Did you know that sports betting is a $150 billion industry and with it becoming legal in more states, this number is projected to grow? If you are new to the world of online gambling, then you might want to become familiar with using a sports betting odds calculator. This can help you understand how to place your wagers. 

Read on to learn more so that you can increase your sports betting odds.

Betting Odds Calculator Explained

Before we dive into our top tips on using a sports betting odds calculator, we want to clear up what these calculators are and what they do. In lamest terms, these calculators multiply the odds by the stake and then determine the potential profit on the sports betting wagers. 

The person using the calculator has to enter in their odds and their stakes, and then the calculator will say how much profit should be expected if a wager is placed. 

First, a bettor has to choose if they want to make a multiple or a single bet. A multiple bet is when a few single bets are placed into a large wager and then the gambler chooses the winning outcome in each round. With a single bet, the bettor makes only one selection.

1. Probability

First, it is important to keep in mind that each sports betting website has its own combination and single betting calculator. You will need to evaluate the types of bets that are available on the site and then you use the calculator for each of the betting options. 

The calculator allows you to compare which bet has a lower level of risk and which one is more convenient. As you can probably agree, betting involves probability. Whenever we are betting on a certain selection and not the other, we are talking about the probability of one winning over the other. 

The calculator helps because there are real game values and different types of odds. With a calculator, it is easier to calculate these probability odds. A site like BMR will have its own calculator where you can evaluate the bets that are available. 

2. Calculate Values and Parameters

A betting calculator allows us to calculate the types of parameters and values. You can see what the percentage of loss is and also the percentage of profit. Take the time to play around with the calculator to see what the calculation of returns is of the different betting options you are considering before placing your bet. 

3. Understand Betting Models

Before you start using a betting calculator, you want to understand the different types of betting models. One betting model is a single bet, which is where you don’t present any risk other than the visible risk. 

A combination bet is when you choose the selection values, and then the bet is created based on the options that you choose. Normally an online betting site will offer a manual along with betting information guides to help you choose the model you prefer. 

The key is to pay attention to the different gambling strategies and the tactics. 

What Is Expected Value?

This is the average amount that a bettor can expect to either lose or win if they place the same bet on the same odds multiple times. Then the bettors can use this value to compare the odds and predict which one is going to offer the highest and best winnings. 

The expected value of a bet is found by multiplying the amount that you could win on the bet by the probability of winning. Then you take that number and subtract the probability of losing multiplied by the potential amount lost on every bet. 

What Is Implied Probability?

This number is found by converting fractional odds or decimals into percentages. Basically, implied probability is the chance that a bookmaker believes an event will happen. 

Normally, a sports betting site will adjust their implied probability to give themselves an edge over the bettors. This helps them make more of a profit. Knowing this, as a bettor you can add 1% to your own implied probability calculations to help eliminate the advantage that the house has. 

How to Convert Odds

To convert fractional odds into decimal odds, you divide the numerator by the denominators and then you add 1. When you are converting decimal odds into fractional odds, you subtract 1 from the decimal and then you convert the remaining decimal number into a fraction. 

If you are converting American odds, these are a bit trickier because they operate using negative and positive odds. To convert the positive odds into a decimal, first you divide the odds by 100 and then you add 1. 

When you convert American odds to fractional odds, you divide the odds by 100 and then you reduce it into its simplest form. When converting negative American odds into decimal odds, you first have to divide 100 by the moneyline or the odds and then you add a 1. 

With fractional odds, all you have to do is divide 100 by the moneyline odd and then you reduce it to its simplest form. 

Feeling Like a Sports Betting Odds Calculator Pro?

Now that you’ve learned our top tips when using a sports betting odds calculator, it is time to practice what you have learned. Remember to never gamble more than you can afford to lose because you always run the risk of losing money. 

Did our blog post help you out today? Please continue browsing the rest of our gambling section for our latest guides.