in competition. This is more commonplace in events that take place on larger fields, such as significant golf tournaments.
First Scorer Betting Odds Payout
First Goalscorer bets are popular with many football punters. The bet is very straightforward, and involves selecting a specific player who you think will score the very first goal of the match. If he ends up scoring first, you win your wager. Strikers and forwards tend to have lower odds, while defenders the highest ones. Attacking midfielders usually offer the best value odds. If you are backing a player who scores an own goal, it doesn’t usually count, and you will lose the bet automatically.
Anytime Scorer Betting Odds Payout
Anytime Goalscorer bets work similarly to first goalscorer bets. Backing anytime goalscorer players can offer better odds than first goalscorer bets. Despite the odds being slightly lower than First Goalscorer odds, Anytime Goalscorer bets give you a better chance of winning. You should take advantage of Anytime Goalscorer bets by looking for teams who are currently scoring freely. What’s more, you can double your Anytime Scorer bets and even combine Acca four or more for an even bigger payout. For this type of bet, overtime is excluded in most cases.
Last Scorer Betting Odds Payout
Last Scorer bets are among the three markets most prevalent at bookmakers. Bookmakers often offer double odds on a player to be first or last goalscorer, in comparison to the anytime scorer. That is because the last and first goalscorer can be the same player.
Team to Win Betting Odds Payout
The most straightforward bet is to wager on a team to win from the hundreds of weekly matches around the globe. Betting on full-time results of individual games is by far the most popular bet, and there are many ways to bet on a full-time outcome. The most traditional method is known as the win-draw-win betting market.
Can I use Accumulator Bets to Calculate Betting Odds Payouts?
An accumulator bet is riskier than other types since you are increasing the number of bet selections. If you win an accumulator bet, you stand to gain hefty returns. A key point you need to remember is that all your preferences have to win. The odds of every selection is multiplied by the next one, leading to better prices; this is a significant benefit of placing accumulator bets. On the other hand, you may have created a ten-team Acca bet only for one selection to let you down. That’s just tough luck, unfortunately, and highlights the fine line between heartbreak and victory.
What About Handicaps to Calculate Betting Odds?
Handicap betting is widespread across many sports; however, due to the differences in rules and how the sports are played, you will need sport-specific knowledge. Figures in Handicaps are expressed as goals; therefore, if a team is offered at -1.5 to win the match, they have to win by one clear goal or more for a handicap bet to be successful. Alternatively, you can bet on the opposition winning at, say, +1.5.
How to Bet on Sports for the Best Payout Odds
Here we look at how to bet on the most popular sports and spread your chances.
It goes without saying that the main goal of sports betting is to win and turn a few Euros into a couple of hundred. To ensure long-term success, you should stick to single-game bets throughout the season for soccer, the NFL, MLB, the NHL and the NBA. By grinding out regular nightly wins, you can boost your betting bankroll. It is easier to understand the risk vs reward since betting on single games offers spread betting, which is often listed at -110.
Mistakes to Avoid in Sports Betting For Better Betting Odds Payout
Improve your payouts and your sports betting strategy by learning how to avoid these common betting mistakes.
Do Not Change the Unit Size: Changing your unit size according to how well or poorly you are doing can be a crucial mistake. You should never double down and risk more when you are feeling overconfident. On the other hand, you shouldn’t chase your losses and try winning them back in one fell swoop.
Never Overreact to Trends: When you see a team on a three-game winning streak, you might be tempted to bet on it. On the other hand, if a team just blew a 20-point lead and on a four-game losing streak, you may automatically fade them out. That could be a fatal error.
Not Too Many Plays: Just because you love betting, it doesn’t mean you have to go wild! Betting on too many games at once can be dangerous.
Unrealistic Expectations: Everyone dreams of getting rich quick and winning 70% of their bets, but, as we all know, this is highly improbable. You can break even by betting on spread sports, taking into account the bookmaker's overround (vigorish or ‘juice'), then you need to win 52.38% consistently. Anything over and above 55% is considered highly profitable.
Which Sports Have The Best Betting Odds Payout?
Many sports have attractive odds and can produce exceptional payouts. You can bet on any sport, from football events like the Premier League, to basketball, baseball, hockey, rugby, horse racing, greyhounds, mixed martial arts, rowing, and table tennis. You can always compare odds with different bookmakers and choose the best ones.
Betting Odds Payout FAQs
🤠 What’s The Difference Between Fractional, Decimal And American Odds?
Decimal or European format odds are pretty easy to comprehend. They are simply expressed as a decimal figure like 2.50. That number will be the ratio of your payout to your original stake. Fractional, or UK format odds are expressed as a fraction, for instance, 1/4. That will represent the ratio of your profit, not your total payout from a winning bet of your stake. US, or Moneyline format odds are somewhat more challenging to work out. US Odds are expressed with a number preceded by a plus or minus sign like -200 or +100. A minus signifies how much you need to stake to make €100. A positive means how much you win with a €100 bet.
🤑 Is Online Sports Betting Legal?
The legality of online sports betting and gambling depends on where you live. Each country has its regulations regarding online gambling. The issue is even more complicated for residents of the USA, and it is sometimes referred to as a Grey Area. Online gambling is legal in many countries allowing gambling sites to increase. The UK Gambling Commission is the organisation responsible for the Great Britain market.
🎁 Do Horse Betting Odds Fluctuate?
One of the reasons horse betting is exciting is that the odds fluctuate every time someone places a bet. This fluctuation is referred to pari-mutuel wagering, or sometimes pool betting. In standard betting games, you are usually betting against the house. When it comes to horse racing, you're betting against other betters. Once the winning horse crosses the finish line, the house deducts its take, and what remains is divided among those who bet on the winning horse.
👌 How do I Place a Bet?
First, you need to decide which sportsbook to bet through. Once you have made up your mind, you should determine which sport to bet on, and on what outcome in that sport. Many different betting options are available across hundreds of games, so you won’t be short on choice. You can wager on your favourite team or an individual in a sporting event that spans across several days, such as golf tournaments. Each sport has a variety of bets. After that, create an online betting slip and create your bet. You will then receive either a physical or virtual betting slip which will include all the information about the bet you placed, plus the payout you receive if it is a fixed-odds bet. Now you can sit back and tune into a sport you have placed a wager on to see if you are a winner.
🔍 Is it Worth Betting on The Underdog?
You are likely to find the best odds with underdogs in sports events. Most online sportsbooks provide odds for underdogs that are far superior to more likely winners. When you place a smaller bet on the underdog, and it wins, you can earn a lot more than wagering big on a firm favourite. Underdog teams tend not to win that often, so it is more prudent to look for better value odds, in particular, where a team is not a massive underdog or rank outsider.
ThePuntersPage Final Say
There is no reason why calculating your sports betting odds and payouts should be complicated. Once you understand the way odds are calculated with the three systems in use – US Odds, fractional and decimal – you will grasp the basics. You should take the time to compare odds with different bookmakers before making up your mind with whom to place your bets. Using the above-mentioned basic formulas will facilitate your calculations so you can always work out your returns.