Online sports betting is on the rise in Canada, after all, it is a fun, exciting and potentially lucrative pastime!
To increase your chances of winning and take your guesses to the next level, it is indispensable to have the help of a good sports betting calculator.
Check out this complete analysis that Casino Room has prepared with everything you need to know about how betting calculators work, how to convert odds, and much more.
When you are going to make a valid guess at an online sportsbook, there are a number of factors to consider.
The main one is related to the quality of odds offered in a given market and the type of bet you wish to place: Single, Multi or Combined.
The most experienced players know that it is in the multiple bets that the real profit is, after all they are riskier, but they also offer the highest prizes.
This is where things start to get complicated, as you will need to consider different possibilities before you can be sure that your guess will actually pay off if you get the result right.
To make your life easier, there are several models of betting calculators available on the market today, where all you need to do is enter some data and find out if a bet is worth it or not.
In the following topics we will explain more about how the betting calculator works, the different types and what they are specifically for, what are an odds calculator and a dutching calculator as well as more details about converting percentages.
First of all, it is important to note that the format of the betting calculator can vary, but they generally follow the same concept, which is to show if your guess will be profitable and what the expected return is.
To do this, you must first choose which odds type to use (fractional or decimal), the bet type, the number of selections, the odds and the amount you will invest.
The calculator will do all the calculations for you. If the result is red, it is not a good bet possibility.
But if it appears in green, you can be sure that it is a profitable bet if you get the right result.
The first betting calculators were developed for racing betting, but with the popularity of sports betting, it didn’t take long before they were adapted for different needs.
So much so that nowadays you can find calculators that specialize in combination betting, single (Punting) and multiple (Dutching) bets, for example.
Regardless of which one you choose, most of them work only with odds calculation, which is a factor that ends up not being changed from one sports modality to another.
Here are some considerations on how to calculate the percentage probability of a bet, the win rate and the ROI.
One of the things that many players do not take into consideration is that most online sportsbooks only present the total return amount, which is made up of the amount invested plus the potential profit.
In such cases, hitting a good guess does not always mean that you will have a considerable win. It is at this point that the betting calculators can help a lot to have a better notion of the real profits.
In practice, to calculate the profit you have to use the following formula: Profit = Amount Bet x (Odd – 1).
For example, if you made a simple bet of $10 on a market with odds of 1.5, the profit will be $5 (Profit = 10 x (1.5 – 1.00) = 10 x 0.5 = 5.00).
In the case of probabilities it is simpler, since it is enough to use the formula Probability = 1 / Odd. Again using the example of a 1.5 odd, the chance of the result happening is 66.67%.
Stay tuned when using a calculator, as there are different types for probabilities and for profits.
High-level bettors are always on the lookout for opportunities to win a real windfall, but they also understand that it is important to profit consistently over the long term.
In such cases it is always good to check your Win Rate. The formula used is as follows: Win Rate = Amount of Bets Won / Amount of Bets.
For example, if you made 150 bets and won only 50, your Win Rate is only 33%, which is considered very low. In these cases, you need to review the odds you bet on.
In the case of ROI, the calculation helps to show you how much your money paid out after a certain number of bets. The formula works like this: ROI = Profit or Loss / Total Amount Invested.
That is, let’s say you placed a total of $100 bets and made a profit of $20. In this case your ROI is 20%.
One of the main difficulties of online sports betting, especially for players who are just starting out, is to understand what the real chance of an odd happening is.
One of the easiest ways to do this is by converting the odds into a percentage, which is simpler to understand.
In the following topics we will talk a little more about the main odds formats used by online sportsbooks, how odds calculators work and how to do this in practice.
As we mentioned throughout our analysis, there are different “models” of calculators for betting and one of them is precisely for converting odds into probabilities.
While in our examples above we used decimal odds, there are several different formats (which we will talk about later), and some calculators bring them all together in one place, making your life easier.
In a practical and quick way, odds are practically the probabilities of such an event happening and they are determined by the online sportsbooks themselves, which explains why they vary so much within the same event.
In addition, each site chooses to use a different model of odds: fractional, decimal, American, etc. See below more details about each of them and understand how they can affect your calculations.
The fractional odds are the most common in sportsbooks that operate in Europe.
In practice, the value on the left will show what the profit will be if you bet the value on the right. For example, in a fractional odds of 4/2, a bet of R$2 pays R$4, in addition to the money invested in the bet.
To make it easier for you, in fractional odds, the higher the number on the left compared to the number on the right, the greater the odds of a result occurring.
Decimal odds are the simplest and easiest to understand, as well as the simplest to transform into a percentage, which also makes predicting an outcome easier.
The decimal format is well used in Canada and it makes it easier to understand what your profit will be if your guess is successful, since you only need to multiply the bet amount by the odds of the event.
In the next topics we will present a complete list of how to convert odds to percentage and vice-versa for each available odds model.
The American odds format, also known as Moneyline, is most commonly used in the United States and for competitions that are more successful in the country such as the NBA (Basketball) and NFL (American Football).
This is not a widely used model, since it tends to be more difficult and confusing for players, but the basics here are numbers accompanied by the “+” and “-” symbols.
Let’s make it easy with an example: In betting at odds of +150, a bet of $100 will net you $150. But if the odds are -150, you must bet $150 to receive only $100.
By transforming an odd into a percentage, you can find out more easily what the implied probability is that an outcome will actually happen.
This helps a lot when you are comparing odds between different online sportsbooks in search of the best opportunities to make a profit.
Now that we have shown you how odds work and the benefits of converting them to percentages, we will show you the calculations that should be made for each type of model.
Here is how to convert online sportsbooks odds into percentages:
Decimal: Odds = 1 / decimal odd x 100;
Fractional: Odds = denominator / (denominator + numerator);
American (MoneyLine) Positive: Odds = 100 / (Moneyline ‘plus’ Odd + 100);
American (MoneyLine) Negative: Odds = (-(Odd moneyline ‘minus’)) / (-(Odd moneyline ‘minus’)) + 100.
Multiple and combination bets are known to offer higher profits, but the risk is also considerably higher, as the chances of making a mistake are much higher and a single slip-up is enough to lose your entire investment.
The Dutching calculator is here to help you increase your chances of winning, since by analyzing the individual values of each selection you can still profit even while covering eventual losses.
This is its main advantage, since you can calculate several selections at once, so you can test which are the best possible combinations where there are the most chances to win (the implied percentage) and the profit margin.
Does it sound too complicated? Don’t worry, in the next topics we will show you how the Dutching calculator works and in which situations you should use it.
To begin with, the Dutching calculator already draws attention by its unusual name. Some say that it got its nickname because it was created by “Dutchy”, one of the affiliates of the notorious Al Capone.
Curiosities aside, it basically works by spreading your bet selections over several different outcomes in order to cover possible losses and still come out with a profit margin in the end.
In practice, you choose an event where there is more than one possibility for the same market. For example, in a soccer match you would bet on both the home team winning and losing.
This is where you use the Dutching calculator to consider all these options and find which outcomes have the best chance of ending up in profit even if some guesses don’t turn out the way you wanted.
There are two distinct types of bets when you are using the Dutching method: the Lay and the Back.
The Back means that your guesses go to markets or events that you believe have a better chance of happening.
A good example of this is betting on the team that has been leading the league and will play a weaker team. In other words, the profit margin is smaller, but the chance of winning is greater.
On the other hand, you can also bet on Lay, which is when you think that a result doesn’t have many chances.
Before telling you where you can use the Dutching method, it is important to say that Dutching is not foolproof and if you miss both outcomes (on Lay and Back), your chances of making a profit go down the drain and you still lose two bets.
In this sense, Dutching is more suitable for bonuses and promotions, since in these offers the bookmakers usually only allow guesses on multiple bets and with a minimum value of odds.
By using a good Dutching calculator, like the one you can find here on the Sports Betting website, you increase your chances of winning and more quickly complete the rollover requirements to withdraw your winnings.
Yes, in the world of online sports betting every help is too little to increase your chances of profiting in the long run.
The Dutching betting method is not miraculous, but using a good calculator, it is much easier to find the events and markets where your chances are the greatest.
To make this even better, try to use this method whenever possible on the bookmakers’ special bonuses.
A good bankroll management also makes all the difference, especially to reach a point where you can reinvest part of your profits in new guesses instead of resorting to new deposits.
Online sportsbooks are always coming up with creative ways to get players’ attention, and among them the most popular are welcome bonuses and free bets.
These promotions are great for securing an advantage for players and they can be a great way to increase your positive account balance.
However, each of these promotions comes with certain requirements, such as expiration date, rollover, and minimum odds at which your credits or free bets can be used.
To meet these requirements and still get a good profit margin, using a betting calculator is ideal for finding out what are the best percentages of an outcome actually happening.
The team of Casino Room is always working to help bettors have fun, learn and increase their winnings with their soccer and other sports betting tips.
On our site you already have a complete betting calculator, with a part dedicated to single bets and another for Dutching, where you can add several selections at once.
Our calculator also displays important information, such as implied odds, stake, profit per selection, Dutching profit, and total profits.
You can also choose between fractional, decimal or American odds and configure the exchange commission, which can vary from one betting site to another.