Sports bettors put in a lot of work behind the scenes before placing a bet. After spending time analyzing statistics and forms, they check for the best odds value available at different bookmakers. Things can get even more complicated and time-consuming if there are multiple betting options being considered.
While sports betting isn’t something to rush, there are at least ways to make it more convenient. Keeping bookmarks of your favorite resources for statistics and bookmakers organized for example, or using resource sites to find the latest bonuses.
For help with calculating returns, online odds calculators can be a great addition to your betting tools. It is common to find them at review sites like AskGamblers UK which go beyond just rating sportsbooks and reviewing bonuses. A handy odds calculator provides help for bettors to figure out the risk and reward of potential wagers.
What is an odds calculator?
The most common use for an odds calculator is figuring out the returns from bets. This is done by entering the odds for a selection (or selections) of matches into the calculator. The stake is then included, and the calculator will swiftly show the returns to be expected from your bet.
It will break down the result into the total return including stake, and what the profit from the winning bet will be. There are different types of odds calculators available, including specific ones for more complicated betting approaches like systems betting and arbitrage.
From a Goliath Bet to a Flag Bet and a Round Robin to a Super Yankee, there is an odds calculator for every type of bet. So regardless of what bet is being considered, odds calculators all have the same function of quickly calculating the returns.
Risk Assessment
A bet calculator therefore is a great tool to help a bettor assess risk. Once all the odds are entered into the tool, the amount of the stake can be changed to quickly see what kind of returns your bet will bring.
Odds Calculator vs the Betting Slip
An odds calculator is similar to betting slips found at online sports betting sites. For example, when you input your selections and a stake, both tools calculate potential returns. However, odds calculators often go beyond the capabilities of standard betting slips by offering advanced features such as precise odds conversions between formats (e.g., decimal, fractional, and American) and the ability to handle more complex bet configurations. These tools provide greater flexibility and accuracy, making them indispensable for bettors who want to ensure they're getting the best value for their wagers.
Another drawback is that by only using the bookmaker’s slip, you are limited to looking at the odds on just that platform. Using a bet calculator instead means that you can explore the benefits of an odds comparison tool. This gives greater scope towards finding better value for sports wagers. This is because the best odds can be cherry-picked, and returns can be seen in the calculator without needing to check every bookmaker individually.
Customizing A Bet
An odds calculator has a range of different betting types included as well, so it’s simply a matter of selecting which one you want and plugging in the odds. This makes it infinitely easy to see the value and the risk of creating multiple bets.
If a bettor has added four selections to the calculator, for example, it would then take just a quick click to see different bet options from those selections. Playing an accumulator with them, for example, or a Lucky 15.
Additional betting options like each-way can be included on an odds calculator as well, giving the bettor a very clear picture of everything. The stake per bet or total combined stake can be selected as well.
Outcomes
Where the bet calculator shines the most is by configuring the outcomes of multiple bets. Take the Lucky 15 for example, which is all possible bets created from four selections.
A bet calculator will allow the bettor to quickly and easily see what the outcomes would be in different scenarios where all four selections didn’t win.
It could project the profit if the long-priced underdog selection of the four didn’t win. It could be looking at what difference it would make to the bet if the strongest selection was upset.
This can be done with multiple selections too. You would be able to see the impact of different combinations of losing selections on the overall wager, maybe even two or three of them.
This is a fantastic feature for analyzing the overall risk of a bet, which in turn can lead to more disciplined betting. Because the possibilities are presented, it can potentially lead bettors to be less impulsive with their decisions.
Odds Conversion
Another great feature of odds calculators is that you can see the returns in any betting odds format. So everyone is covered whether their preference is American, Fractional or Decimal odds. Sometimes you may come across a price for a sports outcome in a different format and you can just quickly use the calculator to convert it to a more familiar one.
In Conclusion
It’s well worth bookmarking an odds calculator to have for handy reference when you are putting together betting options. All bets involve risk, and a calculator isn’t going to eliminate all of that, nor can they predict outcomes! What they can do however is present the risk through showing expected return. They can help tremendously in making better-informed decisions over wagers because of that.