Programs like bet calculator and odds calculator are used to calculate winnings in gambling games. These programs use an algorithm that calculates the payout amount based on odds and bet value. As you play free slots, online sports, and other games, there are various payout mechanisms.
Simple online calculators like the mentioned ones are only useful to calculate the payout based on odds and bet value. Slot payouts, for example, depending on the bet size, paytable information (symbol value), and additional features like multipliers. So, for those kinds of bets, one cannot use programs to calculate winnings.
Simple calculations, as present in sports betting, use only bet size and odds. A player can also place aside from a single bet, a couple of wagers into one bet. Bet calculators offer the multiple bets option. However, betting programs are very helpful when a person is not familiar with certain types of odds, and it is so easier to just type in the numbers and get the total payout amount without thinking much.
What Types of Odds Are There?
There are three main types of odds: British (fractional), European (decimal), and American (moneyline).
British (fractional) odds
This type is popular among British and Irish gamblers. They are written with hyphen or slashes (/ or -). For example, odds can be 4-1 or 4/1 and are read four to one. That would mean that you win 4$ against every 1$ you bet. This is the ratio of the payout to the initial bet, which shows that you receive the stake (1$) plus a profit of 4$ making a total of 5$. Let’s say that the bet amount is 10$ with 4 to 1 odds. The payout amounts to 50$ (40$ profit plus 10$ stake).
The British odd system is used worldwide and is very popular. Fun fact, it was used for the 2017/18 NBA Championship.
European (decimal) odds
This type is most common in Europe, New Zealand, Australia, and Canada. It is the easiest to understand the decimal odd system as just by looking at the numbers one can say who is the underdog and the favourite. The numbers in this system represent the total return, not the profit. They show the amount one wins for every 1$ bet.
The payout is then calculated by multiplying stakes and decimal odd number. For example, if one bets 10$ at 3.00 odds, the total return amounts to 30$ (initial stake of 10$, giving a net profit of 20$). The higher are the odds, the less probable chances of winning.
American (moneyline) odds
As the name implies, this type is popular in the United States. The moneyline odds are presented with signs (+) and (-). The signs tell a player the required wagered amount to win 100$. The plus (+) sign represents the underdog while the minus (-) indicates the favourite. In any case, the gambler receives the initial wager along with the payout.
The odds widen between the underdog and favourite teams as the probability of winning for one team increase. For example, the odds for the underdog are +400. So, to make a profit of 400$, one needs to wager 100$. The final calculation is profit plus the initial wager, which amounts to a total of 500$. In case when betting on the favourite, let’s say with -400 odds, it means that you should bet 400$ to make a 100$ profit. The total payout amounts to the initial bet (400$) plus a profit of 100$.
Bet Calculator Features
Numerous online programs can help you to calculate your winnings. The Bet calculator is the most popular program. It is very simple to use the bet calculator as the program requires the input of odds and bet value. Since odds differ in the gambling world, such a program needs to offer multiple odds and bet options. There are various bet calculator designs. Most of them calculate profits in dollars, and you might want to look for the one that includes the wanted currency.
- Bet Amount/Stake: The gambler should type in the bet value number in this field.
- Odds Format: This option allows you to choose between fractional, decimal, and American odds. This information depends on which game you are betting and can be received from the casino.
- Odds: One should input odds here.
- Implied Odds: It converts the odds into a percentage that shows the probability of the event occurring.
- Calculate: By pressing the “calculate” button, the gambler gets the total payout amount.
There is also a simpler version of the program where you don’t even have to press the “calculate” button. Just type in the odds and stake, and the result is displayed instantly.
This program is similar to the bet calculator, with the addition of odds conversion. It is a simple program that requires an input of certain information and then uses a complex algorithm to calculate the payout value and convert odds at the same time. By typing in just one type of odds (American, Fractional, Decimal), the program automatically converts it into all the others.
For example, you enter 1.50 decimal odds, and the program instantly shows that it amounts to -200 American and 1/2 fractional odds. Besides this, the implied probability is also calculated at the same time, which for the given example is 66.67% (chances of winning). The total payout is shown instantly in the “profit” field at the bottom of the interface.
How to Use the Odds Converter
- Moneyline/American odds. Input the odds, including the plus and minus signs. For the other odds to appear, simply click out of the input box.
- Decimal/European odds. Type in the odds in decimal format. To check other odds, click outside of the box.
- Fractional/British odds. Input odds with “/” sign and then click outside the box.
- Implied odds. Either type in the percentage to check the odds or type in the odds first to check the probability percentage.
- Bet/Stake. Enter the wagered amount or the amount you want to wager.
- Here is the total profit amount displayed without including the initial wager.
Interesting related article: “What are Games of Chance?“